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Oil prices hit five-month highs on OPEC supply cuts, U.S. sanctions

FILE PHOTO: Storage tanks are seen at Ecopetrol's Castilla oil rig platform, in Castilla La Nueva
FILE PHOTO: Storage tanks are seen at Ecopetrol's Castilla oil rig platform, in Castilla La Nueva, Colombia June 26, 2018. REUTERS/Luisa Gonzalez/File Photo

April 8, 2019

By Henning Gloystein

SINGAPORE (Reuters) – Oil prices rose to their highest levels since Nov. 2018 on Monday, driven up by OPEC’s ongoing supply cuts and U.S. sanctions against Iran and Venezuela.

International benchmark Brent futures were at $70.67 per barrel at 0022 GMT on Monday, up 33 cents, or 0.5 percent from their last close.

U.S. West Texas Intermediate (WTI) crude were up 33 cents, or 0.5 percent, at $63.41 per barrel.

Brent and WTI both hit their highest levels since November last year at $70.76 and $63.48 per barrel, respectively, early on Monday.

“Brent prices increased more than 30 percent year-to-date as OPEC+ continued to cut supply for 4 months in a row and optimism over U.S.-China trade talks helped to buoy the demand outlook,” U.S. bank J.P.Morgan said in a note released over the weekend.

Energy consultancy FGE said the OPEC-led supply cuts meant “excess inventories are disappearing and the market looks healthy,” adding that “the market is poised for prices to rise to $75 per barrel or higher” for Brent.

Oil prices have also been driven up by U.S. sanctions against OPEC-members Iran and Venezuela.

“Sanctions can cut 500,000 bpd of Venezuelan exports. Add that to a cut in Iran waivers and prices can rise substantially,” FGE said.

There remain, however, some factors that could bring prices down later this year.

Russia is a reluctant participant in its agreement with OPEC to withhold output, and Russian oil production may increase again if a deal with the producer club is not extended once it expires before July 1, Energy Minister Alexander Novak said on Friday.

Russian oil output reached a record high of 556 million tonnes, or 11.16 million barrels per day (bpd), last year.

In the United States, crude oil production reached a record 12.2 million bpd in late March.

U.S. crude exports have also risen, breaking through 3 million bpd for the first time earlier this year.

“With the new Permian pipelines (from July), we can see a boost of 500,000 to 600,000 bpd in U.S. exports,” FGE said.

(Reporting by Henning Gloystein; editing by Richard Pullin)

Source: OANN

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As IS fight nears end, violence flares on other Syrian front

Violence in northwestern Syria has killed dozens over the past three weeks and displaced tens of thousands, raising concerns a truce reached six months ago between Turkey and Russia is in danger.

The violence in Idlib comes as the world is focused on eastern Syria, where U.S.-backed Kurdish-led fighters are on the verge of defeating the Islamic State group in the last area they control.

Idlib has been in the hands of opposition forces for years, even as Syrian President Bashar Assad's military retook other rebel enclaves, one after the other.

The province is now home to some 3 million people, many of them displaced from other former opposition territory. Earlier this year, al-Qaida-linked militants took over the province, squeezing out most other factions after clashes with Turkey-backed opposition fighters.

Source: Fox News World

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ECB looks for three bank supervisors to join depleted board

File photo of the headquarters of the European Central Bank (ECB) seen illuminated with a giant euro sign at the start of the
FILE PHOTO: The headquarters of the European Central Bank (ECB) is illuminated with a giant euro sign at the start of the "Luminale, light and building" event in Frankfurt, Germany, in this March 12, 2016 file photo. REUTERS/Kai Pfaffenbach/Files

April 12, 2019

FRANKFURT (Reuters) – The European Central Bank is looking for three bank supervisors to join the depleted board of its supervisory arm after years of delay and recent criticism from a European lawmaker, the bank said on Friday.

ECB President Mario Draghi has put off replenishing the central bank’s delegation on the Single Supervisory Board since 2017, leaving it under-represented in an institution it shares with watchdogs from the euro zone’s 19 countries.

After being left with just two out of six board representatives, the ECB finally decided to act at this week’s meeting of its Governing Council.

“On 9 April 2019 the Governing Council approved the vacancy notice for the selection of up to three ECB representatives to the Supervisory Board,” the ECB said on Friday.

