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Trump adviser warns Russia on military presence in Venezuela

White House national security adviser Bolton attends Trump-Rosales meeting at the White House in Washington
White House national security adviser John Bolton attends a meeting between U.S. President Donald Trump and Fabiana Rosales, wife of Venezuelan opposition leader Juan Guaido, at the White House in Washington, U.S., March 27, 2019. REUTERS/Jonathan Ernst

March 29, 2019

WASHINGTON (Reuters) – A top White House adviser on Friday issued a veiled warning to Russia about its military presence in Venezuela, saying the United States would consider any move to establish or expand military operations there a “direct threat” to international peace.

“We strongly caution actors external to the Western Hemisphere against deploying military assets to Venezuela, or elsewhere in the Hemisphere, with the intent of establishing or expanding military operations,” White House national security adviser John Bolton said in a statement. “We will consider such provocative actions as a direct threat to international peace and security in the region.” 

(Reporting by Tim Ahmann; Editing by David Alexander)

Source: OANN

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San Francisco pays $13.1 million to man framed for murder

A man who spent more than six years in prison after police framed him for murder received a $13.1 million settlement from the city of San Francisco on Tuesday.

The Board of Supervisors voted unanimously to settle a civil rights lawsuit filed by Jamal Trulove. The settlement was part of the board's consent calendar and was approved without comment.

San Francisco's city attorney and Trulove's lawyers negotiated terms of the settlement before it was presented to the board for approval.

Trulove was an aspiring actor and hip-hop artist when he was arrested for the 2007 murder of his friend and neighbor in a low-income housing project. A jury convicted him of murder in 2010 and he was sentenced to life in prison. Alex Reisman, one of Trulove's lawyers, said Trulove spent eight years in maximum security prisons, mostly in Southern California hundreds of miles from family. He was also stabbed, Reisman said.

"He endured a lot," Reisman said.

An appeals court overturned the conviction in 2014 and ordered a new trial. He was acquitted in a 2015 retrial. Three years later, Trulove sued the police department and four officers saying they fabricated evidence, coerced a key eyewitness and withheld vital information that may have exonerated Trulove.

A federal jury last year determined the two lead homicide detectives had violated Trulove's civil rights and awarded him $14.5 million. Trulove accepted the $13.1 million offer in exchange for the city's dropping of its appeal. The jury cleared two other officers of wrongdoing.

The jury found that detectives showed an eyewitness a single photo of Trulove rather than presenting the person with photos of other people as part of a "lineup" to identify a suspect. Evidence also was produced showing the detectives were aware of another suspect who they did not investigate, among other failures.

The four officers named in Trulove's lawsuit have retired. No officers were disciplined for their roles in the case, Reisman said.

Source: Fox News National

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Yemeni-Americans to boycott NY Post over 9/11 front page

Yemeni-Americans are criticizing the New York Post over its front page last week that featured a photograph of the burning World Trade Center and a quote from Democratic Muslim Rep. Ilhan Omar that some say was dismissive of the Sept. 11 terrorist attacks.

On Sunday, The New York Times reports the Yemeni American Merchant Association announced a formal boycott of the tabloid after Yemini bodega owners in New York had earlier agreed stop selling the newspaper.

Last week's front page featured a quote that came from a recent speech the Minnesota Democrat gave to the Council on American-Islamic Relations, in which she described the 2001 terrorist attack on the World Trade Center as "some people did something."

"We support free speech, but we will not accept the incitement of violence against Muslims," said Debbi Almontaser, the secretary of the board of directors for the merchants.

"What the New York Post is doing is endangering the lives of American Muslims and people of color," Almontaser said.

The merchants are demanding that the newspaper apologize to Omar and to the Muslim-American community in New York.

A spokeswoman for News Corporation, the parent company of the New York Post, declined to comment.

Also on Sunday, House Speaker Nancy Pelosi said she has taken steps to ensure the safety of Omar after President Donald Trump's retweet of a video that purports to show the congresswoman making the remark along with news footing of the hijacked airplanes hitting the Twin Towers. Trump captioned his tweet with: "WE WILL NEVER FORGET!"

Neither Trump's tweet nor the video included Omar's full quote or the context of her comments, which were about Muslims feeling that their civil liberties had eroded after the attacks.

