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Global financial stability risks still on the rise, IMF says

FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington
FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas/File Photo

April 10, 2019

By Pete Schroeder

WASHINGTON (Reuters) – Risks to the global financial system have grown over the past six months and could increase with a messy British exit from the European Union or an escalation of U.S.-China trade tensions, the International Monetary Fund said on Wednesday.

The IMF, whose spring meetings with the World Bank begin in Washington this week, noted that the global economic expansion is slowing, and an abrupt downturn could have a far-reaching impact. The fund also warned against rolling back prudential regulations that could help to buffer the financial system in the event of a downturn.

“There is a risk that positive investor sentiment could deteriorate abruptly, leading to a sharp tightening of financial conditions,” the IMF said in its Global Financial Stability Report. “This will have a larger effect on economies with weaker fundamentals, greater financial vulnerabilities, and less policy space to respond to shocks.”

On Tuesday, the IMF cut its expectations for global growth to its lowest level since 2016. It marked its third downgrade since October. In Wednesday’s report, it cautioned a sharper-than-expected slowdown could spur tighter financial conditions.

In Wednesday’s report, the IMF urged policymakers to clearly communicate any changes to their monetary policy stances to minimize market swings. Noting investor sentiment had improved since the Federal Reserve paused its rate-hiking cycle, it warned that a strong shift in Fed policy could trigger a sell-off in riskier assets.

The IMF also echoed concerns raised by U.S. officials over rising corporate debt levels, noting corporate sector risks appear elevated in about 70 percent of systemically important countries.

A rapid tightening of financial conditions could drive a steep economic downturn, as the creditworthiness in the corporate debt market has deteriorated. The stock of lower-rated investment-grade bonds has quadrupled since the 2008 financial crisis, and the stock of speculative-grade credits has nearly doubled.

“The U.S. corporate credit cycle appears to be at its highest point in recent history,” the IMF said, adding that global earnings growth has “likely peaked.”

The IMF noted that trading in British and European markets has remained orderly as the authorities struggle to negotiate an orderly British exit deal.

However, it warned that a protracted stalemate threatens to “unsettle financial markets, damage investors’ confidence, (and) adversely affect business investment.”

Globally, trade-dependent sectors have risen on expectations of a positive outcome for U.S.-China trade talks, the IMF said, but if those talks falter the organization expects a renewed sell-off.

To guard against financial vulnerabilities, the body said policymakers should proactively deploy prudential tools, such as the countercyclical capital buffer and bank stress testing. In particular, regulators should develop tools to tackle climbing corporate debt from non-bank intermediaries.

“A rollback of regulatory reforms should be avoided,” it added.

(Reporting by Pete Schroeder; Editing by Lisa Shumaker)

Source: OANN

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2 seen in surveillance at Gerald Ford grave come forward

Police say two people suspected of defacing the gravesite of former President Gerald Ford and first lady Betty Ford have come forward and are cooperating.

Grand Rapids, Michigan, police say the results of the investigation will be forwarded to a prosecutor for review when it is completed.

Police released a photo of a man and a woman sitting on a wall on March 27. The man appears to be marking or digging into panels that say, "Lives Committed to God, Country and Love." The woman kicked her skateboard into the panels.

The Fords are buried outside a museum that is dedicated to Gerald Ford's presidency. He died in 2006. Betty Ford died in 2011.

Source: Fox News National

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Dems Try to Steer 2020 Race to the Middle

Moderate Democrats are pushing back against popular far-left proposals like the Green New Deal, Medicare-for-all and liberal tax plans — fearing they will backfire in the 2020 election.

The centrists' move has been strengthened by the entrance into the White House race of moderate presidential candidates like former Colorado Gov. John Hickenlooper, Sen. Amy Klobuchar, D-Minn., former Texas congressman Beto O'Rourke, and the expected announcements of former Vice President Joe Biden and Sen. Michael Bennet, D-Colo., The Washington Post reported.

Because of that, the policies now taking center stage are public options or marginal Medicare expansions, market-based solutions to climate change, closing tax loopholes, and expanding tax breaks for the middle class, the Post reported.