The job adverts will be posted on its website shortly and candidates would be given four weeks to submit applications.

A German member of the European Parliament, Markus Ferber, in February voiced fears for the quality and balance of the Single Supervisory Board due to the many empty ECB seats.

Andrea Enria, who chairs the board, and Pentti Hakkarainen currently occupy just two of the six seats allocated to the ECB, pending approval of Yves Mersch’s appointment as vice chair by the Council of the European Union.

Power-sharing between the ECB and national authorities has not always been easy, with the latter occasionally fighting to protect their domestic banking system.

Last year Italian authorities staged a concerted effort to push back against an initiative to rid banks of unpaid loans, with the ECB eventually coming up with a watered down proposal.

(Reporting By Francesco Canepa; Editing by Angus MacSwan)

Source: OANN

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BMW applies for funds for battery cell research: spokesman

Paris Auto Show
FILE PHOTO: The BMW logo is seen on the second press day of the Paris auto show, in Paris, France, October 3, 2018. REUTERS/Regis Duvignau

March 15, 2019

HAMBURG (Reuters) – German luxury carmaker BMW has applied for state funding of research and development in the field of battery cells, a spokesman said on Friday, adding this does not mean the company aims to produce them itself.

Germany has earmarked 1 billion euros ($1.13 billion) to support a consortium looking to produce electric car battery cells and plans to fund a research facility to develop next-generation solid-state batteries.

The BMW spokesman said that the funding application would not necessarily lead to the carmaker participating in a consortium.

(Reporting by Jan Schwartz; writing by Thomas Seythal; editing by Christoph Steitz)

Source: OANN

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UK car insurance premiums fall 1 percent in first-quarter, 2019: survey

FILE PHOTO: Cars sit in a traffic jam along the Embankment during the morning rush hour in central London
FILE PHOTO: Cars sit in a traffic jam along the Embankment during the morning rush hour in central London, Britain, August 29, 2017. REUTERS/Hannah McKay/File Photo

April 15, 2019

(Reuters) – The cost of a comprehensive motor insurance policy fell one percent in Britain in the first quarter, pushed down by uncertainty around the rate used to calculate compensation for personal injuries and the Civil Liability Bill, a survey showed.

The average premium for a comprehensive policy is now 762 pounds ($997.08), according to the latest index from price comparison site Confused.com compiled by insurance advisory company Willis Towers Watson.

“The fluctuation in premium levels seen across recent quarters reflects ongoing uncertainty surrounding the impact of the Civil Liability Bill and the anticipated adjustment to the Ogden rate,” said Stephen Jones, UK P&C Leader at Willis Towers Watson.

Prices in 2018 were also pushed down by changes in the Ogden rate, used to calculate compensation for personal injuries and the Civil Liability Bill, which includes reforms likely to reduce claims for whiplash injuries.

Whiplash is a form of neck injury caused by a sudden jolt that snaps the head backwards but insurers argue https://reut.rs/2TQ4sBY that many claims in such cases are fraudulent.

The report, based on price figures compiled using anonymous data from all enquiries submitted on Admiral Group’s Confused.com, said 2019 could see further price fluctuations as Civil Liability Bill and Ogden effects overlay upon rising costs of crash repairs.

“With claims costs increasing, new technologies entering the car market we can expect an upturn in premiums is on the horizon,” Steve Fletcher, head of Data Insight at Confused.com, said.

Companies such as Admiral, RSA Insurance Group Plc, Direct Line Insurance Group Plc, esure and Hastings Group Holdings Plc provide motor insurance for Britain’s highly competitive insurance sector.

(Graphic: Britain’s motor insurers hit by falling prices, regulation – https://tmsnrt.rs/2VEqFE5)

(Reporting by Samantha Machado and Noor Zainab Hussain in Bengaluru; Editing by Arun Koyyur)

Source: OANN

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NBA roundup: LeBron, Lakers snap skid

NBA: Los Angeles Lakers at Chicago Bulls
Mar 12, 2019; Chicago, IL, USA; Los Angeles Lakers forward LeBron James (23) dunks the ball against the Chicago Bulls in the second half at the United Center. Mandatory Credit: Matt Marton-USA TODAY Sports

March 13, 2019

LeBron James had 36 points and 10 rebounds, and the visiting Los Angeles Lakers overcame their lowest-scoring first quarter of the season to end a five-game losing streak with a 123-107 win against the Chicago Bulls on Tuesday.

