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OPEC’s Barkindo says rebound in oil investments ‘very minimal’

FILE PHOTO: OPEC Secretary General Mohammed Barkindo seen during his visit to Abuja, Nigeria
FILE PHOTO: OPEC Secretary General Mohammed Barkindo speaks with the media during his visit to Abuja, Nigeria Febuary 27, 2017.REUTERS/Afolabi Sotunde

March 17, 2019

By Nailia Bagirova and Vladimir Soldatkin

BAKU (Reuters) – The investments needed to ensure stability in the global oil industry are returning after a downturn, but the pace is still slow, OPEC Secretary General Mohammed Barkindo said.

Barkindo was talking to Reuters and an Azeri TV station Real on the sidelines of an OPEC and non-OPEC monitoring committee, which is meeting this weekend in the Azeri capital of Baku.

He also said leading oil producing nations have made significant achievements in terms of cooperation and efforts to avoid imbalance between the supply and demand on the global oil market.

Barkindo added he would welcome greater engagement with the United States to tackle industry issues.

According to estimates from Saudi Aramco Chief Executive Officer Amin Nasser last year, the global oil and gas industry needs to invest more than $20 trillion over the next 25 years to meet expected growth in demand and compensate for the natural decline in developed fields.

“A number of challenges are arising from the down cycle that we have seen, and at the top of that list is an issue of investments. We have seen investments contract for couple of years and even at the moment the rebound is very, very minimal,” Barkindo said.

“For the long cycle projects, which are the base for the global economy, the picture is still not encouraging. Therefore we welcome the United States to join us in this global energy dialogue to address this and other issues affecting this industry.”

The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia have agreed on joint efforts to curb their oil production in order to restore the balance on the global oil market and support the price.

The first such deal was signed at the end of 2016 in Vienna.

“We remain on course and we have made significant progress in ensuring that we do not allow the market to return to an imbalance,” Barkindo said, speaking in English.

“All participating countries are committed to ensuring that supply and demand remain balanced through stock movement that would remain within the five-year industry average,” Barkindo added.

“That remains our key metrics in assessing the state of the oil market and so far so good.”

(Reporting by Nailia Bagirova and Vladimir Soldatkin; Editing by Keith Weir)

Source: OANN

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EU unfair practices digital rules put spotlight on Google, Amazon, Facebook

The Google logo is pictured at the entrance to the Google offices in London
FILE PHOTO: The Google logo is pictured at the entrance to the Google offices in London, Britain January 18, 2019. REUTERS/Hannah McKay

April 17, 2019

By Foo Yun Chee

STRASBOURG (Reuters) – Google and Amazon will have to tell companies how they rank products on their platforms while Facebook and other tech firms will have to be more transparent about their terms and conditions under new EU rules approved on Wednesday.

The platform-to-business (P2B) law, proposed by the European Commission in April last year, is the latest move by Europe to rein in online giants and ensure they treat smaller rivals and users fairly.

Lawmakers at the European Parliament gave the green light to the new laws on Wednesday, which will have to be rubber stamped by the European Council in the coming months before they take effect. Negotiators from all three bodies reached a political deal in February.

The new rules, which will cover 7,000 online companies, target e-commerce market places, app stores, social media and price comparison tools.

Google’s three products Play, Shopping and Search, Apple’s App Store, Microsoft’s Store and Bing, Amazon Marketplace, eBay, Fnac Marketplace, Facebook’s Instagram, Skyscanner, Yahoo! and DuckDuckGo are some of the companies affected by the rules.

“As the first-ever regulation in the world that addresses the challenges of business relations within the online platform economy, it is an important milestone of the Digital Single Market and lays the ground for future developments,” Andrus Ansip, the Commission’s digital chief, said.

The rules include a blacklist of unfair trading practices, require companies to set up an internal system to handle complaints and allow businesses to group together to sue platforms.

The tech industry, which successfully lobbied for the light regulatory regime, welcomed the lawmakers’ endorsement.

“This new regulation will positively contribute to achieving the digital single market, while reinforcing trust and predictability online,” tech lobbying group EDiMA said.

Its members include Amazon, Apple, eBay, Expedia, Facebook, Google, Microsoft and Mozilla.