"There was a clear story coming out of the midterms, and it is like it never happened," Jane Hartley, a former U.S. ambassador to France who helped raise millions to support 31 Democratic House candidates, told the Post.

"We have to look at how we won. The Democrats have to put together a coalition, and it's a coalition that includes suburban voters."

President Donald Trump has already suggested he will capi­tal­ize on the prominence of the Democrats' progressive policy ideas.

"If they beat me with the Green New Deal, I deserve to lose," Trump said at a recent fundraiser for the National Republican Congressional Committee, the Post reported. "What they want to do to the country would be horrible. We have to win."

Biden's probable entrance into the race could offer the strongest counterweight to the liberal surge, the Post reported.

"Show me the really left-left-left-left-wingers who beat a Republican," he said last week, the Post reported. "The fact of the matter is the vast majority of the members of the Democratic Party are still basically liberal-moderate Democrats in the traditional sense."

Larry Summers, who served as treasury secretary under President Bill Clinton and a top economic adviser in the Obama administration, told the Post the Democratic Party has been down a radical path before — to no good end.

"There is a bit in the air that is worryingly reminiscent of 1972, when Democrats were rightly enraged with a corrupt and malign president were disillusioned by their previous unsuccessful establishment presidential candidate, gravitated to radical redistribution economic policy, focused on turning out their activists, and failed to focus on the middle," Summers told the Post.

"The result was the political catastrophe of Richard Nixon's re-election."

Source: NewsMax Politics

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John Kerry clashes with Rep. Thomas Massie on his college degree, climate change: ‘Are you serious?’

Former Secretary of State John Kerry and Rep. Thomas Massie, R-Ky., had a heated exchange Tuesday over Kerry's education and climate change.

Kerry, 75, appeared before the House Oversight and Reform Committee hearing to talk about climate change. The incredible exchange began when Massie read a quote Kerry said regarding President Trump’s advisors.

“It sounds like you’re questioning the credentials of the president’s advisors but I don’t think we should question your credentials today. Isn’t it true you have a science degree from Yale?” Massie asked Kerry.

Kerry replied that he had a bachelor of arts degree from the university.

JOHN KERRY: 'IT'S A MISTAKE TO TALK ABOUT IMPEACHMENT'

“Is it a political science degree?” Massie asked.

“Yes, it’s political science,” the former Massachusetts senator said.

“So, how do you get a bachelor of arts in science?” the congressman asked.

“Well it’s liberal arts education and - it’s a bachelor,” Kerry said.

“So, it’s not really science. I think it’s somewhat appropriate that somebody with a pseudoscience degree is here pushing pseudoscience in front of our committee,” Massie said before Kerry fired back.

“Are you serious? I mean this is really happening here?” the former secretary of state asked.

JOHN KERRY SLAMMED FOR 'SHAMEFUL' SHADOW DIPLOMACY AFTER ADMITTING TO MEETINGS WITH IRAN

The two men continued their back and forth before Massie asked Kerry if he was saying the president “doesn’t have educated adults there now.”

“I don’t know who he has there because it's secret,” he replied. “Why would he have to have a secret analysis of climate change?”

The two then began to discuss carbon dioxide levels on the planet today versus millions of year ago.

“But there weren’t human beings; that was a different world, folks,” Kerry said.

“So — how’d it get to 2,000 parts per million if we humans weren’t here? … Did geology stop when we got on the planet?” Massie asked.

“This is just not a serious conversation,” Kerry fired back.

Kerry tweeted about the exchange Wednesday.

“It’s almost as if someone said, ‘Congress has hit rock bottom’ and Massie replies with ‘hold my beer,’” he wrote.

CLICK HERE FOR THE FOX NEWS APP

Massie replied to Kerry’s tweet saying, “It’s almost as if someone said, ‘No one has less knowledge of science, a higher opinion of himself, and a bigger carbon footprint than Al Gore’ and Kerry replies ‘hold my champagne, I’m going to testify as a climate change expert.”

