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Pope defends decision to reject French cardinal’s resignation

Pope Francis addresses reporters aboard the plane bringing him back following a two-day trip to Morocco
Pope Francis addresses reporters aboard the plane bringing him back following a two-day trip to Morocco March 31, 2019. Alberto Pizzoli/Pool via REUTERS

March 31, 2019

By Philip Pullella

ABOARD THE PAPAL PLANE (Reuters) – Pope Francis on Sunday defended his decision to reject the resignation of Philippe Barbarin, the French Roman Catholic cardinal convicted on charges of failing to report sexual abuse.

Speaking to reporters on the plane returning from a two-day trip to Morocco, Francis said he was obliged to give the archbishop of Lyon the benefit of the doubt until his appeal is heard.

“I can’t accept it because in juridical terms, in classic world jurisprudence, there is the presumption of innocence as long as the case is open, and he has appealed,” Francis said.

Barbarin offered his resignation when he met the pope on March 18.

A court in Lyon ruled on March 7 that between July 2014 and June 2015, Barbarin covered up allegations of sexual abuse of boy scouts in the 1980s and early 1990s by a priest who is due to go on trial later this year.

Barbarin, 68, the highest-profile cleric to be caught up in the child sex abuse scandal inside the French Church, received a six-month suspended prison sentence. He has denied the allegations and launched an appeal.

“When the second court hands down its decision, then we will see what will happen. But we must always have the presumption of innocence. This is important because it goes beyond the superficial condemnation by the media,” the pope said.

“Maybe he is not innocent, but the presumption (of innocence) must be there,” the pope said.

The Barbarin trial put one of Europe’s most senior clergymen in the spotlight at a time when the pope is grappling with criticism over the Church’s response to a decades-long sexual global abuse crisis.

Barbarin has stepped aside temporarily pending the appeal and has handed over the day-to-day running of the diocese to a vicar general.

He has said he would remain head of the dioceses in title and would continue to sign off on documents until the appeal process is over.

The Church’s credibility has been damaged in much of the world by abuse scandals in countries including Ireland, Chile, Australia, France, the United States and Poland, paying billions of dollars in damages to victims and forcing parishes to close.

The scandals have reached the upper echelons of the Vatican itself with the conviction of Cardinal George Pell, jailed this month for six years for abusing boys in his native Australia. He had served as the Vatican treasurer and a member of the pope’s innermost council of cardinals until his conviction last year.

(Reporting by Philip Pullella; Editing by Peter Cooney)

Source: OANN

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Showdown in Congress over Trump's national emergency declaration; Mystery Mueller case revealed

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Developing now, Thursday, March 14, 2019

TRUMP NATIONAL EMERGENCY DECLARATION SHOWDOWN: The Republican-led Senate is set to vote Thursday on President Trump's declaration of a national emergency at the U.S.-Mexico border to obtain funding for his long-promised wall ... There may be enough Republican opposition in the Senate to block the emergency declaration, which could prompt Trump to issue his first veto while in office. In an interview set to air on "Fox & Friends" Thursday morning, Vice President Mike Pence urged Republicans to back the president’s emergency declaration.

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BOEING 737 MAX JETS GROUNDED: The Federal Aviation Administration (FAA) on Wednesday ordered two Boeing 737 Max jets — one model of which was involved in the fatal Ethiopian Airlines crash that killed 157 people — to be temporarily grounded in the U.S. ... The agency said the decision was made to ground both the Boeing 737 Max 8 and 737 Max 9 models "as a result of the data gathering process and new evidence collected at the site and analyzed." Boeing has suspended its entire global fleet of 371 737 Max jetliners. Worldwide, 69 commercial airlines and airline leasing firms use the Max 8 and Max 9 models. Among the U.S. airlines that have Boeing 737 Max planes among their fleet are Southwest Airlines, which operates 34 Max 8 planes, American Airlines, which operates 24 Max 8 planes, and United Airlines, which operates 14 Max 9 planes. Airlines in other countries, including the entire European Union, Ethiopia, China, Indonesia, Australia, Brazil and Iceland, grounded the jetliner on Monday.