Pelosi was among Democrats who had criticized Trump over the tweet, with some accusing him of trying to incite violence against the Muslim lawmaker. An upstate New York man recently was charged with making death threats against her.

___

Information from: The New York Times, http://www.nytimes.com

Source: Fox News National

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Alex Jones Bull Horns Beto Austin Rally and Leftists Attack

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Source: InfoWars

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Italy considering compensation claim against EU over bank rescue: Conte

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

March 22, 2019

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

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

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

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

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

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

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

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

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

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

(Reporting by Francesco Guarascio; Editing by Mark Heinrich)

Source: OANN

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Chinese Jet Shows Off US Tech

After months of complaints by the US administration that China is stealing intellectual property from companies in the United States, a picture of a Chinese fighter jet has been publicized on social media featuring key technology systems developed for the American F-35.

Critics have previously noted that the Chengdu J-20 is all but a mirror copy of Lockheed Martin’s F-22, an air superiority aircraft that is no longer in production. According to a report by the Washington Times, an anonymous user recently posted new images of the J-20 on Chinese military websites showing two key technologies that have long been touted as unique features of US fighter aircraft.

Alex Jones exposes the left’s obsession with domination over those they disagree with.

One of the technologies that apparently originated in the United States was the Distributed Aperture System (DAS), which is supposed to be one of the F-35’s most important sensors (the aircraft itself is often colloquially described as a flying computer). DAS has been billed by advocates as a revolutionary capability allowing a pilot to see exactly what’s going on 360 degrees around the aircraft — all but eliminating blind spots.

If you’ve ever read a report saying that the F-35 helmet lets the pilot see through the bottom of the aircraft, that functionality is made possible by DAS, Defense News notes. If the latest images suggest anything, now the Chengdu J-20 has a comparable DAS functionality as well.

“The camera lens with a relatively large optical aperture in the nose comes with a reddish-purple plating/coasting,” says the posting on the China-based Chaoji Da Benying website, as reported by the Washington Times. The post, which included four pictures of the J-20 with what looks like a fresh coat of paint, noted that “it very much resembles the F-35’s AN/AAQ-3 7 DAS.”

The F-35’s DAS, however, has been one of the driving factors behind why the jet has a low availability rate to conduct missions, Breaking Defense reported in June 2018.

(Photo by Sunson Guo, Flickr)

In an attempt to keep costs down on the DAS component of the F-35 project, prime F-35 contractor Lockheed Martin ditched its arrangement with Northrop Grumman — formerly the main subcontractor on the DAS component — and asked whether the rest of the defense contracting industry could do the job better and cheaper than Northrop. Raytheon became the new subcontractor for the DAS system, effectively swiping away all of Northrop’s business on that part of the F-35 project.

“It’s a major upset,” Richard Aboulafia of the Teal Group told Breaking Defense last June, adding that “from a revenue standpoint, F-35 remains almost the only game in town.”

“Major component changes like these are extremely rare, particularly at this stage of a procurement program.” The reliability rate of DAS was abysmal when Northrop was the main subcontractor; Lockheed announced that shifting contract execution to Raytheon’s DAS from Northrop’s would make the system five times more reliable.

“The DAS win will be worth billions of dollars across the lifetime of the F-35 program. The shift in supplies is part of a broader push by Lockheed Martin to wring costs out of the program,” said defense analyst Loren Thompson in comments to Breaking Defense last year.

The Washington Times report added that a second technology used by US aircraft, the Universal Water Activated Release System (UWARS), is also featured prominently on the photo of the J-20. UWARS helps automatically eject pilots from the jets if they hit seawater. “Getting our wish fulfilled… The improved details show that our J-20 is finally going to reveal its majesty on the open sea,” the anonymous Chinese poster said.

It’s not clear whether either of the technologies has been stolen from US government agencies or US defense contractors. US officials insist China has been stealing American technology for decades.

Steward Rhodes and William Gheen join Owen Shroyer live via Skype to reveal how the budget bill President Trump signed in order to prevent another, continuous government shutdown has provisions wedged into it by desperate democrats that grants amnesty to illegal immigrants.