Source: Fox News Politics

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Cryptocurrency miner Bitmain lets its Hong Kong IPO application lapse

Bitcoin mining computers are pictured in Bitmain's mining farm near Keflavik
Bitcoin mining computers are pictured in Bitmain's mining farm near Keflavik, Iceland, June 4, 2016. REUTERS/Jemima Kelly

March 26, 2019

By Julia Fioretti

HONG KONG (Reuters) – Bitmain Technologies, the world’s largest designer of products used for mining cryptocurrencies, on Tuesday let its application for a Hong Kong initial public offering (IPO) lapse as hopes for cryptocurrency companies to go public fade.

Bitmain’s application lapsed on Tuesday, six months after it was filed, the Hong Kong stock exchange’s website showed.

“We do recognize that despite the huge potential of the cryptocurrency and blockchain industry, it remains a relatively young industry which is proving its value. We hope regulatory authorities, media, and the general public can be more inclusive to this young industry,” the company said on its website.

Bitmain designs different microchips specialized for mining cryptocurrencies and for artificial intelligence applications, as well as manufacturing cryptocurrency and AI hardware, and managing crypto mining farms.

The reputation of cryptocurrencies, and particularly exchanges, has been hit hard by fears of price volatility and possible uses for laundering money alongside high-profile hacks and infrastructure failures.

Bitmain’s IPO hopes suffered the same fate as those of smaller cryptocurrency mining equipment maker Canaan Inc, which let its own IPO application lapse last year.

Hong Kong officials had raised questions about the sustainability of miners’ business models given the falling price of bitcoin, sources have said in the past.

The crypto market peaked in late 2017, when trading volumes surged and bitcoin, the largest cryptocurrency, reached a high just above $20,000. Bitcoin’s price has fallen more than 80 percent since then, and trading volumes have slumped.

Bitcoin was worth $3,898.12 on Tuesday.

The lapsing of Bitmain and Canaan’s IPO applications leaves only cryptocurrency mining equipment maker Ebang International Holdings in the running for a listing in the financial hub. Ebang refiled its application in December to avoid its lapsing.

(Reporting by Julia Fioretti; Editing by Shreejay Sinha)

Source: OANN

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Chicago PD Superintendent Eddie Johnson, Rahm Emanuel call Jussie Smollett charges being dropped 'whitewash of justice'

After charges were dropped against "Empire" star Jussie Smollett for allegedly staging his own hate crime, Chicago Police Superintendent Eddie Johnson and Chicago Mayor Rahm Emanuel are furious with the outcome, calling it a "whitewash of justice" that cost the city more than $10,000.

"Where is the accountability in the system? You cannot have because of a person's position one set of rules applies to them and another set of rules apply to everyone else," Emanuel fumed, relating the ruling to the nationwide college admissions cheating scandal that broke earlier this month.

"Our officers did hard work day in and day out, countless hours workign to unwind what actually happened that night. The city saw its reputation dragged through the mud ... It's not just the officers' work, but the work of the grand jury that made a decision based on only a sliver of the evidence [presented]," he continued. "Because of the judge's decision, none of that evidence will ever be made public."

"[This case] sends a clear message that if you're in a position of influence and power youll be treated one way and if youre not youll be treated another way," he said.

Johnson said, "Our job as police officers is to present them with the evdience ... If someone ever falsely accused me [of a crime], I would never hide behind a brokered deal and secrecy."

"I don't know what's unusual for the state's attorney but we found out about when you all did," he added.

"Prosecutors have their discretion of course, we still have to work with the state's attorneys office, we'll have conversations after this," he said. "At the end of the day it was Smollett who committed this hoax."

Earlier Tuesday, the Cook County State’s Attorney’s office announced that all 16 felony counts against Smollett, 36, were dropped in a nolle pros and the record in the case was sealed. Smollett voluntarily forfeited his bond money and Smollett's attorney, Patricia Brown-Holmes, said the funds would likely go to the city of Chicago.

Brown-Holmes also admonished the Chicago P.D., saying they needed to "investigate claims" before presuming suspects' guilt and trying them in the press.

JUSSIE SMOLLETT'S ALLEGED HATE CRIME ATTACK: A TIMELINE OF EVENTS

Sources told CBS News that Johnson was not informed of the nolle pros ruling ahead of time.