EXCLUSIVE: HILLARY CLINTON INVESTIGATORS TOLD OBAMA DOJ 'NOT WILLING TO CHARGE HER': An internal chart prepared by federal investigators working on the so-called "Midyear Exam" probe into Hillary Clinton's emails, exclusively reviewed by Fox News, contained the words "NOTE: DOJ not willing to charge this" next to a key statute on the mishandling of classified information. The notation appeared to contradict former FBI Director James Comey's repeated claims that his team independently decided that Clinton should not face criminal charges. Comey stated publicly that his FBI conducted the Clinton email investigation honestly and was not swayed by outside influences. However, President Trump and longtime Republican critics have argued that anti-Trump political bias in Comey's FBI and the Justice Department tainted the Clinton investigation.

SINGING THE 'VARSITY BLUES': One day after Lori Loughlin was ensnared in a bombshell college admissions investigation, the "Full House" star has been released on a $1 million bond ... Loughlin and "Desperate Housewives" star Felicity Huffman are among the more than four dozen people have been charged in the nationwide bribery scam, which is alleged to have placed students in top-tier schools like Yale, Georgetown, Stanford, the University of Southern California, UCLA and the University of Texas. The federal investigation into the matter – dubbed "Operation Varsity Blues" – has been ongoing for more than a year.

Loughlin, her famed fashion designer husband Mossimo Giannulli and Huffman are all ordered to appear in federal court in Boston on March 29 for a preliminary hearing. In light of the national college admissions scandal, the University of Southern California (USC) on Wednesday announced it will "review" students and graduates who may be linked to the investigation.

MYSTERY MUELLER CASE REVEALED: Documents filed with the Supreme Court and unsealed on Wednesday revealed definitively, and for the first time, that Special Counsel Robert Mueller is the party seeking a grand jury subpoena and subsequent contempt citation against an unnamed, government-controlled foreign corporation that has resisted prosecutors' efforts at every turn ... The proceedings are believed to be linked to attempts by Mueller's team to secure information to present to an empaneled grand jury in the special counsel's Russia investigation.

BETO 'BORN' TO RUN? - Beto O'Rourke all but announced his 2020 presidential candidacy in a wide-ranging interview published Wednesday in Vanity Fair magazine, confidently saying he was "just born to do this" ... The move seemed inevitable Wednesday night. El Paso’s KTSM-TV reported it received a text message from O'Rourke earlier in the day saying he will seek the Democratic presidential nomination, writing: "I'm really proud of what El Paso did and what El Paso represents. It's a big part of why I'm running. This city is the best example of this country at its best."

THE SOUNDBITE

TUCKER CALLS OUT MEDIA MATTERS PRESIDENT - "[MSNBC anchor Chris] Hayes’s political views aren’t very interesting: Cringing hipster sensitivity, burnished with low-grade academic buzzwords. Pretty banal. But Hayes always seemed like a decent guy personally. He didn’t seem like a hater. It was hard to imagine him promoting open racism and anti-Semitism. Or at least it was, until the other night. That’s when Hayes invited a man called Angelo Carusone onto his show. Carusone runs Media Matters. Almost every day, he issues outraged press releases accusing other people of bigotry. And yet, because everything is irony, Carusone is himself an enthusiastic bigot. We know this because he’s written about it extensively." – Tucker Carlson, on "Tucker Carlson Tonight," pointing out Media Matters President Angelo Carusone's past hateful comments in an old blog.

TODAY'S MUST-READS
Stuart Varney: Ocasio-Cortez is so far out of line that she must surely be a 'bubble.'
Kellyanne Conway’s husband rips Trump for ‘pathological’ lying, claims president has ‘disorder.'
Connecticut man who got phone call of support from Trump dies.
Manafort sentenced, then indicted in New York City on mortgage fraud, other state charges.

MINDING YOUR BUSINESS
Trump's grounding of Boeing 737 Max jets trims stock market gains.
British lawmakers reject no-deal Brexit in any circumstance.
Fiat Chrysler recalling nearly 863,000 U.S. vehicles that don't meet EPA standards.

STAY TUNED

On Fox Nation:

What Made America Great, Season 2
Brian Kilmeade travels to historic places and relives the biggest events that shaped our amazing country on "What Made America Great." Watch a preview of the show now.

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Fox Nation is a subscription streaming service offering daily shows and documentaries that you can’t watch anywhere else. Watch from your phone, computer and select TV devices.

