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EU, Rome agree draft deal to soften bail-in rules on Italy banks: source

FILE PHOTO: Duomo's cathedral and Porta Nuova's financial district are seen in Milan
FILE PHOTO: Duomo's cathedral and Porta Nuova's financial district are seen in Milan, Italy, May 16, 2018. REUTERS/Stefano Rellandini/File Photo

April 5, 2019

By Francesco Guarascio

BUCHAREST (Reuters) – The Italian government and the European Commission have reached a provisional agreement to reimburse some investors who bought shares in failed banks, an Italian official said, in an unprecedented move that would soften EU rules on bank rescues.

The bail-in rules devised after the last decade’s financial crisis were designed to make any given bank and its creditors – instead of taxpayers – financially responsible if it went bust, with shareholders first in line to pay up.

Since the regulations came into force in 2016, shareholders have been all but wiped out in all bank collapses, including Banca Monte dei Paschi di Siena and two smaller north-eastern banks that Italian authorities intervened to save in 2017.

Losses have also been inflicted on bondholders in some cases, while depositors have always been spared.

But under the new provisional deal between Brussels and Rome, bondholders and shareholders of failed Italian banks could claim their money back, the official from the Italian finance ministry said.

“The Commission is in constructive contact with Italy on the proposed measures,” the EU commissioner for financial services Valdis Dombrovskis said, declining to comment further.

Under the agreement, shareholders with annual incomes below 35,000 euros ($39,280) and property worth less than 100,000 euros would be automatically compensated for their losses in past bank rescues, the official said.

The deal would notably benefit Italian savers forced to buy bank shares in exchange for mortgages in what appears to have been fraudulent transactions, but its critics say it is unlikely that all those entitled to claim compensation under the wealth criterion were victims of swindling.

In a March ruling that has been interpreted as a softening of the bail-in rules, EU judges overturned a decision the European Commission took in 2014 to block the rescue of Tercas, a small Italian bank, with money from the country’s depositor fund.

While Brussels could appeal that ruling, the deal with Italy would further weaken the legal framework.

The agreement would need to be approved by the two parties in Italy’s euroskeptic government, which is campaigning for EU elections in May.

The anti-establishment 5-Star Movement wants even softer terms to compensate those who were allegedly missold bank shares and bonds, an Italian official said. It and the co-ruling far-right League pressed for generous compensation for bank creditors before last year’s national elections in Italy.

(Reporting by Francesco Guarascio; additional reporting by Valentina Za in Milan; editing by John Stonestreet)

Source: OANN

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Lessors rush to repossess more Jet Airways planes, even as emergency funds awaited

FILE PHOTO: Jet Airways aircrafts are seen parked at the Indira Gandhi International Airport in New Delhi
FILE PHOTO: Jet Airways aircrafts are seen parked at the Indira Gandhi International Airport in New Delhi, India, April 13, 2019. REUTERS/Anushree Fadnavis

April 17, 2019

MUMBAI (Reuters) – Lessors to India’s Jet Airways Ltd have applied to deregister another four Boeing Co 737 planes, the Indian aviation regulator said on its website on Wednesday, even as the embattled carrier seeks emergency funding from its lenders.

Latest analysis of data disclosed by the Directorate General of Civil Aviation shows that Jet’s lessors have, so far, sought to deregister and repossess at least four dozen of the planes operated by Jet. Once deregistered, lessors are free to reclaim a plane and lease it to another airline anywhere in the world.

The moves come even as Jet scrambles to secure emergency funds and its lenders try to hurry through a sale process to identify an investor willing to acquire a majority stake in the airline and attempt to turn it around.

Lenders are likely to invite binding bids from four shortlisted suitors, private equity firms TPG Capital and Indigo Partners, Indian sovereign wealth fund National Investment and Infrastructure Fund, and the UAE’s Etihad Airways that already owns a minority stake in Jet, local media reported.

TPG declined to comment, while the other three did not immediately respond to a request for comment from Reuters.

Jet will be forced to shut down as soon as Wednesday if it does not get emergency funding from its lenders, two sources familiar with the matter told Reuters on Tuesday.

Jet CEO Vinay Dube said on Tuesday in a letter to employees, seen by Reuters, that the carrier had stressed to its lenders the need for some urgent funding, critical to the continuation of its operations.

At its peak, Jet had over 120 planes and hundreds of daily flights. The airline, once India’s leading private carrier, has been forced in recent months to cancel hundreds of flights to dozens of domestic and overseas destinations.

On its website, Jet Airways disclosed it was operating only about three dozen flights on Wednesday.

Shares in the company, which have tumbled about 60 percent in the last year, closed on Tuesday at 240.50 rupees a share.

The company still has a market capitalization of $393.8 million, as investors cling to hopes of a rescue. Indian markets were closed due to a public holiday on Wednesday.

