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European lawmakers say NordLB rescue may involve state aid, urge EU probe

FILE PHOTO: European Competition Commissioner Margrethe Vestager attends the weekly College of Commissioners meeting in Brussels
FILE PHOTO: European Competition Commissioner Margrethe Vestager attends the weekly College of Commissioners meeting in Brussels, Belgium, Februray 6, 2019. REUTERS/Yves Herman/File Photo

February 19, 2019

By Francesco Guarascio and Klaus Lauer

BRUSSELS (Reuters) – The recapitalization of Germany’s NordLB bank should be investigated by the European Commission as it likely involved state aid that might have violated European Union rules, two EU lawmakers said on Tuesday.

The lender, which has been struggling for years due to its exposure to the crisis-hit shipping industry, said in February that the German regional state of Lower Saxony and Saxony Anhalt had decided to go ahead with a recapitalization, also backed by German savings banks .

The intervention of the two states, which together own 65 percent of NordLB, effectively sidelined a rival offer by private equity groups Cerberus and Centerbridge.

“There are good reasons to believe the rescue of NordLB involved state aid,” German green EU lawmaker Sven Giegold told Reuters on Tuesday before a parliament’s closed-door hearing on the matter with competition commissioner Margrethe Vestager.

A spokeswoman for the finance ministry of Lower Saxony, the largest shareholder in the bank, said the lender was seeking to have the deal recognized as “free of state aid” and was discussing the issue with the EU Commission.

A spokesman for NordLB said the bank was in contact with banking supervisory authorities and the Commission.

The Commission declined to comment after the meeting.

Giegold said it was likely the deal was not on market terms as “no buyer was ready to pay a positive net value for the bank.”

He urged NordLB to notify Brussels about the deal and called on the Commission to open an investigation to assess whether it was legal.

Under EU rules, banks’ shareholders, bondholders and, in extreme cases, even depositors should pay for a rescue before public money is used. State aid provided on terms that are better than what the market would offer is considered illegal.

NordLB’s owners could argue the rescue is not state aid, as the capital is coming from existing shareholders.

“There is an obvious state aid dimension,” the head of the parliament’s economic committee, Roberto Gualtieri, told Reuters after the hearing with Vestager, which was also attended by the EU commissioner on financial services Valdis Dombrovskis.

Gualtieri said EU rules should be applied in an intelligent way but urged the Commission “not to give the impression of using a double standard” when dealing with bank crises.

Brussels has closely monitored banking rescues in Italy and has required creditors to take losses before Banca Monte dei Paschi di Siena and two smaller lenders were saved with public money.

(Additional reporting by Silvia Aloisi in Milan; Writing by Francesco Guarascio in Brussels; Editing by Edmund Blair)

Source: OANN

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Newt Gingrich: We all pay hidden taxes – Let me tell you about them

Monday is Tax Day. Unless you’ve gotten an extension, that’s the deadline to either cut a check to Uncle Sam or file to be repaid some of what you loaned him last year.

However, income taxes are just one of many taxes we pay. You know about many of them – Social Security taxes, sales taxes, property taxes and others. But there are many other taxes we pay that are hidden – baked into our daily routines and transactions without our knowledge.

This is why this week’s episode of my “Newt’s World” podcast is titled “Hidden Taxes in Everyday Things.”

FOX NEWS POLL: WHAT BUGS VOTERS MOST ABOUT TAXES? RICH NOT PAYING ENOUGH

Americans for Tax Reform President Grover Norquist and Job Creators Network Foundation President Elaine Parker join me to unveil some of the most obscure taxes that we pay without even realizing it.

Virtually every action we take is taxed – from using our cell phones and driving our cars, to drinking a beer and buying a plane ticket. You will be amazed at how many taxes are collected on a single hamburger.

We also discuss a few outrageous taxes and why they were created. For example, we explain how and why sliced bagels typically cost at least 8 cents more than uncut bagels in New York City.

