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‘Erasing the poor’: Pakistanis feel crunch of rising prices

Vendor arranges different types of rice at his shop in a wholesale market in Karachi
A vendor arranges different types of rice, with their prices displayed, at his shop in a wholesale market in Karachi, Pakistan April 2, 2019. REUTERS/Akhtar Soomro

April 4, 2019

By Saad Sayeed and Syed Raza Hassan

ISLAMABAD/KARACHI (Reuters) – Pakistan’s surging petrol prices have more than halved the income of taxi driver Yasir Sultan, just one of many consumers whose faith in a government elected last year on a pledge to help the poor has been shattered.

Inflation at its highest in more than five years has shocked many Pakistanis who voted for Prime Minister Imran Khan and his promise to eradicate poverty, create jobs and build an Islamic welfare state.

“Imran Khan has said big things about getting rid of poverty, but he isn’t erasing poverty. He is erasing the poor,” Sultan, 30, told Reuters.

“Sometimes I think I should set this taxi on fire,” he said from behind the wheel of his rundown 1980s-era Suzuki Mehran.

Wrestling with a ballooning current account deficit as it seeks a 13th bailout package from the International Monetary Fund, the government has a hard choice – impose pain now or face a balance of payments crisis that could crash the economy.

Foreign reserves of $8.5 billion are better than the start of the year, but barely cover two months’ worth of imports.

“Demand compression is part of stabilization to bring down current account and trade deficits,” said Asad Sayeed, an economist at the Collective for Social Science Research.

Inflation was over 9.4 percent in March, its highest since November 2013, with strong increases in food and energy, the two most sensitive items for most consumers.

The central bank forecasts growth at 3.5-4 percent in the 12 months to end June, well off a government target of 6.2 percent.

With a large pool of surplus labor keeping wage rises in check, living standards will suffer, Sayeed said.

“I voted for PTI believing in Khan’s slogan for the change. Now, I am repenting,” said Sara Salman in the bustling eastern city of Lahore, referring to the prime minister’s party, Pakistan Tehreek-i-Insaf.

With the rupee losing over a quarter of its value in the past year, the squeeze is acute in the creaking power sector where the government is under pressure to cut subsidies cushioning consumers against sharp price hikes.

Authorities on Monday hiked petrol prices by 6 rupees to 98.88 rupees ($0.70) a liter, bringing pain to skilled workers who earn 1,000-1,300 rupees ($7.08-9.20) a day and laborers who make up to 600-800 rupees.

The price hikes will keep consumers away from all but essential items, economists say.

“The fiscal trajectory now depends on what extent the government is going to adjust energy prices,” said Saad Hashmey, chief economist at Topline Securities, adding it has to fix the energy deficit and bring earnings in line with production costs.

“If they are to go the full extent they need to plug the gap, then inflation in a few months will go into double digits,” he said.

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Finance Minister Asad Umer has said an IMF deal could be agreed by May, its 13th bailout since the late 1980s and the last one needed by Pakistan, the government says.

While talks continue, Pakistan has sought help from China, its partner in the $60-billion China-Pakistan Economic Corridor, part of Beijing’s vast Belt and Road infrastructure initiative.

Saudi Arabia and the United Arab Emirates have also extended about $11 billion in loans and credit arrangements on oil deliveries in recent months.

The government says it is stepping up efforts to replace imports with domestic production and build up an export sector that has traditionally relied on textiles with special economic zones designed to attract new investment.

It is also trying to widen the tax net to boost collections, but has struggled on both fronts.

Rising oil prices and a currency devaluation “were bound to happen”, Information Minister Fawad Chaudhry said this week, adding, “God willing, a better time will be coming.”     

For a government that promised an “Islamic welfare state” focused on uplifting the poor, the forecast is uncomfortably vague, observers say.

“They have to undertake a very painful economic adjustment,” said Khurram Hussain, business editor of Pakistan’s Dawn Newspaper. That means higher taxes and interest rates, lower imports and government spending, and a devalued rupee, he said.

“In that environment it is extremely difficult to deliver on welfare oriented promises,” Hussain said.

While economists believe Pakistan has no choice but to cut spending and raise prices, consumers’ patience is wearing thin.

“The current financial policies and price-hike shows contempt for the people,” said Muhammad Waqas, a Lahore school teacher. “If the PTI government cannot resolve these problems, it should step down.”

(Additional reporting by Mubasher Bukhari in Lahore and Asif Shahzad in Islamabad; Writing by Saad Sayeed; Editing by James Mackenzie and Darren Schuettler)

Source: OANN

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Linda McMahon to step down as head of Small Business Administration, source says

Linda McMahon, the Small Business Administration chief, is planning to announce she will leave her Cabinet position Friday, a source familiar with the matter told Fox News.