(Reporting by Tanvi Mehta and Euan Rocha in Mumbai; Editing by Himani Sarkar)

Source: OANN

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ECB to discuss ‘very soon’ new round of loans to banks: Praet

European Central Bank (ECB) executive board member Praet speaks during an interview with Reuters in Frankfurt
European Central Bank (ECB) executive board member Peter Praet speaks during an interview with Reuters in Frankfurt, Germany, March 14, 2018. REUTERS/Ralph Orlowski

February 20, 2019

FRANKFURT (Reuters) – The European Central Bank will discuss “very soon” whether to provide a new round of multi-year loans to banks but may not immediately decide on their terms, its chief economist Peter Praet said on Wednesday.

“The discussion will come very soon in the Governing Council. It doesn’t mean we’ll take decisions… at that time,” Praet said about a new Targeted Long-Term Refinancing Operation (TLTRO).

“I think clarity for the banking sector is (important)… but not necessarily on the parameters of the TLTRO because that’s complicated.”

He added the ECB’s previous TLTRO, due start maturing next year, was “extremely generous”.

(Reporting By Balazs Koranyi and Tom Sims; Writing by Francesco Canepa)

Source: OANN

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Brexit talks with Labour more constructive than people think: UK’s Hunt

FILE PHOTO: Britain's Foreign Secretary Jeremy Hunt attends a news conference on media freedom as part of the G7 Foreign Ministers' meeting in Dinard
FILE PHOTO: Britain's Foreign Secretary Jeremy Hunt attends a news conference on media freedom as part of the G7 Foreign Ministers' meeting in Dinard, France, April 5, 2019. REUTERS/Stephane Mahe

April 15, 2019

LONDON (Reuters) – Talks between the British government and the opposition Labour Party to find consensus over a Brexit plan are more constructive than people think, Britain’s Foreign Secretary Jeremy Hunt said on Monday.

“Talks we are having with Labour are detailed and I think more constructive than people have thought,” Hunt told BBC radio. “They are more detailed and more constructive than people had been expecting on both sides. But we don’t know if they are going to work.”

Meetings between ministers and their opposite numbers from Labour are due to continue this week, Cabinet Office minister David Lidington said on Sunday.

(Reporting by Michael Holden. Editing by Andrew MacAskill)

Source: OANN

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UN says 146 killed in recent fighting over Libya’s capital

The U.N. health agency says recent clashes between rival Libyan militias for control of the capital has killed 146 people this month, without saying whether they were civilians or fighters.

The World Health Organization said Sunday that 614 others have been wounded since the self-styled Libyan National Army launched a major military offensive on April 5.

The fighting pits the LNA, led by Field Marshal Khalifa Hifter, against rival militias loosely affiliated with a weak U.N.-backed government based in the capital.

The U.N. has said more than 13,500 people have been displaced.

The clashes threaten to ignite civil war on the scale of the 2011 uprising that toppled and killed longtime dictator Moammar Gadhafi. The oil-rich North African country is split between rival governments in the east and west.

Source: Fox News World

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Polish senator says nation should be ‘purged’ of unworthy

Critics of Poland's right-wing ruling party are voicing outrage after one of its senators said Poland should be "purged" of those "not worthy of belonging to our national community."

They say the language Grzegorz Bierecki used recalled that of fascist politicians of the 1930s.

Lech Walesa, the anti-communist leader and former president, was among those speaking out Thursday. He called Bierecki's words "scandalous" and said parliamentary leaders and other state institutions responsible for guarding civil rights "should take appropriate disciplinary and legal steps."

Bierecki said Wednesday: "We will not stop until we have fully purged Poland of people who are not worthy of belonging to our national community."

He spoke at a ceremony for the 9th anniversary of a plane crash that killed the Polish president and 95 others.

Source: Fox News World

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No plan yet for Barr to brief U.S. Congress on Mueller findings: sources

U.S. Attorney General William Barr leaves his house after Special Counsel Robert Mueller found no evidence of collusion between U.S. President Donald Trump’s campaign and Russia in the 2016 election in McClean, Virginia
U.S. Attorney General William Barr leaves his house after Special Counsel Robert Mueller found no evidence of collusion between U.S. President Donald Trump’s campaign and Russia in the 2016 election in McClean, Virginia, U.S., March 25, 2019. REUTERS/Joshua Roberts

March 26, 2019

By Mark Hosenball

WASHINGTON (Reuters) – The U.S. Justice Department and FBI have yet to notify key congressional committees and leaders of any plan to brief them in detail on the findings of Special Counsel Robert Mueller’s Russia probe, five congressional officials said on Tuesday.

Attorney General William Barr on Sunday delivered to Congress his summary of Mueller’s confidential report on a 22-month investigation into Russian meddling in the 2016 election.

Barr said Mueller concluded there was no collusion between President Donald Trump’s campaign team and Moscow. Mueller did not decide one way or the other on whether Trump was guilty of obstruction of justice, but Barr and Deputy Attorney General Rod Rosenstein decided there was not enough evidence to charge the president.

