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Barr to face grilling on Mueller report summary at Capitol Hill hearing

Attorney General William Barr is set to testify Tuesday morning on Capitol Hill, in his first appearance before lawmakers since he revealed the long-awaited central findings of Special Counsel Robert Mueller's investigation into Russian interference in the 2016 election.

Top Democrats have made it clear that, following multiple media reports citing leaks from those close to Mueller's team, Barr will have some explaining to do.

The hearing -- conducted by the House Appropriations Commerce, Justice, Science, and Related Agencies Subcommittee and scheduled to begin at 9:30 a.m. ET -- is expected to include a number of questions on routine budgetary matters. The hearing was scheduled to address Barr's fiscal year 2020 spending request for the Justice Department.

However, Fox News is told Barr's four-page summary of Mueller's conclusions will feature prominently. The subcommittee's chairman, Democrat José Serrano of New York, will cast doubt on Barr's actions in his prepared opening remarks, according to an excerpt released by his office late Monday.

BARR SETS DEADLINE FOR SENDING MUELLER REPORT TO CONGRESS

"In extremely quick fashion, you turned a 300-plus page report into a 4-page letter that supposedly summarized [Mueller's] findings," Serrano will say.

Speaking to Fox News on Monday, Serrano indicated that while Barr mainly will face questions concerning appropriations, the Mueller findings would be "almost impossible" to ignore during the hearing.

Serrano also said he was worried Barr would send the Mueller report to Congress with "too many scratch-outs" and redactions.

House Appropriations Committee Chairwoman Nita M. Lowey, D-N.Y., will slam Barr's handling of the report as "unacceptable," according to her prepared remarks. (Alex Edelman/Getty Images, File)

House Appropriations Committee Chairwoman Nita M. Lowey, D-N.Y., will slam Barr's handling of the report as "unacceptable," according to her prepared remarks. (Alex Edelman/Getty Images, File)

Barr's letter to lawmakers, which stated that Mueller found no evidence of Trump-Russian collusion despite efforts by Russians to involve the Trump campaign, also said that Mueller had not exonerated Trump on the issue of obstruction of justice.

Barr and Attorney General Rod Rosenstein cleared the president of criminal culpability on that count as well, noting that Mueller had provided evidence on both sides of the issue and left the determination up to them. In his letter, Barr noted that legally-mandated redactions were in progress before the report itself could be released to lawmakers.

"Last week, the New York Times reported that the Special Counsel’s office had already created summary documents that were ignored in your letter, and that some investigators within the Special Counsel’s office felt that your summary understates the level of malfeasance by the President and several of his campaign and White House advisors," Serrano's prepared statement asserts.

WOW: CHELSEA HANDLER SAYS SHE HAS 'FEELINGS' FOR ROBERT MUELLER

"The American people," Serrano will say, "have been left with many unanswered questions; serious concerns about the process by which you formulated your letter; and uncertainty about when we can expect to see the full report."

Trump attorney Rudy Giuliani hit back against those leaks last week in an interview with Fox News' "MediaBuzz" with Howard Kurtz.

“That leak really indicates all you need to know about Mueller’s prosecutors,” Giuliani, who favors releasing the Mueller report, said on the Times’ unnamed sources. “Leaking like that…that’s been the biggest canard in this investigation.”

Attorney General William Barr leaves his home in McLean, Va., on Sunday morning, March 24, 2019. Barr is preparing a summary of the findings of the special counsel investigating Russian election interference. The release of Barr's summary of the report's main conclusions is expected sometime Sunday.(AP Photo/Sait Serkan Gurbuz)

Attorney General William Barr leaves his home in McLean, Va., on Sunday morning, March 24, 2019. Barr is preparing a summary of the findings of the special counsel investigating Russian election interference. The release of Barr's summary of the report's main conclusions is expected sometime Sunday.(AP Photo/Sait Serkan Gurbuz)

House Appropriations Committee Chairwoman Nita M. Lowey, D-N.Y., will also slam Barr's handling of the report as "unacceptable," according to her prepared remarks.

"I must say, it is extraordinary to evaluate hundreds of pages of evidence, legal documents, and findings based on a 22-month long inquiry and make definitive legal conclusions in less than 48 hours," Lowey will say. "Even for someone who has done this job before, I would argue it is more suspicious than impressive."

In a statement last week responding to media reports, the DOJ defended Barr's rollout of Mueller's conclusions.

"Given the extraordinary public interest in the matter, the Attorney General decided to release the report's bottom-line findings and his conclusions immediately — without attempting to summarize the report — with the understanding that the report itself would be released after the redaction process," the Justice Department statement said.

The statement also said that every page of Mueller's report was marked that it may contain grand jury material "and therefore could not immediately be released."

A Justice Department official, speaking Thursday on condition of anonymity to discuss a confidential process, said summaries of the findings that Mueller's team included as part of its report also contained grand jury information, making it hard for a swift release.

Fox News is told the Tuesday hearing could also focus on the Trump administration's recent decision not to defend ObamaCare in court, as well as solutions to gun violence.

Serrano's opening statement wiil lbe followed by remarks from the top Republican on the subcommittee, Alabama Rep. Robert Aderholt.

On Monday, Aderholt told Fox News he hopes the hearing will focus primarily on appropriations, and not the Mueller report.

CLICK TO GET THE FOX NEWS APP

Lowey and Texas GOP Rep. Kay Granger will also speak prior to Barr's opening statement.

Barr will then present an opening statement. The hearing, which is expected to run approximately until noon, will then toggle between questions posed by Democrats and Republicans.

Fox News' Chad Pergram, Andrew O'Reilly, and The Associated Press contributed to this report.