President Trump named McMahon to be head of the SBA in December 2016. In February 2017, she was confirmed to the position.

McMahon is the wife of wrestling executive Vince McMahon.

This is a developing story. Check back for updates.

Source: Fox News Politics

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Belarusian FM lashes out at Russian ambassador

The Belarusian Foreign Ministry has lashed out at Russia's ambassador, accusing him of showing disrespect for the country — the latest sign of tensions between the two neighbors and allies.

The Russian Ambassador to Minsk, Mikhail Babich, pointed at billions of dollars in Russian subsidies to Belarus and noted that Belarus will continue receiving them only if it agrees to more closely integrate with Russia. Babich's statement echoed Russian President Vladimir Putin's recent warning to Minsk.

Belarusian Foreign Ministry spokesman Anatoly Glaz fired back Friday, chastising Babich for failing to respect Belarus and talking "like an aspiring bookkeeper."

Belarusian President Alexander Lukashenko has recently criticized increases in the price of Russian energy as part of Moscow's efforts to persuade his country to abandon its independence.

Source: Fox News World

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Rep. Khanna: Even Without Impeachment, Trump Must Be Held Accountable

House Speaker Nancy Pelosi acknowledges that the Senate is unlikely to convict President Donald Trump if he is impeached, but it is still “important to hold the president accountable for what happened,” Rep. Ro Khanna told Fox & Friends on Tuesday.

Khanna, a congressman from California, made the comments after he took part in an hour-and-a-half conference call involving some 170 Democratic House members with party leadership to talk about what to do following the release of the redacted Muller report. He said Pelosi unequivocally stated her opposition to starting impeachment proceedings against Trump, calling it “divisive” and “just not worth it."

Khanna stressed that Pelosi set the tone on the issue, saying “we need to be deliberate and methodical. There shouldn't be any rush to any judgment.”

He added thatwhat we need to do is have Bob Mueller testify... We just got the report a few days ago or a week ago and the committee should do their work.”

The California representative emphasized that “One of the things I think we can all agree about is the Mueller report’s conclusion that there was sweeping and systemic interference in our election by the Russians. I'm working actually with [House Minority] leader [Kevin] McCarthy and others to find some ways of protecting American democracy from future interference. And that’s a place I think many Americans would agree.”

Source: NewsMax Politics

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Angry over Brexit delay, ‘Leave’ supporters march through London

Pro-Brexit protesters take part in the March to Leave demonstration in London
Pro-Brexit protesters take part in the March to Leave demonstration, in London, Britain March 29, 2019. REUTERS/Toby Melville

March 29, 2019

By Andrew MacAskill and Andrew R.C. Marshall

LONDON (Reuters) – Thousands of people opposed to Britain delaying its departure from the European Union marched through central London on Friday as the government scrambled to salvage its Brexit plan.

On the day that Britain was originally meant to be leaving the EU, large groups gathered in bright sunshine outside parliament waving Union Jack flags and chanting, “Out means out” and “Bye, Bye EU”. Many held signs accusing Prime Minister Theresa May of treachery.

Amid a heavy police presence, some blocked the road outside parliament, shouting “we will not be moved” and “what do we want? Brexit? When do we want it now? Now.”

Protesters led by Nigel Farage – the politician widely thought to have done more than anyone else to spook Britain’s then government into agreeing to hold a referendum on membership of the bloc – will address the crowd later after lawmakers vote on a stripped-down version of the government’s twice-defeated Brexit divorce deal.

Farage, former leader of the United Kingdom Independence Party, is due to speak at a “Brexit Betrayal” event as part of the culmination of a 270-mile (435 km), two-week march from Sunderland, northeast England, to London.

“What should have been a celebration is in fact a day of betrayal,” Farage told Reuters. “There will be a lot of anger. I certainly have never known a time in my life when people have said such rude things about the political class, about the government.”

As the United Kingdom’s three-year Brexit crisis approaches its finale, it is still uncertain how, when or even if it will leave the EU. Supporters of Brexit fear it will be thwarted by a political elite that was broadly opposed to leaving.

About 1,000 people gathered at Bishop’s Park on the bank of the River Thames, many carrying Union Jack flags or placards that read “Leave now” and “Honour the vote!” to march about four miles toward parliament.

Among them was David Malindine, 63, a retired teacher, who was preparing to march through what he called the ‘Remain’ capital of Britain.