It marked a political victory for Trump but Democrats are suspicious over Barr’s handling of the issue of obstruction and are demanding he give them a full copy of Mueller’s report by next week. They also want him and the FBI to brief them on the findings.

The five congressional officials and one law enforcement source said none of the intelligence or judiciary committees in the House of Representatives and Senate had been notified yet of any plans for briefings.

The “Gang of Eight” — Republican and Democratic leaders in Congress and top members of its intelligence committees — are usually the first lawmakers to be briefed on sensitive intelligence and law enforcement matters but they have not been told of any briefing plans either, the sources said.

The Justice Department has said Barr and Mueller’s team are working “expeditiously” to determine what parts of the report may be released.

Their review would ensure that secret grand jury material and information pertaining to other cases that Mueller has referred to federal prosecutors is not publicly disclosed.

(Reporting by Mark Hosenball; Additional reporting by Sarah Lynch; Editing by Tom Brown)

Source: OANN

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“Outdated laws” need fixing to deal with the surge in illegal immigrant families crossing the U.S. border with Mexico, a top Border Patrol official said Friday.

Migrant families face no consequences if apprehended trying to cross the border illegally under present law, Border Patrol chief of Operations Brian Hastings claimed during an appearance on “Fox & Friends.”

“We need a change in the current outdated laws that we’re dealing with for this current demographic and this crisis that we have,” he said.

Hastings said as of Thursday there have been 440,000 apprehensions along the southwest border. There were 396,000 apprehensions all of last year.

SOUTHERN BORDER AT ‘BREAKING POINT’ AFTER MORE THAN 76,000 ILLEGAL IMMIGRANTS TRIED CROSSING IN FEBRUARY, OFFICIALS SAY

And those numbers continue to rise, he said.

Historically 70 to 90 percent of apprehensions at the border were quickly returned to Mexico, Hastings said.

Now, 83 percent of those apprehended have come from the Central American northern triangle which includes Guatemala, El Salvador, and Honduras, and of those 63 percent are “family units” and children who cannot be returned, he said.

“There are no consequences that we can apply to this group currently,” Hastings said. “We’re overwhelmed. If you look at agents there doing a tremendous job trying to deal with the flow.”

The law dictates children have to be released after 20 days of detention.

FLORIDA SHERIFF ON BORDER CRISIS AFTER MAJOR DRUG BUST: ‘IT MAKES ME ABSOLUTELY CRAZY’

Sen. Lindsey Graham, R-S.C., says that has forced immigration officials to release entire families because “you don’t want to separate families.”

Recently, he said he is drafting legislation that would allow children to be detained for more than 20 days.

Hastings said agents are frustrated with the situation but are doing the best they can with the resources they have.

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“Up to 40 percent of our agents are processing at any given time,” he said. “That should say that in and of itself is pulling from those border security resources.”

Source: Fox News National

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President Trump on Friday blasted liberal billionaire activist Tom Steyer for his continued push to impeach Trump — with Trump claiming Steyer is “trying to remain relevant” and doesn’t have the “guts” to run for the White House himself.

“Weirdo Tom Steyer, who didn’t have the ‘guts’ or money to run for President, is still trying to remain relevant by putting himself on ads begging for impeachment,” the president tweeted. “He doesn’t mention the fact that mine is perhaps the most successful first 2 year presidency in history & NO C OR O! [Collusion or Obstruction]”

TRUMP IMPEACHMENT BACKERS NOT GIVING UP AFTER MUELLER REPORT

Trump and his allies have pointed to Special Counsel Robert Mueller’s Russia report’s conclusions that there was no evidence of collusion between Russia and the Trump campaign and its decision not to make a conclusion on obstruction of justice as a vindication for the president.

But some Democrats and left-wing activists have pointed to the instances of possible obstruction of justice that the investigation looked into as proof of the need for more investigations or even impeachment proceedings.

ELIZABETH WARREN DOUBLES DOWN ON TRUMP IMPEACHMENT PUSH, SAYS IT’S ‘BIGGER THAN POLITICS’

Steyer has been one of the leaders backing a push to impeach Trump and founded “Need to Impeach” and has kept up that push since the report’s release. He announced on Thursday that he was calling on Speaker Nancy Pelosi, D-Calif., to support impeachment proceedings.

On Friday he responded to Trump’s tweet, calling him “angry and scared.”

“I know you want it all to go away. But for the sake of the country you must face your transgressions. Rage away, but that anger doesn’t matter,” he said in a tweet. The truth and the people will prevail.”

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Impeachment hearings have been backed by a number of House Democrats, as well as 2020 presidential hopefuls Sens. Elizabeth Warren, D-Mass., and Kamala Harris, D-Calif. However, Pelosi has long been skeptical of impeachment proceedings against Trump.

“I’m not for impeachment,” Pelosi told The Washington Post in an interview last month. “Impeachment is so divisive to the country that unless there’s something so compelling and overwhelming and bipartisan, I don’t think we should go down that path, because it divides the country. And he’s just not worth it.”

Source: Fox News Politics

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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.

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

Source: Fox News National

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