Johnson told press in February of the case: "I'm left hanging my head and asking why: Why would anyone, especially an African-American man, use the symbolism of a noose to make false accusations? How could someone look at the hatred and suffering associated with that symbol...how can an individual who has been embraced by the city of Chicago turn around and slap everyone in this city by making this false claim? Bogus police reports cause real harm."

Smollett has maintained his innocence and previously pleaded not guilty to all 16 counts against him.

JUSSIE SMOLLETT ALLEGED ATTACK HOAX 'WILL FOREVER DEFINE HIM,' CRISIS EXEC SAYS

Smollett told police he was attacked by two masked men as he was walking home from a Chicago Subway sandwich shop at around 2 a.m on Jan. 29. The actor, who is black and openly gay, said the masked men beat him, made derogatory comments and yelled "This is MAGA country" — an apparent reference to President Donald Trump's campaign slogan, "Make America Great Again" — before fleeing.

STARS REACT TO JUSSIE SMOLLETT'S CHARGES BEING DROPPED

However, the masked men were brothers Abel and Ola Osundairo. The brothers were reportedly observed on surveillance cameras buying the rope that was around Smollett's neck after the attack. Johnson told press that the police pivoted their investigation away from a hate crime and to an allegedly false police report after the Osundairo brothers cooperated with authorities.

CHICAGO LEADERS SLAM JUSSIE SMOLLETT, DEMAND APOLOGIES FOR ALLEGED HOAX AND AFTERMATH

He later claimed on "Good Morning America" to have more evidence that hadn't yet been made public that Smollett staged the attack. Johnson told anchor Robin Roberts that he worked with "very closely" with the Osundairos' attorney to investigate the matter and that Smollett was initially treated as a victim, not a suspect, in the case.

"It's not the Chicago police saying [the attack was staged]," Johnson said at the time. "It's the evidence, the facts and the witnesses that are saying it."

CHICAGO TURNS ON JUSSIE SMOLLETT, SAYS ALLEGED HOAX HURTS REAL HATE CRIME VICTIMS

Cook County State's Attorney Kim Foxx, who recused herself from Smollett's case, previously asked Johnson to let the FBI investigate Smollett's alleged attack after the former chief of staff to former first lady Michelle Obama allegedly informed Foxx that Smollett's family had concerns about the probe.

The Chicago Fraternal Order of Police President Kevin Graham then alleged that Foxx had illegally interfered with their investigation into Smollett's alleged crime. Graham reportedly wrote to the Justice Department to investigate whether Foxx herself broke any laws related to the probe.

It was Foxx's office that charged Smollett with lying to police.

CLICK HERE TO GET THE FOX NEWS APP

Smollett's attorneys previously blasted the Chicago P.D.'s conduct, telling Fox News they've "witnessed an organized law enforcement spectacle that has no place in the American legal system. The presumption of innocence, a bedrock in the search for justice, was trampled upon at the expense of Mr. Smollett and notably, on the eve of a Mayoral election. Mr. Smollett is a young man of impeccable character and integrity who fiercely and solemnly maintains his innocence betrayed by a system that apparently wants to skip due process and proceed directly to sentencing.”

Fox News' Tyler McCarthy and Sasha Savitsky contributed to this report.

Source: Fox News National

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The Latest: Lawyer: Shackled children want normal adulthoods

The Latest on the sentencing of a California couple who starved and abused a dozen of their children for years (all times local):

2 p.m.

The attorney for the adult children who were tortured and abused by their California parents for years says they're trying to live their lives as normally as possible and each is grappling with how much they're willing to forgive.

Attorney Jack Osborn says David and Louise Turpin's children want to be normal adults without being thought of first as the Turpin children.

Osborn says they're aware of an outpouring of support from strangers from around the world but hope to maintain as much anonymity and privacy as possible.

The Turpin parents were sentenced to life in prison with the possibility of parole after 25 years. They pleaded guilty in February.

Some of the children say they're ready to visit their parents while others say don't want any contact.

___

10:26 a.m.

A California couple who pleaded guilty to years of torture and abuse of 12 of their 13 children have been sentenced to life in prison with possibility of parole after 25 years.