“We need to remind the country that the majority of people voted ‘Leave,'” said Malindine. “This was the day we were supposed to leave, and Brexit has been betrayed.”

Far-right Leave activists were due to speak at a separate meeting being cast as “a make Brexit happen” rally in Whitehall near May’s office in Downing Street.

Many of the marchers predicted the political elite will be punished if it fails to fully sever ties with Brussels.

Andy Allan, 58, who was carrying a red and white St George’s flag, predicted that there could be unrest modeled on the “yellow vest” protests that have rocked Paris for the last few months if Britain fails to leave the EU.

“It is absolutely disgusting what is happening,” he said. “Be warned – this is just the beginning of a mass uprising if we get betrayed by the politicians.”

About a mile away, left-wingers were gathering for a competing counter march.

(Reporting By Andrew MacAskill and Andrew Marshall; editing by Stephen Addison)

Source: OANN

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Pelosi Dodges on Impeachment: Congress Will ‘Defend the Constitution’

House Speaker Nancy Pelosi on Friday declined to comment on whether Congress might launch impeachment proceedings against President Donald Trump, saying it was not appropriate to criticize him while she was abroad, visiting the Irish border.

Special Counsel Robert Mueller's report on his inquiry into Russia's role in the 2016 U.S. election provided extensive details on Trump's efforts to thwart the probe, but Democratic party leaders have played down talk of impeachment just 18 months before the 2020 presidential election.

"Whatever the issue and challenge that we face, the Congress of the United States will honor its oath of office to protect and defend the constitution of the United States, to protect our democracy," Pelosi told journalists in Belfast when asked about possible impeachment proceedings.

"The legislative branch has a responsibility of oversight of our democracy and we will exercise that," she said.

Source: NewsMax Politics

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Ex-VP Biden doesn’t recall inappropriate kiss alleged by activist: spokesman

FILE PHOTO: U.S. former Vice President Biden delivers remarks at the First State Democratic Dinner in Dover, Delaware
FILE PHOTO: U.S. former Vice President Joe Biden delivers remarks at the First State Democratic Dinner in Dover, Delaware, U.S. March 16, 2019. REUTERS/Jonathan Ernst/File Photo

March 30, 2019

By Letitia Stein

(Reuters) – A spokesman for Joe Biden said the former vice president does not recall an incident in 2014 when a female activist said he inappropriately kissed her, but some of his potential rivals for the Democratic nomination said on Saturday they believe his accuser.

The allegation was made in an online essay published on Friday by Lucy Flores, a party activist who was running to be Nevada’s lieutenant governor. Flores said Biden also touched her shoulders and smelled her hair when they appeared at an event together, making her feel uncomfortable.

“He proceeded to plant a big slow kiss on the back of my head,” Flores wrote in the essay published in The Cut, an outlet of New York Magazine. “I couldn’t move and I couldn’t say anything. I wanted nothing more than to get Biden away from me.”

Responding to the accusation, Biden spokesman Bill Russo said the vice president had been happy to support Flores and to speak on her behalf at the event.

“Neither then, nor in the years since, did he or the staff with him at the time have an inkling that Ms. Flores had been at any time uncomfortable, nor do they recall what she describes,” Russo said on Friday in a statement.

Biden believes Flores has every right to share her own recollection, Russo added, and that it is a positive change for U.S. society that she has the opportunity.

In a separate statement on Saturday, Russo said: “People know Joe Biden and they know his character, his integrity and his values,” adding that he was a champion for women.

Biden served eight years as vice president under former President Barack Obama and 36 years in the U.S. Senate. He has not yet said whether he will run for president in 2020, but has been expected to throw his hat into the ring soon.

Some of his potential rivals for the Democratic party’s nomination to take on Republican Donald Trump addressed the allegation on Saturday.

Elizabeth Warren, a U.S. senator from Massachusetts, told reporters in Iowa that she believed Flores.

“Joe Biden needs to give an answer,” Warren said.

Julian Castro, a former U.S. secretary of housing and urban development from Texas who is also running for president, said he also found Flores credible, according to news reports.

Flores supported Bernie Sanders in his losing 2016 bid for the Democratic nomination. Although the U.S. Senator from Vermont is running again, Flores has said on Twitter that she has not endorsed any of the candidates in this race.

Should Biden decide to run in 2020, after failed bids to be the party’s nominee in 1988 and 2008, he will be a key figure in the Democratic debate over whether a liberal political newcomer or a centrist veteran is needed to win back the White House.