This episode also touches on a surprising number of hidden taxes that were put in place by politicians to change our behavior, such as the “sin taxes” we pay for buying alcohol and tobacco products. We look at how these taxes were written into law – and whether they do what they were intended or just become new revenue streams for government.

CLICK HERE TO GET THE FOX NEWS APP

So, whether you are signing a check to the U.S. Treasury – or if you are awaiting one – I hope you will listen to “Hidden Taxes in Everyday Things.”

I found our conversation eye-opening. I hope you will, too.

CLICK HERE TO READ MORE FROM NEWT GINGRICH

Source: Fox News Politics

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U.S. weekly jobless claims fall, but trend weakening

Job seekers line up at a job fair of an oil services giant Halliburton at the MCM Grande Fundome hotel in Odessa Texas
Job seekers line up at a job fair of an oil services giant Halliburton at the MCM Grande Fundome hotel in Odessa, Texas, U.S., July 19, 2018. Picture taken on July 19, 2018. REUTERS/Liz Hampton

February 21, 2019

WASHINGTON, Feb 21 (Reuters) – The number of Americans filing applications for unemployment benefits fell last week, but the four-week moving average rose to a more than one-year high, suggesting the labor market was slowing down.

Initial claims for state unemployment benefits dropped 23,000 to a seasonally adjusted 216,000 for the week ended Feb. 16, the Labor Department said on Thursday.

But the Labor Department said claims for California, Virginia, Hawaii and Puerto Rico were estimated last week because of Monday’s Presidents’ Day Holiday. That could have exaggerated the drop in claims.

Economists polled by Reuters had forecast claims falling to 229,000 in the latest week. The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, rose 4,000 to 235,750 last week, the highest level since January 2018.

The claims data covered the survey week for the nonfarm payrolls portion of February’s employment report. The four-week average of claims rose by 15,250 between the January and February survey periods, suggesting a moderation in the pace of job growth this month. Payrolls jumped by 304,000 jobs in January, the most in 11 months, after increasing by 222,000 in December.

The claims report showed the number of people receiving benefits after an initial week of aid dropped 55,000 to 1.73 million for the week ended Feb. 9. The four-week moving average of these so-called continuing claims rose 2,750 to 1.75 million.

Source: OANN

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AT&T posts surprise gain in quarterly wireless phone subscribers

FILE PHOTO: An AT&T logo is pictured in Pasadena
FILE PHOTO: An AT&T logo is pictured in Pasadena, California, U.S., January 24, 2018. REUTERS/Mario Anzuoni/File Photo

April 24, 2019

(Reuters) – AT&T Inc on Wednesday posted a surprise gain in first quarter net wireless subscribers who pay a monthly bill, as it rolled out a series of price-cut promotions for smartphones.

The second-largest U.S. wireless carrier by subscribers added a net 80,000 phone subscribers, while analysts were expecting a loss of 44,000 subscribers, according to research firm FactSet.

Total revenue rose to $44.83 billion from $38.04 billion, falling short of analysts’ expectations of $45.11 billion, according to IBES data from Refinitiv.

(Reporting by Akanksha Rana in Bengaluru and Sheila Dang in New York; Editing by Shailesh Kuber)

Source: OANN

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U.S. existing home sales fall more than expected in March

A new apartment building housing construction site is seen in Los Angeles
FILE PHOTO: A new apartment building housing construction site is seen in Los Angeles, California, U.S. July 30, 2018. REUTERS/Lucy Nicholson

April 22, 2019

WASHINGTON (Reuters) – U.S. home sales fell more than expected in March, pointing to continued weakness in the housing market despite declining mortgage rates and slowing house price gains.

The National Association of Realtors said on Monday existing home sales dropped 4.9 percent to a seasonally adjusted annual rate of 5.21 million units last month. February’s sales pace was revised down to 5.48 million units from the previously reported 5.51 million units.