Source: InfoWars

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Feds: man jailed after claim has twice made similar claims

The Latest on the investigation of a man who allegedly claimed to be a long-missing child from Illinois (all times local):

11:15 a.m.

An FBI affidavit says an Ohio man who authorities say falsely claimed to be an Illinois boy missing for eight years has made similar claims twice before.

The affidavit filed in federal court Friday says 23-year-old Brian Rini repeatedly told investigators he was Timmothy Pitzen, who disappeared in Aurora, Illinois, in 2011 at age 6.

The affidavit says Rini refused to be fingerprinted but submitted to a DNA test after which his true identity was determined.

The affidavit says Rini had watched a TV show about Pitzen and told investigators he wanted to get away from his family.

Investigators determined Rini had twice before falsely portrayed himself as a juvenile sex trafficking victim.

Federal court records don't list an attorney for Rini.

___

8:30 a.m.

A 23-year-old man authorities say falsely claimed to be an Illinois boy missing for eight years is being held in an Ohio jail.

Hamilton County's jail site shows Brian Rini of Medina, Ohio, was jailed Thursday. There were no charges listed Friday and no other information was available immediately.

The FBI announced Thursday afternoon that DNA tests disproved the claim of a person who Wednesday identified himself as Timmothy Pitzen, who disappeared in Aurora, Illinois, in 2011 at age 6.

Rini was released on probation from Ohio prison last month after serving more than a year on burglary and vandalism charges.

___

1:02 a.m.

A day of false hope has given way to questions about why a man would claim to be an Illinois boy who disappeared eight years ago.

The FBI declared the man's story a hoax Thursday one day after he identified himself to authorities as Timmothy Pitzen, who disappeared in 2011 at age 6.

Newport Police Chief Tom Collins identified the man to ABC as 23-year-old ex-convict Brian Rini of Medina, Ohio, who was released from prison less than a month ago after serving more than a year.

The man had told police he's Timmothy and escaped from men who held him captive.

___

Follow Dan Sewell at https://www.twitter.com/dansewell

Source: Fox News National

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A Chinese woman adjusts a Chinese national flag next to U.S. national flags before a Strategic Dialogue expanded meeting, part of the U.S.-China Strategic and Economic Dialogue (S&ED) in Beijing
A Chinese woman adjusts a Chinese national flag next to U.S. national flags before a Strategic Dialogue expanded meeting, part of the U.S.-China Strategic and Economic Dialogue (S&ED) held at the Diaoyutai State Guesthouse in Beijing, July 10, 2014. REUTERS/Ng Han Guan/Pool (CHINA – Tags: POLITICS BUSINESS)

April 26, 2019

By April Joyner

NEW YORK (Reuters) – Even as the lift from optimism over prospects for U.S.-China trade detente shows signs of wearing off for the wider U.S. stock market, upbeat sentiment around China’s economy could bolster shares of materials companies.

Shares of S&P 500 industrial and technology companies, which were buffeted by last year’s tit-for-tat tariffs as well as slowing global demand, have been very responsive to progress in U.S.-China trade relations and a strengthening Chinese economy. This year, those sectors have outpaced the ascent in the S&P 500, which reached a record closing high on Tuesday.

Materials stocks have not been as sensitive, however, even though they also stand to benefit as a stronger Chinese economy lifts global consumption and industrial output. As China has taken measures to stimulate its economy, its economic data have turned more upbeat. That in turn could aid global growth, which has flagged as a result of China’s cooldown.

“What we’re seeing is China spending more on stimulus: fiscal stimulus and monetary stimulus,” said Kristina Hooper, chief global market strategist at Invesco in New York. “That’s likely to be a positive for materials.”

The People’s Bank of China has cut banks’ reserve requirement ratio five times over the past year and is widely expected to ease policy further to spur lending and reduce borrowing costs. The stimulus appears to have boosted Chinese economic data, with factory activity growing in March for the first time in four months.

Yet so far in 2019, the S&P 500 materials index has underperformed the S&P 500 at large, rising just 11.9% compared with 16.7% for the benchmark index. Moreover, it is among the biggest decliners in the period since the S&P’s previous record closing level on Sept. 20. The materials index has fallen 7% over those seven months, versus a 5.2% gain for technology and a 3% loss for industrials. Only the energy index has dropped more over that period.