(Reporting by Letitia Stein; Editing by Daniel Wallis)

Source: OANN

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

April 26, 2019

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

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

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

Source: OANN

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

April 26, 2019

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

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

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

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

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

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

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

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

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

Source: OANN

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Good morning and welcome to Fox News First. Here’s a look at what you need to know today …

EXCLUSIVE: Trump says ‘Sleepy Joe’ Biden doesn’t have what it takes

President Trump, in a wide-ranging, exclusive phone interview with Fox News’ Sean Hannity, dismissed the launch of former Vice President Joe Biden’s presidential campaign, nicknaming him “Sleepy Joe” and saying he’s “not the brightest bulb.” Biden, the president said, has name recognition but he won’t “be able to do the job.” When asked about Sen. Bernie Sanders, I-Vt., Trump criticized his record, saying Sanders had “misguided energy” and asserted that Sanders “talks a lot” but hasn’t accomplished anything. The president referred to former U.S. Rep. Beto O’Rourke of Texas as “a fluke” who had lost much momentum and outright dismissed Sen. Kamala Harris, D-Calif., and South Bend, Ind., Mayor Pete Buttigieg — although he said he was “rooting” for Buttigieg. (Trump could address Biden and the other Democratic presidential candidates when he speaks today before the National Rifle Association.)

The Democratic Party’s youth movement: Biden’s biggest challenge?
Former Democratic National Committee (DNC) chair Howard Dean warned Joe Biden about the troubles he may face in his presidential campaign, especially from the “35-year-olds” who Dean says have been running the party — a clear nod to Rep. Alexandria Ocasio-Cortez, D-N.Y., and fellow freshmen Democrats. “This is a very different party than even the party Joe Biden ran in in 2012. Very different,” Dean continued. “A lot of people could win this race. There’s 20 people in there. I think it’s going to take $20 million to get to the starting line. If you can’t raise $20 million, you’re gone, and I think that’s going to take care of about six or eight of these folks. … But it is not the same party that it was five years ago.” A progressive political group that boosted Ocasio-Cortez’s bid for Congress last year vowed to oppose Biden and blasted him as part of the “old guard.”

More tales from the FBI texts
Text messages between former FBI officials Peter Strzok and Lisa Page indicate they discussed using briefings to the Trump team after the 2016 election to identify people they could “develop for potential relationships,” track lines of questioning and “assess” changes in “demeanor” – language one GOP lawmaker called “more evidence” of irregular conduct in the original Russia probe. Fox News has learned the texts, initially released in 2018 by a Senate committee, are under renewed scrutiny, with GOP Sen. Chuck Grassley and Homeland Security Committee chair Ron Johnson sending a letter Thursday night to Attorney General Bill Barr pushing for more information on the matter. President Trump, speaking on Fox News’ “Hannity” Thursday night, responded to this report by accusing Strzok and Page of an attempted “coup.” “They were trying to infiltrate the administration,” he said.

Kim accuses US of acting in ‘bad faith’
North Korean leader Kim Jong Un, fresh off his summit with  Russian President Vladimir Putin, said the U.S. has been acting in “bad faith” since his Hanoi meeting with President Trump over the stalemated issue of North Korean denuclearization. The North Korean leader told the Korean Central News Agency that, “the situation on the Korean Peninsula and the region is now at a standstill and has reached a critical point,” the Straits Times of Singapore reported. Kim warned that the situation “may return to its original state as the U.S. took a unilateral attitude in bad faith at the recent second DPRK-US summit talks,” the Korean Central News Agency added.

NFL Draft 2019: It’s all about defense
The first round of the 2019 NFL Draft saw a run on defensive players, with eight of the top 12 picks in Nashville coming from that side of the ball. After Oklahoma quarterback Kyler Murray was taken first overall by the Arizona Cardinals, the San Francisco 49ers started a run of four straight front-seven players by taking Ohio State defensive end Nick Bosa with the second overall pick — the highest draft slot for any Buckeye since left tackle Orlando Pace went No. 1 overall to the St. Louis Rams in 1997.

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TODAY’S MUST-READS
Fox News’ Ed Henry recalls spending time with Celtics great John Havlicek.
Massachusetts judge accused of helping illegal immigrant evade ICE pleads not guilty.
Rosenstein slams Obama administration for choosing ‘not to publicize full story’ of Russia hacking.
F.H. Buckley: What Democrats have forgotten about citizenship.

MINDING YOUR BUSINESS
Amazon crushes earnings expectations, but revenue growth slows.
Low-tax states among best places to make a living in 2019.
Construction job market booming: These states are hiring.