Economists polled by Reuters had forecast existing home sales would fall 3.8 percent to a rate of 5.30 million units last month. Existing home sales, which make up about 90 percent of U.S. home sales, declined 5.4 percent from a year ago. That was the 13th straight year-on-year decrease in home sales.

Falling mortgage rates, strengthening wage growth and slowing house price inflation have improved affordability, but housing supply remains tight, especially at the lower end of the market as land and labor shortages are making it difficult for builders to ramp up construction in this market segment.

The 30-year fixed mortgage rate has dropped from a peak of about 4.94 percent in November to around 4.12 percent, according to data from mortgage finance agency Freddie Mac. Wage growth is also strengthening.

A survey last week showed that while builders reported strong demand for new homes in April, they also complained about “affordability concerns stemming from a chronic shortage of construction workers and buildable lots.”

Last month, existing home sales fell in all four regions. There were 1.68 million previously owned homes on the market in March, up from 1.63 million in February. At March’s sales pace, it would take 3.9 months to exhaust the current inventory, up from 3.6 months in February.

A six-to-seven-month supply is viewed as a healthy balance between supply and demand. The median existing house price increased 3.8 percent from a year ago to $259,400 in March.

The Commerce Department reported last Friday that housing starts dropped to a rate of 1.139 million units in March, the lowest level since May 2017.

That was the second straight monthly drop in homebuilding and pushed starts substantially below the 1.5 million to 1.6 million units per month range that realtors estimate is needed to alleviate the shortage.

(Reporting by Lucia Mutikani; Editing by Paul Simao)

Source: OANN

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Wizards dismiss team president Grunfeld

FILE PHOTO: Washington Wizards general manager Grunfeld announces trade of Arenas during news conference in Washington
FILE PHOTO: Washington Wizards general manager Ernie Grunfeld addresses reporters during a news conference, where he announced the trade of Wizards guard Gilbert Arenas to Orlando Magic in exchange for Rashard Lewis, prior to a Wizards NBA basketball game in Washington December 18, 2010. REUTERS/Larry Downing

April 2, 2019

Longtime Washington Wizards president Ernie Grunfeld was dismissed on Tuesday in the wake of the franchise’s subpar season, team chairman Ted Leonsis said.

Grunfeld, 63, was concluding his 16th season with the franchise and the team holds a disappointing 32-46 record with four games remaining. He was hired prior to the 2003-04 season.

“We did not meet our stated goals of qualifying for the playoffs this season and, despite playing with injuries to several key players, we have a culture of accountability and a responsibility of managing to positive outcomes,” Leonsis said in a statement. “I wish to thank Ernie for his service to the Washington Wizards. He and his family have been great leaders in our community and have worked tirelessly to make us a top NBA franchise.”

The biggest blow to the Wizards was a season-ending heel injury to five-time All-Star John Wall. The point guard was limited to 32 games.

The Wizards had a 568-724 record during Grunfeld’s tenure with eight playoff appearances.

Senior vice president of basketball operations Tommy Sheppard will run the franchise while the team conducts a search to replace Grunfeld. The team said Sheppard will be a candidate for the permanent post.

Grunfeld averaged 7.4 points and 2.6 rebounds in 693 NBA games from 1977-86 with the Milwaukee Bucks, Kansas City Kings and New York Knicks. He was the 11th overall pick of the 1977 draft by Milwaukee after being a college star at Tennessee, where he teamed with future Naismith Basketball Hall of Fame member Bernard King.

Grunfeld also won a gold medal in the 1976 Olympics as a member of Team USA.

–Field Level Media

Source: OANN

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Tennis: Nishikori shines on Dubai debut as seeds continue to tumble

ATP 500 - Dubai Tennis Championships
Tennis - ATP 500 - Dubai Tennis Championships - Dubai Duty Free Tennis Stadium, Dubai, United Arab Emirates - February 26, 2019 Japan's Kei Nishikori in action during his first round match against Benoit Paire of France. REUTERS/Christopher Pike

February 26, 2019

(Reuters) – Kei Nishikori was made to work hard by ailing Frenchman Benoit Paire before winning 6-4 6-3 to reach the second round of the Dubai Duty Free Tennis Championships on Tuesday.