A trade agreement could serve as a catalyst for a bump in materials shares as a drag on China’s economy is lifted, some market strategists say. Some commodity prices, including those for copper and oil, have ascended this year as the prospects for the global economy have somewhat brightened.

“It all goes back to the global growth outlook,” said Andrea DiCenso, portfolio manager for alpha strategies at Loomis Sayles in Boston. “With the front run in hard data, we’re beginning to see a pretty significant rally.”

Additionally, a trade agreement is expected to include commitments from China to purchase higher quantities of U.S. products such as soybeans, which could benefit companies that make agricultural chemicals, including DowDuPont Inc and CF Industries Holdings Inc.

CF Industries is scheduled to report quarterly results after the bell on Wednesday, and DowDuPont is scheduled to report before the market open on Thursday.

To be sure, even with a trade agreement, some materials companies could face price pressures. Shares of Freeport-McMoRan Inc fell 10.1% on Thursday after the copper mining company posted a lower-than-expected profit as its production slipped and its costs rose.

A rollback of tariffs on Chinese imports, particularly aluminum and steel, would likely prompt a fall in some commodity prices, which could hurt prospects for certain materials companies, said Gene Goldman, chief investment officer at Cetera Investment Management in El Segundo, California.

Even so, those drawbacks may be outweighed by the support for global demand fostered by a U.S.-China trade agreement.

“You could see a number of companies with lowered expectations bring them back up as they talk favorably about the impact that a trade deal would have on them,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

(Reporting by April Joyner; additional reporting by Sinéad Carew; editing by Jonathan Oatis)

Source: OANN

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A former ICE special agent told Fox News that he hopes the case of the Massachusetts judge accused of helping an illegal immigrant flee federal authorities will “send a message to other activist judges that immigration laws aren’t optional.”

Jim Hayes made the comments Friday on ‘Fox & Friends’ a day after Newton District Court Judge Shelley M. Richmond Joseph and court officer Wesley MacGregor were indicted by a federal grand jury for obstruction of justice and three other counts. The pair allegedly helped Jose Medina-Perez get out of the Massachusetts courthouse in 2018 through a back door in order to elude the ICE agent who sought him.

“I think that the judge certainly faces the criminal charges that are pending. I think certainly that bar card is up for grabs at this point, depending on the outcome of that case,” Hayes told ‘Fox & Friends’.

“I think that, hopefully, these charges will send a message to other activist judges that immigration laws aren’t optional,” he added.

District Court Judge Shelley M. Richmond Joseph departs federal court on Thursday in Boston after facing obstruction of justice charges for allegedly helping a man in the country illegally evade immigration officials as he left her Newton, Mass., courthouse after a hearing in 2018. (AP)

District Court Judge Shelley M. Richmond Joseph departs federal court on Thursday in Boston after facing obstruction of justice charges for allegedly helping a man in the country illegally evade immigration officials as he left her Newton, Mass., courthouse after a hearing in 2018. (AP)

MASSACHUSETTS JUDGE WHO ALLEGEDLY HELPED ILLEGAL IMMIGRANT ESCAPE ICE IS INDICTED

Medina-Perez, a twice-deported illegal immigrant with a fugitive warrant for drunken driving in Pennsylvania, had been in Joseph’s courtroom in order to be arraigned on drug charges, the Boston Globe previously reported.

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Joseph, who has been suspended without pay, and MacGregor appeared in court Thursday and pleaded not guilty to all counts. No date has been set for their next court appearance.

“People who serve in the criminal justice system have to have honesty and integrity in order for the system to work and for our system and our justice system to continue,” Hayes said.

Fox News’ Katherine Lam and Nicole Darrah contributed to this report.

Source: Fox News National

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Cyprus police on Friday widened their search for more victims of a suspected serial killer after the 35-year-old national guard captain told investigators he killed four more people that he previously admitted to on the small Mediterranean nation.

The count now has climbed to seven.

CYPRUS FEARS POSSIBLE SERIAL KILLER AFTER BODIES OF TWO WOMEN ARE DISCOVERED IN MINESHAFT

Authorities said they are focusing on a military firing range, a man-made lake and an abandoned mine about 20 miles west of the capital Nicosia.