#TheFlashback
2018: Bill Cosby is convicted of drugging and molesting Temple University employee Andrea Constand at his suburban Philadelphia mansion in 2004; it is the first big celebrity trial of the #MeToo era.
1986: An explosion and fire at the Chernobyl nuclear power plant in Ukraine causes radioactive fallout to spew into the atmosphere. (Dozens of people are killed in the immediate aftermath of the disaster while the long-term death toll from radiation poisoning is believed to number in the thousands.)
1977: Notorious nightclub Studio 54 opens in New York.

SOME PARTING WORDS

Watch the “Special Report” panel take a look at former Vice President Joe Biden’s decision to run for president a third time and the battle for the “soul” of America.

Not signed up yet for Fox News First? Click here to find out what you’re missing.

CLICK HERE to find out what’s on Fox News programming today and over the weekend!

Fox News First is compiled by Fox News’ Bryan Robinson. Thank you for joining us! Have a good day and weekend! We’ll see you in your inbox first thing Monday morning.

Source: Fox News National

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Joe Biden’s brain surgeon said his former patient is “totally in the clear” as speculation over the candidate’s health — with Biden possibly becoming the oldest president in U.S. history — is likely to become a campaign issue.

The former vice president, who had been perceived by many as the strongest potential contender for the Democratic Party’s 2020 presidential nomination, formally announced his candidacy Thursday.

But Biden’s age – 76 – is expected to become a source of attacks from a younger generation of Democrats not because of obvious generational differences, but possibly for actual health concerns if Biden gets into office.

WHY THE MEDIA ARE CONVINCED JOE BIDEN WILL IMPLODE

Biden himself agreed last year that “it’s totally legitimate” for people to ask questions about his health if he decides to run for president, given his medical history — which has included brain surgery in 1988.

“I think they’re gonna judge me on my vitality,” Biden told “CBS This Morning.” “Can I still run up the steps of Air Force Two? Am I still in good shape? Am I – do I have all my faculties? Am I energetic? I think it’s totally legitimate people ask those questions.”

“I think they’re gonna judge me on my vitality. …  I think it’s totally legitimate [that] people ask those questions.”

— Joe Biden

But Dr. Neal Kassell, the neurosurgeon who operated on Biden for an aneurysm three decades ago, told the Washington Examiner that Biden appears to be “totally in the clear” — and even joked that the operation made Biden “better than how he was.”

“Joe Biden of all of the politicians in Washington is the only one that I’m certain has a brain, because I have seen it,” Kassell said. “That’s more than I can say about all the other candidates or the incumbents.”

“Joe Biden of all of the politicians in Washington is the only one that I’m certain has a brain, because I have seen it.”

— Dr. Neal Kassell

BIDEN’S CLAIM HE DIDN’T WANT OBAMA TO ENDORSE TRIGGERS MOCKERY

At the same time, however, Biden hasn’t been forthcoming about his health at least since 2008 when he released his medical records as a vice presidential candidate. The disclosure that time revealed some fairly minor issues such as an irregular heartbeat in addition to detailing previous operations, including removing a benign polyp during a colonoscopy in 1996, the outlet reported.

It remains unclear if Biden had more aneurysms. Some medical experts say that people who have had an aneurysm can have another one.

An aneurysm, or a weakening of an artery wall, can lead to a rupture and internal bleeding, potentially placing a patient’s life in jeopardy.

Biden won’t be the only Democrat grappling with old age. Sen. Bernie Sanders, another 2020 frontrunner, is currently 77 years old and agreed with Biden last year that their ages will be an issue in the race.

“It’s part of a discussion, but it has to be part of an overall view of what somebody is and what somebody has accomplished,” Sanders told Politico.

“Look, you’ve got people who are 50 years of age who are not well, right? You’ve got people who are 90 years of age who are going to work every day, doing excellent work. And obviously, age is a factor. But it depends on the overall health and wellbeing of the individual.”

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Sanders released his medical records in 2016, with a Senate physician saying in a letter that the senator was “in overall very good health.”

Source: Fox News Politics

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German carmaker Daimler endured a weak start to the year, echoing troubles at other major manufacturers, as sales in the big Chinese market stuttered.

The company said Friday that its net income fell to 2.1 billion euros ($2.3 billion) in the first quarter from 2.3 billion euros during the same period a year earlier, while revenue dipped to 39.7 billion euros from 39.8 billion euros.

Vehicle sales fell 4% to 773,800 units, with a double-digit percentage drop in China offsetting gains in other markets like the U.S. and Europe.

The company said there were also problems with high inventories and bottlenecks in the supply chain.

Chairman Dieter Zetsche said that “we cannot and will not be satisfied with this — as expected — moderate start to the year.”

Source: Fox News World

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