David and Louise Turpin were sentenced Friday during an emotional hearing that saw some of the children speak publicly about the abuse for the first time.

Louise Turpin wept as she apologized for hurting her children, while her husband David Turpin struggled to give a short statement.

One of their daughters, weeping, said in court that "My parents took my whole life from me but now I'm taking my life back."

The sentencing came just over a year after the Turpins' 17-year-old daughter jumped out of a window of the family's squalid home and called 911. She reported that some of her siblings were chained to their beds and that she hadn't bathed in months.

___

10:18 a.m.

A California couple convicted of abusing 12 of their children has apologized at their sentencing after hearing from some of the victims.

David Turpin's lawyer read part of a statement because he was too upset. "My homeschooling and discipline had good intentions," he said. "I'm sorry if I've done anything to cause them harm."

Louise Turpin spoke for herself, saying, "I'm sorry for everything I've done to hurt my children. I love my children so much. ... I only want the best for them.

The Turpins are expected to be sentenced to at least 25 years in prison. They pleaded guilty in February to torture and other abuse that was uncovered when their 17-year-old daughter jumped out a window and called 911.

___

10:10 a.m.

Several children of a California couple convicted of torturing them for years gave emotional statements at their parents' sentencing Friday.

Louise Turpin wept and David Turpin wiped his eyes as the children spoke, with one of them saying: "My parents took my whole life from me but now I'm taking my life back."

Some of the other children said they still love their parents. One asked for a lighter sentence because "they believed everything they did was to protect us."

It's the first time the children have spoken publicly since the arrest of their parents, David and Louise Turpin. They have the right to address the court to say how they've been impacted by the abuse.

The Turpins are expected to be sentenced to at least 25 years in prison. They pleaded guilty in February to torture and other abuse that was uncovered when their 17-year-old daughter jumped out a window and called 911.

___

10:05 a.m.

Two of the children of a California couple convicted of torturing them for years have addressed the court at their sentencing.

It's the first time the children are appearing publicly since the arrest of their parents, David and Louise Turpin. They have the right to address the court to say how they've been impacted by the abuse.

Their parents watched in tears, as their children related the nightmares about being chained and beaten.

___

12:01 a.m.

A California couple who starved a dozen of their children and shackled some to beds face sentencing for years of abuse.

David and Louise Turpin are due Friday in Riverside County Superior Court for a proceeding that is largely a formality.

The couple pleaded guilty in February to torture and other abuse and agreed to serve at least 25 years in prison.

The abuse was uncovered last year when one of the couple's 13 children jumped out a window and called 911. The 17-year-old girl had lived such an isolated life that she didn't know her address and didn't know what medication meant.

Most of the children ranging in age from 2 to 29 were severely underweight and hadn't bathed for months. The house reeked of human waste.

Source: Fox News National

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A California man who allegedly fatally shot his ex-girlfriend in broad daylight last month before fleeing the country has been returned to the U.S. following his arrest in Mexico on Wednesday, authorities said.

Julio Cesar Rocha, 25, of Montlcair, is accused of shooting his 25-year-old ex-girlfriend Thalia Flores and a second unidentified male victim March 21 around 2:45 p.m. while the two were sitting in a vehicle in the parking lot of a discount store in Chino. Both communities are about 36 miles east of Los Angeles.

ARREST MADE IN DOUBLE HOMICIDE OF EX-PRO HOCKEY PLAYER, COMMUNITY ADVOCATE, POLICE SAY

Julio Cesar Rocha, 25, of Montlcair, Calif. was located in Mexico Wednesday and returned to California where he faces murder and attempted murder charges related to the death of his ex-girlfriend, Thalia Flores.

Julio Cesar Rocha, 25, of Montlcair, Calif. was located in Mexico Wednesday and returned to California where he faces murder and attempted murder charges related to the death of his ex-girlfriend, Thalia Flores. (City of Chino Police Department)

Flores died at the scene. The man, whose name was not released, walked to a nearby hospital where he’s recovering from his gunshot wounds.

Rocha allegedly fled the scene and remained at large for more than a month, the Daily Bulletin reported. He was formally arrested at 4:30 p.m. after arriving at Los Angeles International Airport from Mexico, KTLA-TV reported.