Cypriot President Nicos Anastasiades expressed “deep sorrow and concern” at the slayings and said he shared the public’s revulsion at “murders that appear to have selectively targeted foreign women who are in our country to work.”

“Such instincts are contrary to our culture’s traditions and values,” he said in a statement from China, where he was on an official visit. He urged calm so police can complete their investigation.

The scale of the alleged crimes by a Cypriot National Guard captain has horrified the small nation of over a million people, where multiple killings are rare. Five British law enforcement officials — including a coroner, a psychiatrist and investigators who specialize in multiple homicides — have been dispatched to help with the investigation.

On Thursday, the 35-year-old suspect, who can’t yet be named because he hasn’t been formally charged, told investigators that he had killed four more people than he had previously admitted to. Police said the suspect will appear in court Saturday for another custody hearing.

Cypriot investigators and police officers search a flooded mineshaft where two female bodies were found, outside of Mitsero village, near the capital Nicosia, Cyprus, Monday, April 22, 2019. Police on the east Mediterranean island nation, along with the help of the fire service, are conducting the search Monday in the wake of last week's discovery of the bodies in the abandoned mineshaft and the disappearance of the six-year-old daughter of one of the victims. 

Cypriot investigators and police officers search a flooded mineshaft where two female bodies were found, outside of Mitsero village, near the capital Nicosia, Cyprus, Monday, April 22, 2019. Police on the east Mediterranean island nation, along with the help of the fire service, are conducting the search Monday in the wake of last week’s discovery of the bodies in the abandoned mineshaft and the disappearance of the six-year-old daughter of one of the victims.  (AP)

The victims — all foreigners— include Marry Rose Tiburcio, 38, from the Philippines, whose bound body was found April 14 in a flooded mineshaft. She and her six-year-old daughter had been missing since May of last year.

The girl remains missing and authorities believe she was also slain by the suspect. Divers have entered the reservoir to search for her but have not found her body yet.

CYPRUS: GROUND NOT YET READY FOR PEACE TALKS RESUMPTION 

Authorities tracked down the officer last week by scouring Tiburcio’s online messages.

Six days later, police discovered another body April 20 in the same mineshaft, identified by Cypriot media as 28-year-old Arian Palanas Lozano, also from the Philippines.

A third alleged victim, also of Filipino descent, is 31-year-old Maricar Valtez Arquiola, who had been missing since December 2017. The suspect initially denied killing Arquiola but reversed himself after a court hearing Thursday, a police official said.

The suspect on Thursday also pointed investigators to a military firing range, where they discovered another unidentified body, which according to the suspect belongs to a woman of either Nepalese or Indian descent.

SERIAL KILLER WHO MAY HAVE COMMITTED 90 MURDERS IS LINKED TO YET ANOTHER KILLING 

Cypriot police are also looking for a Romanian mother and daughter. Cypriot media identified them as Livia Florentina Bunea, 36, and eight-year-old Elena Natalia Bunea, who are believed to have been missing since September 2016.

The man-made lake remains off-limits to a manned search because of high levels of toxic heavy metals from the copper pyrite mine, Fire Service Chief Marcos Trangolas said, adding that authorities will use other means to scour the lake.

Chief of Cypriot police Zacharias Chrysostomou, center, walks with Cypriot investigators and police officers at a flooded mineshaft where two female bodies were found, outside of Mitsero village, near the capital Nicosia, Cyprus, Monday, April 22, 2019.

Chief of Cypriot police Zacharias Chrysostomou, center, walks with Cypriot investigators and police officers at a flooded mineshaft where two female bodies were found, outside of Mitsero village, near the capital Nicosia, Cyprus, Monday, April 22, 2019. (AP Photo/Petros Karadjias)

Cyprus police have faced criticism from immigrant activists who said they didn’t act fast enough to investigate the whereabouts of some of the victims, many of them domestic workers. The island nation has 80 unsolved missing persons cases, going back to 1990.

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Police chief Zacharias Chrysostomou said a three-member panel has been assigned to probe whether police followed all the correct protocol in recent missing persons cases.