On Fox News:

Fox & Friends, 6 a.m. ET: Special guests include: Vice President Mike Pence; Newt Gingrich; Fox Nation host Tomi Lahren; Fox News' Pete Hegseth tours a border protection training facility with DHS Secretary Kirstjen Nielsen.

Your World with Neil Cavuto, 4 p.m. ET: Special guests include: U.S. Sens. Rick Scott, R-Fla. and John Barrasso, R-Wis.

Fox News @ Night, 11 p.m. ET: Lt. Randy Sutton, host of Blue Lives Radio.

On Fox Business:

Mornings with Maria, 6 a.m. ET: Special guests include: U.S. Sen. Mike Rounds, R-S.D.; U.S. Rep. Greg Walden, R-Ore.; Karl Rove, former White House senior adviser to President George W. Bush; Mike Huckabee, former Arkansas governor.

Varney & Co., 9 a.m. ET: Special guests include: U.S. Sen. Tim Scott, R-S.C.

On Fox News Radio:

The Fox News Rundown podcast: "Schools Must Change After Admissions Scandal" - Harvard Law professor Alan Dershowitz discusses "Operation Varsity Blues" and how colleges can uncover and fight back against admission scams. Transcripts of closed-door testimony of former FBI attorney Lisa Page have been released, and they reveal some new details of the 'insurance policy' she discussed with former FBI agent Peter Strzok. Judge Andrew Napolitano, Fox News senior judicial analyst, discusses the released transcript. Plus, commentary by Leslie Marshall, Democratic strategist and Fox News contributor.

Want the Fox News Rundown sent straight to your mobile device? Subscribe through Apple Podcasts, Google Play, and Stitcher.

The Brian Kilmeade Show, 9 a.m. ET: The grounding of Boeing jets, Operation Varsity Blues, Manafort's new legal trouble, Trump's national emergency declaration and more will be discussed with the following guests: Kathleen Bangs, Steve Doocy, Chris Wallace, Andy McCarthy, Stuart Varney, Dr. Jeff Gardere.

The Todd Starnes Show, Noon ET: Todd Starnes speaks with U.S. Sen. Marsha Blackburn, R-Tenn., about President Trump's call all for a national emergency at the border and American Family Radio host Bryan Fischer about how to raise the next generation of men.

The Tom Shillue Show, 3 p.m. ET: Fox News contributor Jessica Tarlov discusses Operation Varsity Blues and House Speaker Nancy Pelosi's recent comments on impeaching President Trump.

Benson & Harf, 6 p.m. ET: An interview with Howard Schultz, 2020 presidential candidate and former chairman and CEO of Starbucks.

#TheFlashback
2018: Tens of thousands of students across the country walk out of their classrooms to demand action on gun violence and school safety, one month after the shooting that killed 17 people at Marjory Stoneman Douglas High School in Parkland, Fla.
1990: The Soviet Congress of People's Deputies hold a secret ballot that elects Mikhail S. Gorbachev to a new, powerful presidency.
1962: Democrat Edward M. "Ted" Kennedy officially launches his successful candidacy for the U.S. Senate seat from Massachusetts once held by his brother, President John F. Kennedy. (Ted Kennedy would serve in the Senate for nearly 47 years.)

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

Source: Fox News National

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Trump to make state visit to UK in June

U.S. President Donald Trump attends the 2019 White House Easter Egg Roll
U.S. President Donald Trump smiles as children color cards for military members beside him, during the 2019 White House Easter Egg Roll on the South Lawn of the White House in Washington, U.S., April 22, 2019. REUTERS/Al Drago

April 23, 2019

LONDON (Reuters) – President Donald Trump has accepted Queen Elizabeth’s invitation to make a state visit to Britain in June, Buckingham Palace said on Tuesday.

Trump and his wife Melania will make the trip from June 3-5, the palace said, adding that further details would be announced in due course.

Trump will hold a meeting with British Prime Minister Theresa May in Downing Street and the trip also coincides with events to mark the 75th anniversary of the D-Day landings during World War Two.

“The UK and United States have a deep and enduring partnership that is rooted in our common history and shared interests,” May said in a statement.

“The State Visit is an opportunity to strengthen our already close relationship in areas such as trade, investment, security and defense, and to discuss how we can build on these ties in the years ahead.”