Kentavious Caldwell-Pope scored 24 points off the bench, Kyle Kuzma scored 21, Rajon Rondo had 14 points and 10 assists, and JaVale McGee finished with 10 points and 11 rebounds for the Lakers.

Robin Lopez scored 20 points, Otto Porter Jr. had 19 points and nine rebounds, and Kris Dunn finished with 18 points, seven rebounds and nine assists for Chicago. Ryan Arcidiacono started in place of leading scorer Zach LaVine (knee) and had 14 points and six assists.

The Lakers scored 16 points in the first quarter, and the Bulls closed with an 11-1 run to take an 18-point lead into the second quarter. Los Angeles went ahead for the first time since making the first basket of the game when Kuzma put in a layup for a 66-64 lead with 8:48 left in the third quarter.

Spurs 112, Mavericks 105

DeMar DeRozan scored 16 of his team-high 33 points in the first quarter and LaMarcus Aldridge had 10 of his 28 in the third to lead visiting San Antonio past Dallas.

Derrick White added 23 points and seven assists, and Davis Bertans dropped three 3-pointers, including two big ones in the fourth quarter. San Antonio ran its win streak to a season-best six games.

Dallas lost for a sixth consecutive game as rookie Luka Doncic, playing with a sore right knee, was limited to 12 points on 5-of-18 shooting. He was 1 of 7 from deep, a frustrating 1 of 9 from the free-throw line and committed nine of the Mavericks’ 14 turnovers. Jalen Brunson scored a career-high 34 points for Dallas.

Bucks 130, Pelicans 113

Giannis Antetokounmpo scored 24 points to lead six Milwaukee scorers in double figures in a win at New Orleans.

Khris Middleton added 23 points, Malcolm Brogdon scored 18, Eric Bledsoe and former Pelicans forward Nikola Mirotic had 14 each and Brook Lopez 13.

Elfrid Payton had his second consecutive triple-double for the Pelicans, who lost their fourth straight, finishing with 14 points, a career-high 15 rebounds and 11 assists. He is the first New Orleans player to have a triple-double in consecutive games since Chris Paul did it in 2008.

76ers 106, Cavaliers 99

Ben Simmons had 26 points, 10 rebounds and eight assists to lead host Philadelphia past Cleveland.

Joel Embiid added 17 points and 19 rebounds for his 50th double-double of the season. Embiid also blocked four shots. JJ Redick scored 17 points for the Sixers, who were without Jimmy Butler as he was held out for a planned rest day.

Collin Sexton paced the Cavaliers with 26 points while Cedi Osman added 18 and Jordan Clarkson had 13.

Pacers 103, Knicks 98

Bojan Bogdanovic scored 24 points as Indiana continued its home dominance of New York.

The Pacers rebounded from a pair of nationally televised double-digit defeats at Milwaukee and Philadelphia by beating the Knicks for the 13th time in their last 14 meetings in Indianapolis and completing their third season sweep of New York in the past five seasons.

The Knicks’ latest losing streak is at seven games. New York, which got 21 points from Emmanuel Mudiay, scored fewer than 100 points for the fourth straight game.

–Field Level Media

Source: OANN

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China manufacturing returns to growth in March: Caixin PMI

Employees work on the production line of a factory manufacturing fashion accessories in Sihong
Employees work on the production line of a factory manufacturing fashion accessories in Sihong county, Jiangsu province, China March 27, 2019. Picture taken March 27, 2019. REUTERS/Stringer

April 1, 2019

BEIJING, (Reuters) – China’s manufacturing sector unexpectedly returned to growth for the first time in four months in March, in a sign that government stimulus measures may be slowly gaining traction, a private business survey showed on Monday.

But growth in new domestic and exports orders was marginal, suggesting the economy will remain under pressure in coming months and will likely require more policy support before it can convincingly stabilize.

The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) expanded at the strongest pace in eight months in March, rising to 50.8 from 49.9 in February, above the neutral 50-mark dividing expansion from contraction on a monthly basis and the highest level seen since July 2018.