According to the state-run Cyprus News Agency, an investigator had told the court at an earlier hearing that the suspect admitted to killing one woman he met online after having sex with her.

The Associated Press contributed to this report. 

Source: Fox News World

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Venezuelan opposition lawmaker Gilber Caro is seen delivering a speech at a forum on human rights in Caracas
Venezuelan opposition lawmaker Gilber Caro is seen delivering a speech at a forum on human rights in Caracas, Venezuela June 12, 2018 in this still image taken from a video. REUTERS TV/ via REUTERS

April 26, 2019

CARACAS (Reuters) – Venezuela’s opposition-run National Assembly said on Friday that opposition lawmaker Gilber Caro was detained, which it described in a Twitter post as a violation of diplomatic immunity.

Caro had previously spend a year and a half in jail, before being freed in June 2018. The arrest comes as Juan Guaido, the National Assembly’s leader, mounts a challenge to President Nicolas Maduro, arguing his 2018 re-election was illegitimate. Guaido in January invoked the country’s constitution to assume an interim presidency.

(Reporting by Caracas newsroom; Editing by Chizu Nomiyama)

Source: OANN

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FILE PHOTO: Customers shop in a Sainsbury's store in Redhill
FILE PHOTO: Customers shop in a Sainsbury’s store in Redhill, Britain, March 27, 2018. REUTERS/Peter Nicholls/File Photo

April 26, 2019

By James Davey

LONDON (Reuters) – With Sainsbury’s dream of creating Britain’s biggest supermarket group in tatters, its chastened CEO Mike Coupe needs to reassure investors he has the plan to arrest a sales decline when he presents annual results next week.

Britain’s competition regulator blocked Sainsbury’s 7.3 billion pound ($9.4 billion) takeover of Walmart’s Asda on Thursday, saying the deal would increase prices. Sainsbury’s shares fell 5 percent and are down 22 percent over the last three months.

For Sainsbury’s fourth quarter to March 9 analysts are on average forecasting a 1.6 percent fall in like-for-like sales, which would follow 1.1 percent decline over the Christmas period.

Monthly industry data from researcher Kantar has also shown Sainsbury’s as the weakest performer of the big four grocers this year and this month it lost its status as Britain’s No. 2 supermarket group by market share to Asda.

While Sainsbury’s has struggled, market leader Tesco has gained momentum, this month reporting a 34 percent jump in full year profit.

Prohibition of the deal was a major blow to Coupe, its architect and Sainsbury’s boss since 2014.

Martin Scicluna became Sainsbury’s chairman last month and when bedded-in may decide that if the group needs a major shake-up it is best carried out by a new leader.

Much will depend on the attitude of 22 percent shareholder the Qatar Investment Authority, which has so far declined to comment, as well as Coupe’s own appetite to continue after 15 years at the group.

THE RIGHT STRATEGY?

Coupe said on Thursday he was confident Sainsbury’s was pursuing the right strategy.

That was a clear indication that Wednesday’s results statement will not include radical changes to the group’s plans, such as a big margin reset — sacrificing profit to drive sales.

However, sources connected to Sainsbury’s said Coupe would likely acknowledge that more needs to be done on prices, so the supermarket business can better compete with its big four rivals – Tesco, Asda and No. 4 Morrisons – as well as German-owned discounters Aldi and Lidl.

Coupe’s strategy is based on differentiating Sainsbury’s food offer, growing its general merchandise, clothing business and bank, while investing in convenience and online channels.

Some analysts believe major change is needed.

HSBC analyst David McCarthy reckons Sainsbury’s needs a margin reset, should allocate more space for core lines and needs to drive better store standards. He said Sainsbury’s might consider closing down space in some of its larger stores and reducing its non-food offer.

For the full 2018-19 year analysts are on average forecasting a pretax profit of 626 million pounds, up from 589 million pounds in 2017-18 – a second straight year of profit growth. A full year dividend of 10.5 pence per share is forecast versus 10.2 pence last time.

Bank and lawyer fees related to the proposed combination with Asda were 17 million pounds in the first half and have reportedly jumped to around 50 million pounds.

(Reporting by James Davey; Editing by Keith Weir)

Source: OANN

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