The suspect was booked at the West Valley Detention Center in Rancho Cucamonga on murder and attempted murder charges, the City of Chino Police Department said on Facebook.

Flores ended her seven-year relationship with Rocha just two months before her death and still lived in fear of him until that point, a sister of the victim, Bernice Flores, told the Daily Bulletin.

“He said himself so many times to other people, ‘If I can’t have her, no one will.’ ” Flores said, adding that her sister stayed in the relationship longer that she would have liked in fear that Rocha would hurt her or her family if they broke up.

Rocha was convicted on misdemeanor battery in 2016 and sentenced to 60 days in prison. He was originally charged with misdemeanor assault with a deadly weapon, but the charges were lowered in a plea deal, the Daily Bulletin reported.

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Rocha was convicted of misdemeanor resisting or obstructing a peace officer in 2014. A second charge of misdemeanor battery was dropped in a plea deal, and Rocha was ordered to complete a 26-week anger management course, according to San Bernardino County Superior Court records. Rocha was later arrested and sentenced to 10 days behind bars for failing to complete the course.

Source: Fox News National

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Multiple people died Thursday when a semitrailer plowed into stationary traffic that resulted in explosions and flames on a Colorado freeway, authorities said.

The incident occurred just before 5 p.m. in the Denver suburb of Lakewood when a truck driver lost control while traveling east on Interstate 70, according to a preliminary investigation. The collision started a chain reaction and a diesel fuel spill, Lakewood police spokesman Ty Countryman told the Denver Post.

“This is looking to be one of the worst accidents we’ve had here in Lakewood,” he said.

The driver of the runaway truck survived. At least one truck was carrying lumber, another was hauling gravel and the third may have been carrying mattresses, KDVR-TV reported.

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Lakewood police tweeted there were multiple fatalities but did not give a specific number. Six people were taken to a hospital. Their conditions were not released, according to the paper.

Lanes in both directions were closed and expected to remain so into Friday morning.

Source: Fox News National

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President Trump will address members and leaders of the National Rifle Association on Friday at the group’s annual convention in Indiana.

Around 80,000 gun enthusiasts and more than 800 exhibitors are expected to pack the Indiana Convention Center in Indianapolis for the three-day event, the Indianapolis Star reported. It will mark the third straight year that Trump will deliver the keynote address, where he is expected to champion the rights of gun owners.

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes,” Chris Cox, executive director of the NRA’s Institute for Legislative Action (ILA), said in a statement. “President Trump’s Supreme Court appointments ensure that the Second Amendment will be respected for generations to come. Our members are excited to hear him speak and thank him for his support for our Right to Keep and Bear Arms.”

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes.”

— Chris Cox, executive director, NRA’s Institute for Legislative Action

COLORADO ENACTS ‘RED FLAG’ LAW TO SEIZE GUNS FROM THOSE DEEMED DANGEROUS, PROMPTING BACKLASH

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

Trump and Vice President Mike Pence spoke at last year’s convention in Dallas. During his speech, Trump assured gun owners that he would protect their Second Amendment rights, according to the paper.

“Your Second Amendment rights are under siege,” Trump told the cheering audience in Dallas. “But they will never, ever be under siege as long as I am your president.”

Trump has supported some gun control measures in the past. Last year, his administration imposed a ban on bump stocks, attachments that enable semiautomatic rifles to fire in rapid bursts. Although, he most recently threatened to veto two Democratic gun control bills.

This year’s convention comes as the NRA faces outside pressure and internal problems. The group has seen its legislative agenda stall amid a series of mass shootings — including a massacre at a Parkland, Fla., high school in February 2018 that left 17 dead and launched a youth movement against gun violence.

CLICK HERE TO GET THE FOX NEWS APP

It’s also grappling with infighting in its ranks, money problems and investigations into whether Russian agents courted officials and funneled money through the group.

“I’ve never seen the NRA this vulnerable,” said John Feinblatt, president of Everytown for Gun Safety, a nonprofit that advocates for gun control measure.

The convention will run through the weekend and conclude Sunday.

The Associated Press contributed to this report.

Source: Fox News Politics

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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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