The world number six, making his debut in Dubai, saved seven break points in the first set before taking full advantage of Paire’s troublesome right knee and prevailing in 81 minutes.

“It’s never easy playing Benoit. He has a great serve and a great backhand,” Nishikori said.

“I think the key was the longest game at 2-1 in the first set. I was able to get the game. I was more confident. If he broke back, anything could have happened. It was a good match.”

Top seed Nishikori will next take on Polish qualifier Hubert Hurkacz who beat another Frenchman in Corentin Moutet 6-3 7-5.

The seeds continued to tumble as Daniil Medvedev and Marin Cilic crashed out in the opening round.

World number 113 Ricardas Berankis stunned eighth seed Medvedev 6-3 6-3 while Frenchman Gael Monfils knocked out third seed and former U.S. Open champion Cilic 6-3 4-6 6-0.

“I was feeling good today. I’m really happy with my game,” 28-year-old Berankis said. “The plan was to stay as close as possible and not to get in his game, which is to get into those long rallies which he loves.”

The Lithuanian qualifier, who won his 11th ATP Challenger title last month in Rennes, faces Denis Kudla next after the American rallied past Matteo Berrettini 2-6 7-5 7-5.

Twice finalist Tomas Berdych faced a stern test from lucky loser Ilya Ivashka before prevailing 6-4 4-6 7-6(4) in two hours and 30 minutes.

(Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Toby Davis)

Source: OANN

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FILE PHOTO: Chevron's Michael Wirth speaks at Gastech, the world's biggest expo for the gas industry, in Chiba
FILE PHOTO: Chevron’s Michael Wirth speaks at Gastech, the world’s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai

April 26, 2019

HOUSTON (Reuters) – Chevron Corp on Friday pushed back at the potential for a rival to break up its $33 billion deal for Anadarko Petroleum Corp, saying the two companies had already begun meetings on a merger plan.

Occidental Petroleum on Thursday sought to scuttle the proposed deal, submitting a higher, $38 billion cash-and-stock offer for Anadarko. Anadarko’s board said on Thursday it would evaluate the new proposal.

“I’ll just remind everyone that we’ve got a signed deal that has been approved by both boards and we’ve moving forward with integration planning,” said Chevron Chief Executive Michael Wirth on a conference call with analysts. He said a “sizeable” group of employees had already met.

Wirth declined to say whether Chevron would raise its offer in light of Occidental’s higher bid. Chevron has the ability revise the structure of its 75 percent stock, 25 percent cash bid, Chevron finance chief Pierre Breber said on the same call. “We could put more cash in if that’s what Anadarko wanted to do,” he said.

(Reporting by Gary McWilliams; Editing by James Dalgleish)

Source: OANN

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FILE PHOTO: Naqvi Founder and Group Chief Executive of Abraaj Group attends the annual meeting of the WEF in Davos
FILE PHOTO: Arif Naqvi, Founder and Group Chief Executive of Abraaj Group attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 17, 2017. REUTERS/Ruben Sprich/File Photo

April 26, 2019

By Tom Arnold

LONDON (Reuters) – A London court case to extradite Arif Naqvi, founder of collapsed private equity firm Abraaj Group, to the United States on fraud charges was adjourned until May 24, a court official said on Friday.

Naqvi was remanded in custody until that date, the official said. A former managing partner of Dubai-based Abraaj, Sev Vettivetpillai, was released on conditional bail to appear again at Westminster Magistrates Court on June 12, the official said.

Under the U.S. charges, both men are accused of defrauding U.S. investors by inflating positions held by Abraaj in order to attract greater funds from them, causing them financial loss, the official said.