(Reporting by Foo Yun Chee; Editing by Mark Potter)

Source: OANN

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Vodafone plans 1,130 jobs cuts in Italy

FILE PHOTO: A Vodafone logo is seen on a mobile internet dongle in this photo illustration
FILE PHOTO: A Vodafone logo is seen on a mobile internet dongle in this photo illustration, November 9, 2010. REUTERS/Suzanne Plunkett/Illustration

March 11, 2019

MILAN (Reuters) – The world’s second largest mobile operator Vodafone said on Monday it aims to cut its Italian workforce by 16 percent as part of a broader effort to reshape its business model given increasing pressure in the country’s mobile market.

The company will open negotiations with local trade unions over 1,130 redundancies, it said in a statement on Monday. Vodafone employs around 7,000 people in Italy, according to its website.

Last week Telecom Italia has reached a deal with trade unions on 4,300 job cuts, a source familiar with the matter has said.

(Reporting by Elvira Pollina; editing by Agnieszka Flak)

Source: OANN

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Trump backs away from Special Olympics funding cut

After days of controversy and criticism, President Trump said he is backing off a budget request that would have cut funding for the Special Olympics.

Trump told reporters at the White House on Thursday, “I’ve overridden my people for funding the Special Olympics.”

The president added: “I’ve been to the Special Olympics. I think it’s incredible.”

The Trump administration’s education budget proposal called for the elimination of $17.6 million for the Special Olympics, roughly 10 percent of the group’s overall revenue.

“We express our gratitude to President Trump for reauthorizing funding for Special Olympics school-based programming. He joins a long history of over 50 years of United States presidents and members of Congress on both sides of the aisle in their support of Special Olympics and the work we do in communities throughout the country,” the organization said in a statement after Trump’s announcement. “This is a nonpartisan issue and we are proud of our work to create inclusion in schools and among young people."

Trump officials previously called for the elimination of Special Olympics funding in their budget proposal for 2019, but Congress rejected the idea. Lawmakers from both parties said they would reject it again for 2020.

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Democrats pressed Education Secretary Betsy DeVos on the topic during a Senate budget hearing Thursday, just days after House Democrats grilled her on the proposal and sparked criticism online.

In a heated exchange with Sen. Dick Durbin, D-Ill., DeVos said she “wasn’t personally involved” in pushing for the cut, but she defended it as her agency seeks to pare $7 billion from the 2020 budget.

The Special Olympics provides both training and competition for children and adults with disabilities, with partners around the globe.

The Associated Press contributed to this report.

Source: Fox News Politics

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Report: Stackhouse agrees to be Vanderbilt head coach

FILE PHOTO: NBA: Memphis Grizzlies at Toronto Raptors
FILE PHOTO: Jan 19, 2019; Toronto, Ontario, CAN; Memphis Grizzlies assistant coach Jerry Stackhouse talks during a timeout against the Toronto Raptors at Scotiabank Arena. The Raptors beat the Grizzlies 119-90. Mandatory Credit: Tom Szczerbowski-USA TODAY Sports

April 5, 2019

Memphis Grizzlies assistant Jerry Stackhouse has agreed to become the new head coach at Vanderbilt University, according to a report by ESPN.

Adrian Wojnarowski reported Friday morning that Stackhouse, 44, has agreed to a six-year deal with Vanderbilt, which has also committed to upgrade its financial investment in the program, including budgets and salaries for assistant coaches. He will replace Bryce Drew, who was fired after going 40-59 in three seasons at Vanderbilt.

Stackhouse, who hails from Kinston, N.C., was a standout collegiate player at North Carolina for two seasons. He helped lead the Tar Heels to the Final Four in 1995 and earned All-American honors.

Stackhouse went on to the NBA, where he was selected third overall in the 1995 NBA Draft by the Philadelphia 76ers. He played for 18 seasons (1995-2013) and was an All-Star with the Detroit Pistons in 2000 and 2001. Overall, he averaged 16.9 points, 3.2 rebounds and 3.3 assists with a 40.9 percent shooting average.