(Reporting by Michael Holden; Editing by William Schomberg)

Source: OANN

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Wisconsin school ends cheerleading awards for body parts

A Wisconsin school district official says its high school will no longer hand out cheerleading awards that are based on a girl's physical attributes, including largest breasts or buttocks.

The American Civil Liberties Union says an annual banquet has been held at Tremper High School in the Kenosha Unified School District that recognizes the most improved or hardest working cheerleaders. But the ACLU says special gag awards are also given to a cheerleader with the largest buttocks, called "Big Booty Judy" and the biggest breasts, called "Big Boobie Strube."

The ACLU says it obtained correspondence from Tremper Principal Steve Knecht telling a parent that the gag awards were meant to be funny. District spokeswoman Tanya Ruder says these awards won't be made at future cheerleading banquets.

Source: Fox News National

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Mosque victims’ names read out to silent crowd at New Zealand memorial

National remembrance service for victims of the mosque attacks in Christchurch
People attend the national remembrance service for victims of the mosque attacks, at Hagley Park in Christchurch, New Zealand March 29, 2019. REUTERS/Jorge Silva

March 28, 2019

By Charlotte Greenfield

CHRISTCHURCH, New Zealand (Reuters) – Thousands stood in silence in a Christchurch park on Friday as the names of 50 people shot dead in two mosques were read out at a national memorial service, with speakers calling for the legacy of the tragedy to be a kinder, more tolerant New Zealand.

Dozens of representatives of governments from around the world joined New Zealand Prime Minister Jacinda Ardern at the remembrance service in Hagley Park, near the Al Noor mosque where more than 40 of the victims were killed by a suspected white supremacist during Friday prayers on March 15.

“Our challenge now is to make the very best of us a daily reality. Because we are not immune to the viruses of hate, of

fear, of other. We never have been,” said Ardern, whose handling of the tragedy has won global praise.

“But we can be the nation that discovers the cure. And so to each of us as we go from here, we have work to do,” she said.

Ardern, who wore a Maori cloak known as a kakahu during the service, said the world had to end the vicious cycle of extremism and that it needed a global effort.

“The answer to them lies in a simple concept that is not bound by domestic borders, that isn’t based on ethnicity, power-base or even forms of governance. The answer lies in our humanity,” she said.

Security was tight around the service and New Zealand remains on high security alert. Police Commissioner Mike Bush said it was one of the largest security events ever conducted by the police.

‘A BEAUTIFUL GARDEN’

Farid Ahmed, whose wife Husna was one of the 50 killed, told the crowd that, as a man of faith, he had forgiven his wife’s killer because he did not want to have “a heart that is boiling like a volcano”.

“I want a heart that will be full of love and care and full of mercy and will forgive easily, because this heart doesn’t want any more lives to be lost,” he said to applause.

He called for people to work together for peace and to change attitudes to see everyone as part of one family, using Christchurch’s nickname of the Garden City to make his point.

“I may be from one culture, you may come from another culture, I may have one faith, you may have one faith, but together we are a beautiful garden,” Ahmed said.

Performers during the ceremony included Yusuf Islam, also known as Cat Stevens, who performed his song “Peace Train”.

“We will get through this time and emerge a kinder, more compassionate place,” Christchurch mayor Lianne Dalziel said.

People needed to ask hard questions about what they may have done to harbor racism “because we now know where this ends”, she said.

The massacre in Christchurch was carried out by a lone gunman at two mosques. Australian Brenton Tarrant, 28, a suspected white supremacist, has been charged with one count of murder and is likely to face more charges when he reappears in court next Friday.

(Reporting by Charlotte Greenfield; Writing by John Mair; Editing by Paul Tait)

Source: OANN

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Study: Fentanyl Deaths Up 122% in West Virginia

If heroin is coffee, fentanyl is espresso. Just as a miniscule cup of espresso can hype you up more than a whole mug of coffee, a single exposure to fentanyl can get a user vastly higher than injecting the same volume of heroin.

In fact, the Centers for Disease Control and Prevention says fentanyl is 50 times stronger than heroin.

In a recent study funded by the National Institutes of Health, West Virginia Universityresearchers Gordon SmithMarie Abate and Zheng Dai found that fentanyl-related deaths are on the rise in West Virginia, even as deaths related to prescription opioids decline.