Economists polled by Reuters had forecast the reading for March would stay unchanged at 49.9.

“With a more relaxed financing environment, government efforts to bail out the private sector and positive progress in Sino-U.S. trade talks, the situation across the manufacturing sector recovered in March,” Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, said in a commentary accompanying the data release.

China has made proposals in talks with the United States on a range of issues that go further than it has before, including on forced technology transfer, as the two sides work to overcome obstacles to a deal to end their protracted trade war, U.S. officials told Reuters on Wednesday.

But sources close to the talks have stressed that a deal is by no means certain, and tit-for-tat tariffs on both sides have remained in place.

Zhang noted the employment situation improved significantly in March, a trend that may ease some government and investor concerns after the unemployment rate in urban areas for February rose to the highest since early 2017.

Caixin’s findings showed factories hired workers in March for the first time in over four years, arresting a relentless spell of job shedding since October 2013. Some firms were hiring to support higher production and new business development, the release said.

New orders — an indicator of future activity — increased for the second month running, though the pace of growth was marginal. Output also grew for the second straight month.

New export orders expanded after contracting in the previous month. Though the rate of increase was fractional, Caixin said the broad trend appeared to have steadied in the first quarter.

Chinese manufacturers also signaled an improvement in pricing power in March, which could ease pressure on profit margins. Output charges edged up into expansionary territory and outpaced growth in input prices, reflecting reduced pressure from raw material costs.

“The producer price index might have risen faster year-on-year in March, and increased month-on-month, compared with a monthly decline in February,” Zhong added.

Optimism among businesses edged up to a 10-month high partly on expectations that market conditions, both at home and abroad, will improve, the statement said.

But purchasing activity declined for the third straight month, suggesting some firms remain cautious.

Economists at Nomura have forecast that China’s industrial production growth will moderate again in April and May after a brief rebound in March mainly due to last year’s low base.

(Reporting by Yawen Chen and Ryan Woo; Editing by Kim Coghill)

Source: OANN

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A Florida measure that would ban sanctuary cities is set for a vote Friday in the state’s Senate after clearing its first hurdle earlier this week.

The bill would effectively make it against the law for Florida’s police departments to refuse to cooperate with federal immigration officials.

“The Governor may initiate judicial proceedings in the name of the state against such officers to enforce compliance,” a draft version of the Senate bill reads.

A House version of the bill, which passed by a 69-47 vote Wednesday, adds that non-complying officials could be suspended or removed from office and face fines of up to $5,000 per day. Republican Gov. Ron DeSantis is expected to sign off on the measure, although it’s not clear which version.

FLORIDA MAY SEND A BIG MESSAGE TO SANCTUARY CITIES

Florida Rep. Carlos Guillermo Smith (D-Orlando), during a press conference at the Florida Capitol in Tallahassee, speaks out against bills in the House and Senate that would ban sanctuary cities in the state.

Florida Rep. Carlos Guillermo Smith (D-Orlando), during a press conference at the Florida Capitol in Tallahassee, speaks out against bills in the House and Senate that would ban sanctuary cities in the state. (AP)

LAWRENCE JONES: NEEDLES, DRUG USE AND HUMAN WASTE ARE THE NEW NORMAL IN SAN FRANCISCO

Florida is home to 775,000 illegal immigrants out of 10.7 million present in the United States, ranking the state third among all states.

Nine states — Alabama, Arizona, Georgia, Iowa, North Carolina, Mississippi, Missouri, Tennessee and Texas — already have enacted state laws requiring law enforcement to comply with Immigration and Customs Enforcement.

Florida doesn’t have sanctuary cities like the ones in California and other states. But Republican lawmakers say a handful of their municipalities — including Orlando and West Palm Beach – are acting as “pseudo-sanctuary” cities, because they prevent law enforcement officials from asking about immigration status when they make arrests.

“There are still people here in the state of Florida, police chiefs that are just refusing to contact ICE, refusing to detain somebody that they know is here illegally,” Florida Republican Rep. Blaise Ingoglia said earlier this month. “So while the actual county municipality doesn’t have an actual adopted policy, they still have people in power within their sheriff’s department or police department that refuse to do it anyway.”