Stackhouse has spent two years as an NBA assistant with stints at Toronto and Memphis, and has two years of head coaching experience with Toronto’s G League affiliate where he was named the G League’s Coach of the Year in 2017. It’s also where he got to know Vanderbilt athletic director Malcolm Turner, the former president of the G League.

–Field Level Media

Source: OANN

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Explosive military rounds discovered on Washington beaches, prompting warning

Authorities in Washington state issued a warning to beachgoers after explosive military rounds were discovered over the weekend.

The Grays Harbor County Sheriff's Office said in a Facebook post on Sunday it has received "multiple reports" of 20-millimeter anti-aircraft "high explosive" rounds being located in the North Beach area.

The sheriff's office said the rounds are described as between 6-to-8 inches in length and 20 millimeters in diameter. They are believed to be from the 1940's, which "makes their stability unknown." Authorities said they may explode upon impact.

"They have the resemblance of large rifle ammunition," the sheriff's office said. "Many of these rounds have been located encased in a black rock or sludge matter."

NEW FITNESS TEST PRESENTS CHALLENGES FOR ARMY GUARD

Grays Harbor County Chief Criminal Deputy Brad Johansson told Q13 News that a person found four to six shells over the weekend that were live and still dangerous because of their explosive tip.

The anti-aircraft "high explosive" rounds are being discovered in the North Beach area of Grays County, Washington.

The anti-aircraft "high explosive" rounds are being discovered in the North Beach area of Grays County, Washington. (Grays Harbor Sheriff's Office)

"*DON’T TOUCH * DON’T MOVE * DON’T TRANSPORT*," the sheriff's office said.

After the post on Facebook, Johansson said the sheriff's office said the shells have been showing up for years and that some people may even be collecting them as keepsakes from beach trips.

WASHINGTON STATE LAWMAKERS LOOKING TO BAN EYEBALL TATTOOS

Johansson said the rounds are believed to have been dumped off a military ship during World War II or buried by the military on a county beach.

“I think this is something we’re going to be seeing for quite a while,” he told Q13 News.

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The sheriff's office is asking anyone who locates a round or may have taken one home as part of a keepsake to leave it alone, mark its location, and call the Grays Harbor County Dispatch at 360-533-8765.

Source: Fox News National

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Anguilla releases new details in US tourist murder case

Authorities in Anguilla have released new details in an investigation involving a U.S. financial adviser charged with killing a hotel worker, a case that has caused racial tensions on a Caribbean island that caters to wealthy vacationers.

Police spokesman Randy Dick told The Associated Press on Tuesday that the two young daughters of U.S. tourist Gavin Hapgood were in the room when worker Kenny Mitchel was killed April 13.

Hapgood faces manslaughter charges and is currently in the U.S. after being released on a $74,000 bond that sparked anger among Anguillans, who are demanding that he return to face justice.

Dick said the Connecticut resident is expected to return for an Aug. 22 hearing.

Neither Hapgood nor his lawyer returned messages for comment.

Source: Fox News World

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A man accused of fatally beating a 4-month-old boy after finding out the infant wasn’t his son had been previously deported from the United States five times, most recently in late 2016, immigration officials said.

Carlos Zuniga-Aviles, a 33-year-old Honduran national, has used multiple aliases, including the fake name of Jose Agurcia-Avila he gave police in Memphis, Tennessee, following his arrest in the boy’s death earlier this month, US Immigration and Customs Enforcement officials told WMC-TV.

ICE officials have since filed an immigration detainer against Zuniga-Aviles, who was initially deported back to Honduras in February 2010. He was also returned to the Central American country in 2011, 2012, 2015 and 2016.

CLICK HERE TO READ MORE FROM THE NEW YORK POST

“ICE will seek to take him into custody to reinstate his removal order following the resolution of the criminal charges he currently faces,” the statement reads. “Mr. Zuniga-Aviles has been removed from the US five prior times: his most recent removal by ICE to Honduras took place in December 2016.”

ILLEGAL IMMIGRANT WITH CRIMINAL HISTORY ARRESTED IN CALIFORNIA WOMAN’S MURDER

Zuniga-Aviles later returned to the U.S. following his removal, a felony under federal law, immigration officials said. It’s unclear exactly when he returned, but he was living with his girlfriend and the woman’s 4-month-old son in Memphis at the time of his arrest, WREG reports.