By analyzing all drug-related deaths in the state from 2005 to 2017, the research team–which included medical examiners from the West Virginia Department of Health and Human Resources–discovered that between 2015 and 2017, deaths from fentanyl were 122 percent of what they were between 2005 and 2014.

In contrast, prescription opioids played a role in 75 percent fewer deaths between 2015 and 2017 than over the previous 10 years.


China had the world’s largest economy in the early 1800’s until the British Empire weaponized opium — history that’s not forgotten in China.

Why did fentanyl-related deaths skyrocket in 2015? One factor was a surge in illegal fentanyl imports from China. “Up until then, people who were shifting from legal prescription drugs to illegal drugs were shifting to heroin and opioids coming in from Mexico and other places. But then people started manufacturing fentanyl in China, setting up clandestine labs, staying one step ahead of drug-enforcement agencies,” said Smith, an epidemiologist in the School of Public Health.

“The big thing about fentanyl–and now carfentanil, a fentanyl analog that’s a thousand times stronger than morphine and heroin–is that it’s very easy to export. Instead of having to smuggle truckloads of heroin in, someone can send small packages through the mail,” he said.

Another contributor is fentanyl’s potency itself. Smith explained, “You might need to take–let’s say–200 Tylenol before you get into some serious trouble, but with some other pain reliever, you might only need four of them because it’s so much stronger.”

Drug users may take fentanyl or one or more of these potent fentanyl analogs without meaning to. Unbeknownst to them, it can be sold as counterfeit “prescription opioids” or blended into the heroin they buy, even from a dealer they’ve used without issue before. Accidentally drinking four ounces of espresso instead of drip coffee can make you jittery. Taking a fentanyl/heroin mix instead of unadulterated heroin can kill you.

Another problem is that the amount of fentanyl in any sample sold on the street can vary widely. For example, dealers may mix fentanyl with adulterants at the local level on their kitchen tables. If they improperly mix their product, a spoonful in one small bag may have much more fentanyl that another, even in the same batch. In addition, illegal labs in the United States can make chemical modifications to fentanyl fairly readily to produce other very potent analogs.

West Virginia’s increase is fentanyl-related deaths is part of a national trend. As the CDC reported, deaths from fentanyl overdoses spiked across the United States in 2015 and, as of 2017, continued to climb. West Virginia, however, leads the nation in fentanyl-related deaths. It also has the highest per capita rate of overdose deaths overall.

(Photo by WVU)

Yet West Virginia is exceptional for a more optimistic reason: its medical examiners pinpoint the cause of every drug-related death, and the relevant facts populate a statewide forensic drug database maintained at the WVU Health Sciences Center. The database includes such information as the decedent’s demographic information, cause of death, toxicology testing results, other medical conditions present and recent prescriptions for controlled substances.

This database gives scientists, healthcare providers and law enforcement officers insight into drug-misuse trends as they unfold. Abate, who directs the School of Pharmacy’s West Virginia Center for Drug and Health Information, established the database in collaboration with the West Virginia Office of the Chief Medical Examiner in 2005.

“The extent of decedent information found in this database is unique nationwide,” said Abate, who–along with Smith–received prior funding from the West Virginia Clinical and Translational Science Institute, the WVU Injury Control Research Center and the National Institute on Drug Abuse for research into drug misuse.

The database can help direct public-health resources to where they can do the most good–and promptly enough that they’re worthwhile. For instance, the data may suggest which towns need greater access to naloxone to treat a preponderance of overdoses. They may even help scientists decipher the chemical makeup of brand-new fentanyl analogs as soon as they hit the street.

“One of the proven ways to reduce overdoses is to decrease the number of people who are addicted and using. But with fentanyl, you could halve the number of addicts in West Virginia, and the overdose rate could still go up because the strength of the drug coming in is so much stronger and can vary widely from one day to the next,” Smith said. “This is an absolute quandary.”

He recommends more widespread naloxone distribution, including to both injection drug users and their families. It’s also important to make sure first responders–such as paramedics, firefighters and police–have adequate supplies of naloxone as usage has increased dramatically in recent years. “Multiple doses may be needed to reverse opioids toxicity,” he said, “especially if more potent or long-acting opioids are involved.”