Vettivetpillai could not be reached for a comment.

Naqvi, in a statement released through a PR firm, has pleaded innocent.

The U.S. Securities and Exchange Commission alleges that Naqvi and his firm raised money for the Abraaj Growth Markets Health Fund, collecting more than $100 million over three years from U.S.-based charitable organizations and other U.S. investors.

Naqvi and Vettivetpillai were arrested in Britain earlier this month. Another executive, Mustafa Abdel-Wadood was arrested at a New York hotel, Assistant U.S. Attorney Andrea Griswold said at a hearing in Manhattan federal court on April 11.

Abdel-Wadood appeared at the Manhattan hearing and pleaded not guilty to securities fraud, wire fraud and conspiracy charges.

(Editing by Jane Merriman)

Source: OANN

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Former Vice President Joe Biden announces his 2020 candidacy
Former U.S. Vice President Joe Biden announces his candidacy for the Democratic presidential nomination in this still image taken from a video released April 25, 2019. BIDEN CAMPAIGN HANDOUT via REUTERS ATTENTION EDITORS – THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. NO RESALES. NO ARCHIVES

April 26, 2019

By James Oliphant

WASHINGTON (Reuters) – Former U.S. Vice President Joe Biden, in his first interview as a Democratic presidential candidate, said on Friday that he does not believe he treated law professor Anita Hill badly during the 1991 confirmation hearings for Supreme Court Justice Clarence Thomas.

Biden had joined the burgeoning 2020 Democratic field a day earlier.

Biden’s conduct during those hearings, when he was chairman of the U.S. Senate Judiciary Committee, became a renewed subject of controversy after the New York Times reported that Biden had called Hill earlier this month in the run-up to his presidential bid and that Hill was dissatisfied with Biden’s expression of regret.

Appearing on ABC’s “The View,” Biden largely defended his actions as a senator almost 30 years ago, saying he believed Hill’s allegations of sexual harassment levied at Thomas and tried to derail his confirmation.

Activists have long been unhappy that Hill was questioned in graphic detail by the all-white, all-male committee chaired by Biden.

“I’m sorry she was treated the way she was treated,” Biden said, but later, he asserted, “I don’t think I treated her badly. … How do you stop people from asking inflammatory questions?”

“There were a lot of mistakes made across the board and for those I apologize,” he said.

Biden praised Hill as “remarkable” and said she is “one of the reasons we have the #MeToo movement.”

Asked why he had not reached out to Hill earlier, Biden said he had previously publicly stated he had regrets about her treatment and that he “didn’t want to quote invade her space.”

That seemed to be a reference to another controversy that looms over Biden’s presidential run: allegations by several women that he made them uncomfortable by touching them at political events.

Biden also addressed that criticism, saying he was now more “cognizant” about a woman’s “private space.” But he maintained that he had been “trying to bring solace.”

He suggested he was still trying to sort out the guidelines for his conduct going forward.

“I should be able to read better,” he said. “I have to be more careful.”

Pressed by the show’s panel for an apology to his accusers, Biden would not entirely capitulate.

“So, I invaded your space,” he replied. “I mean, I’m sorry this happened. But I’m not sorry in a sense that I think I did anything that was intentionally designed to do anything wrong or be inappropriate.”

Biden, 76, served as former President Barack Obama’s vice president for two terms. He is competing with 19 others for the Democratic presidential nomination and the chance to likely face President Donald Trump next year in the general election.

His first public event as a presidential candidate is scheduled for Monday in Pittsburgh.

(Reporting by James Oliphant; editing by Jonathan Oatis)

Source: OANN

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FILE PHOTO: The logo of Tesla is seen in Taipei
FILE PHOTO: The logo of Tesla is seen in Taipei, Taiwan August 11, 2017. REUTERS/Tyrone Siu/File Photo

April 26, 2019

By Noel Randewich

SAN FRANCISCO (Reuters) – Tesla Inc’s stock slumped over 4% on Friday to its lowest price in two years, rounding out a rough week that included worse-than-expected quarterly results and a pitch by Chief Executive Elon Musk on autonomous cars that failed to win over investors.