DAD OF MAN KILLED BY ILLEGAL IMMIGRANT BLASTS CALIFORNIA GOV. NEWSOM’S TRIP TO CENTRAL AMERICA: ‘IT’S DISGUSTING’

The infant, Alexander Lizondro-Chacon, was pronounced dead at a hospital from blunt force trauma to the head after his mother, Mercy Lizondro-Chacon, called police on April 12 to report that the boy was having trouble breathing, according to an affidavit of complaint obtained by the Commercial Appeal.

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This article originally appeared in the New York Post. For more from the Post, click here.

Source: Fox News National

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Democratic presidential candidates Sen. Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont are taking aim at latest entry into the 2020 nomination race – Joe Biden.

Campaigning in Iowa hours after the former vice president officially announced his candidacy, Warren contrasted on Thursday her longtime record of taking on Wall Street with that of Biden.

JOE BIDEN OFFCIALLY LAUNCHES LONG AWAITED 2020 BID

“At a time when the biggest financial institutions in this country were trying to put the squeeze on millions of hard-working families who were in bankruptcy because of medical problems, job losses, divorce and death in the family, there was nobody to stand up for them,” said the populist senator who’s producing progressive policy proposal after another as she runs for the White House.

“I got in that fight because they just didn’t have anyone,” she said. “And Joe Biden was on the side of the credit card companies.”

The comments reignited a nearly two decades old fight between the two over the country’s bankruptcy laws.

Fox News reached out to the Biden campaign for reaction to Warren’s words but had yet to receive a response at the time this article was published.

WARREN NOT WORRIED ABOUT POLLS: ‘IT’S EARLY.. I’M RUNNING THE CAMPAIGN ITHAT I WANT TO RUN’

It’s not just Warren. The head of the Progressive Change Campaign Committee – which has backed the senator from Massachusetts – also took aim at Biden, who enters the race as the front runner in most national polls and early primary and caucus voting state surveys, slightly atop of Sanders and well ahead of the rest of the large field of 20 contenders.

“With billionaires deciding not to run, progressive candidates have been in need of a foil. If Joe Biden positions himself as the political insider from yesteryear who says big ideas like universal child care, student debt relief, and a wealth tax on ultra-millionaires are not possible, he would be an easy foil, Adam Green, the co-founder of PCCC, told Fox News.

BIDEN LAUNCH SETS UP 2020 NOMINATION FIGHT WITH FELLOW FRONT-RUNNER SANDERS

Sanders’ campaign also jabbed at Biden.

The former vice president spent Thursday evening raising campaign cash at the suburban Philadelphia home of David Cohen, a senior executive of the Comcast Corp. and a former Democratic operative.

In a fundraising email to supporters around the same time, Sanders’ campaign manager Faiz Shakir wrote that “it’s a big day in the Democratic primary and we’re hoping to end it strong. Not with a fundraiser in the home of a corporate lobbyist, but with an overwhelming number of individual donations in response to today’s news.”

Earlier in the day, a rising progressive group called Justice Democrats that has championed Sanders and Rep. Alexandria Ocasio-Cortez of New York called Biden “out of touch” and stressed that “we can’t let a so-called ‘centrist’ like Joe Biden divide the Democratic Party and turn it into the party of ‘No, we can’t.’”

Biden, of course, is considered to be more moderate than many of the current contenders for the Democratic presidential nomination, especially Warren and Sanders, who describes himself as a democratic socialist.

These kind of jabs from the candidates, their campaigns and outside groups could be foreshadow a building clash between the progressive and establishment sings of the party.

Biden has pushed back against the perception that he’s a moderate in a party that’s increasingly moving to the left. Earlier this month he described himself as an “Obama-Biden Democrat.”

Former President Barack Obama, Biden’s boss for eight years, remains extremely popular with Democrats.

BIDEN SAYS HE ASKED OBAMA NOT TO ENDORSE HIM

And Biden said he’d stack his record against “anybody who has run or who is running now or who will run.”

Highlighting his early public push for same-sex marriage, he said, “I’m not sure when everybody else came out and said they’re for gay marriage.”

Source: Fox News Politics

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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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