President Trump won election because he used social media to unite his supporters, but now Big Tech has activated widespread censorship and the President has not slowed down this wave of tyranny.

Source: InfoWars

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EU lawmakers approve package of banking reforms

European Union flags fly outside the European Commission headquarters in Brussels
European Union flags fly outside the European Commission headquarters in Brussels, Belgium, April 10, 2019. REUTERS/Yves Herman/File Photo

April 16, 2019

BRUSSELS (Reuters) – European Union lawmakers approved on Tuesday an overhaul of banking rules, addressing some of the loopholes exposed by the global financial crisis.

The banking overhaul, proposed by the European Commission in November 2016, sets the level of cash banks must set aside to absorb losses and introduces new requirements for capital and liquidity, in line with global standards agreed after the 2007-09 financial crisis.

In separate votes, lawmakers also approved on Tuesday new rules that increase the powers of EU financial supervisors, although the final law is watered-down version of the initial proposal made by the EU Commission.

The Parliament passed as well new measures that grant EU-wide protection to whistleblowers who expose corruption, tax evasion and other crimes.

Under the banking reform approved by the parliament, EU lenders will be required to hold a minimum amount of funds against risks from their lending, in a bid to increase their financial stability.

Banks will also have to meet funding requirements aimed at limiting reliance on short-term financing that contributed to the global financial crisis.

The laws approved should strengthen the EU legal framework to combat money laundering, but the changes have been criticized as being insufficient to prevent the scandals that have recently engulfed several banks in the region.

(Reporting by Francesco Guarascio, editing by Larry King)

Source: OANN

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FILE PHOTO: An aerial photo looking north shows shipping containers at the Port of Seattle and the Elliott Bay waterfront in Seattle
FILE PHOTO: An aerial photo looking north shows shipping containers at the Port of Seattle and the Elliott Bay waterfront in Seattle, Washington, U.S. March 21, 2019. REUTERS/Lindsey Wasson/File Photo

April 26, 2019

NEW YORK (Reuters) – U.S. economic growth is running at a 1.1% pace in the second quarter as the gains in exports and inventories recorded in the first quarter are expected to reverse, Morgan Stanley economists said on Friday.

“Our preliminary expectations for growth in the second quarter sees large drags from net exports and inventories after their contributions in 1Q,” they wrote in a research note.

Gross domestic product increased at a 3.2% annualized rate in the first three months of the year, driven by a smaller trade deficit and the largest accumulation of unsold merchandise since 2015, the Commerce Department said earlier Friday.

(Reporting by Richard Leong)

Source: OANN

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FILE PHOTO: The Deutsche Bank headquarters are pictured in Frankfurt
FILE PHOTO: The Deutsche Bank headquarters are pictured in Frankfurt, Germany, April 25, 2019. REUTERS/Ralph Orlowski/File Photo

April 26, 2019

By Tom Sims

FRANKFURT (Reuters) – Within hours of the collapse of merger talks with Commerzbank, Christian Sewing scrambled to convince investors and employees that Deutsche Bank can stand on its own two feet.

The Deutsche Bank chief executive told staff, many of whom opposed a merger because of significant job losses, that while he had not been “skeptical” about the Commerzbank talks, he was cautious about the chances of success from the start.

And another top Deutsche Bank executive said on Friday that it had been Commerzbank that initiated the talks, suggesting there was no desperation on their part for a deal.

Commerzbank denied that version of events, ending the apparent truce between the normally highly competitive cross-town Frankfurt rivals over the past six weeks.

German hopes of creating a national banking champion able to challenge global competitors were finally dashed on Thursday when Deutsche Bank and Commerzbank ended their talks due to the risks of doing a deal, restructuring costs and capital demands.

For Sewing, the failure to clinch a deal has left the 49-year-old chief executive of Germany’s largest bank, who took over just over a year ago, with his back to the wall.

Credit ratings agency Standard & Poor’s, which downgraded Deutsche Bank last year, said on Friday that Deutsche Bank “will remain under strain”, adding that it “seems to have acknowledged the need to adjust its strategy”.

Under Sewing, a new leadership has tried to revive Deutsche Bank’s fortunes, but it has faced money laundering allegations and failed stress tests, as well as ratings downgrades.