Florida’s Democratic Party has blasted the anti-Sanctuary measures, while the Miami-Dade Police Department says it should be up to federal authorities to handle immigration-related matters.

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“House Republicans today sold out their communities to Donald Trump and Ron DeSantis by passing this xenophobic and discriminatory bill,” the state’s Democratic Party said Wednesday after the House passed their version of the bill. “It’s abhorrent that Republican members who represent immigrant communities are now turning their backs on their constituents and jeopardizing their safety.

“Florida has long stood as a beacon for immigrant communities — and today Republicans did the best they could to destroy that reputation,” they added.

Fox News’ Elina Shirazi contributed to this report.

Source: Fox News National

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FILE PHOTO: Supporters of the Spain's far-right party VOX wave Spanish flags as they attend an electoral rally ahead of general elections in the Andalusian capital of Seville
FILE PHOTO: Supporters of the Spain’s far-right party VOX wave Spanish flags as they attend an electoral rally ahead of general elections in the Andalusian capital of Seville, Spain April 24, 2019. REUTERS/Marcelo del Pozo/File Photo

April 26, 2019

By John Stonestreet and Belén Carreño

MADRID (Reuters) – Spain’s Vox party, aligned to a broader far-right movement emerging across Europe, has become the focus of speculation about last minute shifts in voting intentions since official polling for Sunday’s national election ended four days ago.

No single party is anywhere near securing a majority, and chances of a deadlocked parliament and a second election are high.

Leaders of the five parties vying for a role in government get final chances to pitch for power at rallies on Friday evening, before a campaign characterized by appeals to voters’ hearts rather than wallets ends at midnight.

By tradition, the final day before a Spanish election is politics-free.

Two main prizes are still up for grabs in the home straight. One concerns which of the two rival left and right multi-party blocs gets more votes.

The other is whether Vox could challenge the mainstream conservative PP for leadership of the latter bloc, which media outlets with access to unofficial soundings taken since Monday suggest could be starting to happen.

The right’s loose three-party alliance is led by the PP, the traditional conservative party that has alternated in office with outgoing Prime Minister Pedro Sanchez’s Socialists since Spain’s return to democracy in the 1970s.

The PP stands at around 20 percent, with center-right Ciudadanos near 14 percent and Vox around 11 percent, according to a final poll of polls in daily El Pais published on Monday.

Since then, however, interest in Vox – which will become the first far-right party to sit in parliament since 1982 – has snowballed.

It was founded in 2013, part of a broader anti-establishment, far-right movement that has also spread across – among others – Italy, France and Germany.

While it is careful to distance itself from the ideology of late dictator Francisco Franco, Vox’s signature policies include repealing laws banning Franco-era symbols and on gender-based violence, and shifting power away from Spain’s regional governments.

TRENDING

According to a Google trends graphic, Vox has generated more than three times more search inquiries than any other Spanish political party in the past week.

Reasons could include a groundswell of vocal activist support at Vox rallies in Madrid and Valencia, and its exclusion from two televised debates between the main party leaders, on the grounds of it having no deputies yet in parliament.

Conservative daily La Vanguardia called its enforced absence from Monday’s and Tuesday’s debates “a gift from heaven”, while left-wing Eldiario.es suggested the PP was haemorrhaging votes to Vox in rural areas.

Ignacio Jurado, politics lecturer at the University of York, agreed the main source of additional Vox votes would be disaffected PP supporters, and called the debate ban – whose impact he said was unclear – wrong.

“This is a party polling over 10 percent and there are people interested in what it says. So we lose more than we win in not having them (in the debates),” he said

For Jose Fernandez-Albertos, political scientist at Spanish National Research Council CSIC, Vox is enjoying the novelty effect that propelled then new, left-wing arrival Podemos to 20 percent of the vote in 2015.

“While it’s unclear how to interpret the (Google) data, what we do know is that it’s better to be popular and to be a newcomer, and that Vox will benefit in some form,” he said.

For now, the chances of Vox taking a major role in government remain slim, however.

The El Pais survey put the Socialists on around 30 percent, making them the frontrunners and likely to form a leftist bloc with Podemos, back down at around 14 percent.

The unofficial soundings suggest little change in the two parties’ combined vote, or the total vote of the rightist bloc.