With investors betting Tesla will soon raise capital, the stock has fallen 13% for the week to its lowest level since January 2017, before the launch of the Model 3 sedan aimed at making the electric car maker profitable.

One positive development for Tesla: a U.S. District Court judge on Friday granted a request by Musk and the Securities and Exchange Commission for a second extension to resolve a dispute over Musk’s use of Twitter.

On Wednesday, Tesla posted a worse-than-expected loss of $702 million for the March quarter. Musk said Tesla would return to profit in the third quarter and that there was “some merit” to raising capital.

Musk is still battling to convince investors that demand for the Model 3, the company’s first car aimed at the mass consumer market, is “insanely” high, and that it can be delivered efficiently to customers around the world.

Tesla ended its first quarter with $2.2 billion, down from $3.7 billion in the prior quarter, and the company is planning expansions including a Shanghai factory, an upcoming Model Y SUV, and other projects.

(GRAPHIC: Tesla’s cash – https://tmsnrt.rs/2DyJjX6)

On Monday, Musk hosted a self-driving event, where he predicted Tesla would have over a million autonomous vehicles by next year. Some analysts perceived the presentation as a way to deflect attention from questions about demand, margin pressure, increasing competition and even Musk’s ongoing battle with U.S. regulators.

Tesla’s stock has now fallen 29 percent in 2019 and the company’s market capitalization has declined to $41 billion from $63 billion in mid-December.

(GRAPHIC: Tesla’s declining market cap – https://tmsnrt.rs/2Dwd62r)

Analysts now expect Tesla’s revenue to expand 19% in 2019, compared with 83% growth in 2018 and 68% growth in 2017, according to Refinitiv.

Following Tesla’s quarterly report, 12 analysts recommend selling the stock, while 11 recommend buying and eight are neutral. The median analyst price target is $275, up 16% from the stock’s current price of $236. Berenberg analyst Alexander Haissl has the most optimistic price target, at $500, while Cowen and Company’s Jeffrey Osborne has the lowest, at $160, according to Refinitiv.

(Reporting by Noel Randewich; editing by Jonathan Oatis)

Source: OANN

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Former CIA Director John Brennan pushed back Friday on President Trump’s charge that he knew about or participated in an attempt to overthrow the American government.

“I don’t think it’s surprising at all that we continue to hear the sociopathic ramblings of Mr. Trump claiming that there was this effort to try to prevent him from being elected or to unseat him,” he told MSNBC’s Hallie Jackson.

Brennan was reacting to comments Trump made during an interview with Sean Hannity on Thursday night.

Trump specifically criticized Brennan, along with former Director of National Intelligence James Clapper, former FBI Director James Comey, and former Deputy FBI Director Andrew McCabe, in the fiery interview.

ROSENSTEIN SLAMS OBAMA ADMINISTRATION FOR CHOOSING ‘NOT TO PUBLICIZE FULL STORY’ OF RUSSIA HACKING

His comments followed the release of Special Counsel Robert Mueller‘s report which stopped short of accusing the president of either obstruction of justice or collusion with Russia.

Brennan added he welcomed further investigation into his and other officials’ conduct while they served in government. “I’ve testified in front of Congress … Absolutely, I’ll do it again,” he said.

Brennan also disputed Sen. Rand Paul’s, R-Ky., claim that he “insisted that the unverified and fake Steele dossier be included in the Intelligence Report.”

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Journalist Bob Woodward similarly promoted the idea that the CIA pushed to include the Steele dossier in the intelligence community assessment surrounding Russian election interference.

“That’s absolutely incorrect and 180 degrees from the truth. It was CIA that was pushing not to have it included and not to be taken into account at all in that intelligence community assessment.

Source: Fox News Politics

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