At the heart of the debate over its future is whether it should focus its business on Germany and draw a line under its costly global ambitions to take on Wall Street’s big guns.

“MARKET PLAY”

Without a deal, Deutsche Bank now finds itself back at the mercy of equity and debt markets, with UBS analysts warning that in a “stress scenario” it could again “be forced into a ‘debt-driven capital increase’ even with solid capital ratios”.

“Deutsche remains a levered market play vulnerable to external events,” the UBS analysts said in a note.

Sewing, along with many analysts, believes Deutsche Bank can go it alone in the short-term, but will be counting on a turnaround in market conditions to do so in the long-run given its dependence on volatile investment bank earnings.

“To reach our return objective, we also need to see a revenue recovery in our more market-sensitive business,” Sewing said on Friday after reporting results.

“These revenues are available to us in better market conditions given our leading positions in many of these businesses, but we need to capture them,” he added.

Revenue at Deutsche Bank’s bond trading division fell 19 percent in the first quarter, it said on Friday, underscoring weakness at its investment bank.

If those earnings do not improve, Berlin’s desire to keep its biggest bank out of foreign hands may start to wane.

“Germany’s globally active companies need competitive financial institutions that can support them around the world,” German finance minister Olaf Scholz said on Thursday.

(Writing by Alexander Smith; Editing by Keith Weir)

Source: OANN

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Panama's former president Ricardo Martinelli yells to the media while arriving to the Electoral Court in Panama City
Panama’s former president Ricardo Martinelli reacts to the media while arriving to the Electoral Court in Panama City, Panama April 26, 2019. REUTERS/Erick Marciscano

April 26, 2019

PANAMA CITY (Reuters) – Panama’s electoral tribunal has ruled that former President Ricardo Martinelli, who is awaiting trial on wiretapping charges, cannot take part in elections on May 5 in which he was running for mayor of Panama City and a seat in Congress, a spokesman for Martinelli said on Friday.

“The ruling of the electoral tribunal has disqualified him as candidate,” said the spokesman, Eduardo Camacho, calling the court’s ruling a “political decision.”

Officials at the tribunal did not immediately confirm the ruling, which also was reported in local media in Panama.

Martinelli, a supermarket tycoon who ran the Central American country from 2009 to 2014, was extradited to Panama last June from the United States and charged with spying on 150 people, including politicians, union leaders and journalists.

A judge had previously cleared Martinelli to run for mayor of the capital. His critics vowed to appeal that decision.

(Reporting by Elida Moreno and Stefanie Eschenbacher; Editing by Bill Trott)

Source: OANN

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FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City
FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, January 29, 2016. REUTERS/Mike Segar/File Photo

April 26, 2019

(Reuters) – Shares of Walmart, Target and other U.S. retailers fell on Friday as Amazon.com Inc unveiled a one-day delivery plan for its Prime members in a move to further disrupt the fiercely competitive retail landscape.

The e-commerce giant’s announcement on Thursday could cause other brands, manufacturers, retailers, and logistics companies to have to invest more aggressively to compete with Amazon and its delivery, analysts said.

Retailers in recent years have poured billions into ecommerce and faster shipping options and are trying to close the gap with Amazon.

“This is about making it more expensive to catch up and affirms our world view that only the largest and smartest will survive,” Bernstein analyst Brandon Fletcher said.

The move is expected to heighten consumer expectations on e-commerce delivery just like Amazon did with its two-day shipping option for members of its loyalty club Prime, noted analysts.

“The faster you ship, the more people buy,” RBC Capital Markets analyst Mark Mahaney said.

The challenge for non-Amazon players was that very few of the existing logistics and parcel delivery players now have the ability to do nationwide one-day delivery, Morgan Stanley analyst Brian Nowak said.

“And even fewer can do it at the vast scale and reasonable cost that AMZN would need for Prime delivery,” Nowak said in a note.

Walmart Inc’s shares fell about 3 percent, while Target Corp dropped about 5 percent in morning trade.

Shares of Kohl’s Corp, Macy’s Inc and Nordstrom Inc fell about 1 percent. Grocer Kroger Co was nearly 3 percent lower, while consumer electronics retailer Best Buy Inc dropped 2.1 percent.

(Reporting by Soundarya J and Akanksha Rana in Bengaluru; Editing by Maju Samuel)

Source: OANN

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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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