That makes it unlikely that either bloc will win a majority on Sunday, triggering horse-trading with smaller parties favoring Catalan independence – the single most polarizing issues during campaigning – that could easily collapse into fresh elections.

(Election graphic: https://tmsnrt.rs/2ENugtw)

(Reporting by John Stonestreet and Belen Carreno, Editing by William Maclean)

Source: OANN

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The Amish population in Pennsylvania’s Lancaster County is continuing to grow each year, despite the encroachment of urban sprawl on their communities.

The U.S. Census Bureau says the county added about 2,500 people in 2018. LNP reports that about 1,000 of them were Amish.

Elizabethtown College researchers say Lancaster County’s Amish population reached 33,143 in 2018, up 3.2% from the previous year.

The Amish accounted for about 41% of the county’s overall population growth last year.

Some experts are concerned that a planned 75-acre (30-hectare) housing and commercial project will make it more difficult for the county to accommodate the Amish.

Donald Kraybill, an authority on Amish culture, told Manheim Township commissioners this week that some in the community are worried about the development and the increased traffic it would bring.

___

Information from: LNP, http://lancasteronline.com

Source: Fox News National

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Fox News correspondent Geraldo Rivera has warned that if Democratic 2020 presidential candidates don’t take the crisis at the border seriously, they’ll do so at their own risk.

Speaking with “Fox & Friends” hosts on Friday morning, Rivera discussed the influx of candidates entering the race, including former Vice President Joe Biden, and gave an update on the newest developments at the border.

“If [Democrats] don’t take it seriously they ignore it at their peril,” Rivera said.

He went on to discuss the fact that Mexico is experiencing the same problems dealing with volumes of people at the border as the United States is. Processing facilities, as many have argued, are understaffed and underresourced, resulting in conditions that have been controversial.

TRUMP ASSESSES 2020 DEMS; TAKES SWIPES AT BIDEN, SANDERS; DISMISSES HARRIS, O’ROURKE; SAYS HE’S ROOTING FOR BUTTIGIEG 

FOX NEWS EXCLUSIVE: INTERNAL FBI TEXT MESSAGES REVEAL DOJ CONCERNS OVER ‘BIAS’ IN KEY WARRANT TO SURVEIL TRUMP AIDE

“It is very, very difficult when hundreds and hundreds become thousands and thousands ultimately become tens of it is very difficult to have an orderly system,” he said.

Rivera asserted his opinion that the United States could lessen the influx of migrants coming into the country by investing in the development of Central American countries, where many are fleeing from violence and economic instability.

“I believe, as I have said before on this program, that we have to stop the source of the migrant explosion, by a comprehensive system of political and economic reform in Central America where people have the incentive to stay home,” Rivera said.

“I think we have help Mexico with its infrastructure. Mexico has a moral burden, as the president made very clear, not to let unchecked herds of desperate people flow through 2,000 miles of Mexican territory to get our southern border.”

Rivera also brought up President Trump’s controversial comments about Mexican immigrants during his campaign in 2016.

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The Fox News correspondent said that having been so excited about Trump’s campaign, the comments made him feel “deflated” as a Hispanic American.

However, as the crisis at the border has accelerated over the last few years, Rivera argued that ultimately, the president’s comments weren’t incorrect.

“He is now in a position where he can justly say I was right, that the that the anarchy at the border doesn’t serve anybody,” Rivera said. “Maybe he said it in a language I felt was a little rough and insensitive, but there is no doubt.”

Source: Fox News Politics

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FILE PHOTO: The logo of the OPEC is seen at OPEC's headquarters in Vienna
FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries at OPEC’s headquarters in Vienna, Austria December 5, 2018. REUTERS/Leonhard Foeger/File Photo

April 26, 2019

JOINT BASE ANDREWS, Md. (Reuters) – U.S. President Donald Trump said on Friday he called the Organization of the Petroleum Exporting Countries and told the cartel to lower oil prices.

“Gasoline prices are coming down. I called up OPEC, I said you’ve got to bring them down. You’ve got to bring them down,” Trump told reporters.

(Reporting by Roberta Rampton; Writing by Makini Brice; Editing by Chizu Nomiyama)

Source: OANN

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