Source: Fox News Politics

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Explainer: Why China’s inclusion in global bond benchmarks matters

An employee counts Chinese 100 yuan banknotes at a branch of China Merchants Bank in Hefei
An employee counts Chinese 100 yuan banknotes at a branch of China Merchants Bank in Hefei, Anhui province June 21, 2013. REUTERS/Stringer

March 29, 2019

By Noah Sin

HONG KONG (Reuters) – China’s yuan-denominated onshore bonds will be begin to be included in the Bloomberg Barclays Global Aggregate Index from Monday, and two other competing indices are likely to soon follow suit.

The milestone inclusion is expected to draw billions of foreign dollars into China’s $13 trillion bond market, the world’s third largest.

Here’s why investors across the world are watching this closely:

WHICH INDEX PROVIDERS ARE ADDING CHINESE BONDS AND WHEN?

After years of anticipation, benchmark global bond indexes are finally incorporating China, drawing many investors – some for the first time – to this vast market.

Bloomberg Barclays Global Aggregate Index on April 1 will begin adding Chinese government and policy bank bonds over 20 months. The inclusion will eventually take China’s weight in the index to 6.03 percent, Bloomberg said in January.

Chinese government bonds are also on a “watchlist” of bonds to join FTSE Russell’s World Government Bond Index (WGBI), with a review set to take place in September, the index provider has said.

China was put on a watchlist for the J.P. Morgan Emerging Markets Government Bond Index Global Diversified, the other major bond benchmark, in 2016. JP Morgan will survey investor feedback on inclusion at its annual meeting this summer, a bank spokeswoman said.

WHY NOW?

Analysts have long argued China’s bond market, the world’s third largest, is too big to ignore. But restrictions have prevented many investors from tapping Chinese bonds.

China has over the years made access easier for foreign investors, most recently by launching the Bond Connect scheme in 2017, which allows investors to buy and sell onshore bonds via Hong Kong.

In the past year, authorities added two key capabilities: delivery versus payment and block trades, common features in financial markets elsewhere. Beijing also clarified how it will tax foreign investor gains from Chinese bonds.

The introduction of all three features were prescribed by Bloomberg in March 2018 as pre-conditions for index inclusion.

HOW MUCH MONEY WILL IT BRING CHINA?

The Global Aggregate Index is tracked by an estimated $2.5 trillion of portfolio assets under management. A 6 percent weighting would therefore bring $150 billion to Chinese fixed income, according to HSBC and several other banks.

But Goldman Sachs in February cut its inflows forecast to between $120 billion and $150 billion, noting 10 to 20 percent of investors may not be ready to track the index on day one due to operational difficulties and other concerns. Standard Chartered made a similar observation.

Deutsche Bank also put its inflows estimate at $120 billion in a report last month, but it reached that conclusion while assuming the Global Aggregate is followed by a smaller $2 trillion pool of passive assets.

A 5 percent inclusion in WGBI will spur an additional $125 billion of inflows, and a 10 percent inclusion in JP Morgan’s benchmark could bring another $22 billion to China, said HSBC.

WHAT DO INVESTORS WORRY ABOUT?

Recently issued Chinese government bonds tend to be much less actively traded, or “liquid”, once a new batch of issuance comes through. That could make it difficult for index-tracking investors to replicate the inclusion portfolio, said ASIFMA, a financial industry lobby.

The toolkit to manage interest rate risks is also limited. Hedging instruments such as bond futures and repos are open only to some foreign investors, said ASIFMA, which has also called for wider liberalization of the derivatives market.

With Chinese bonds representing a mere 6 percent in the Global Aggregate Index, most investors seem happy to overlook these shortfalls, though that may change as the country’s weight in global indexes goes up.

(Additional reporting by Samuel Shen in SHANGHAI; Editing by Vidya Ranganathan and Sam Holmes)

Source: OANN

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Mississippi bishop: 'Shattered lives' amid clergy sex abuse

A Catholic diocese in Mississippi on Tuesday released the names of 37 clergy members who it says have been credibly accused of sexually abusing children.

Officials with the Diocese of Jackson said 30 of the clergy were accused of sexual abuse in Mississippi and the others worked in the Mississippi diocese but were accused of abuse in other states.

The bishop of the diocese, Joseph Kopacz, publicly apologized Tuesday during a news conference outside a cathedral in downtown Jackson.

"Every case of abuse represents shattered lives and damaged families and communities," Kopacz said. "I hope that releasing this list will demonstrate a new level of transparency and a sincere desire to accompany victims of sexual abuse as our God of compassion and justice demands. I apologize to all the victims of abuse, to their families and to the faithful who have been hurt by this scandal."

The diocese published the list Tuesday on its website as part of the Catholic Church's international reckoning with allegations of sex abuse that have proliferated around the world.

The victims in the Jackson Diocese were boys and girls ages 5 to 17, diocese chancellor Mary Woodward said. Woodward said the cases date from 1939 to 1998, and none of the accused clergy are still in active ministry.

Woodward said there are two additional cases involving clergy whose names were not released Tuesday. One is on appeal. The other, still under investigation, involves abuse that allegedly happened in 1961 but was just reported recently.

Woodward, members of an independent fitness review board and retired bishops reviewed about 1,400 files from five bishops of the diocese from 1924 to this year, she said.

In some cases, psychologists "treated a priest and deemed him safe to go back into ministry," the diocese said in a message that accompanied the list on its website.

Any clergy member, employee or volunteer found to be abusing minors from now on will be permanently removed from ministry, the post said.

The diocese also said it provided information about the past abuse allegations to the Mississippi attorney general's office in 2002, before the current attorney general was elected. The diocese said it gave the attorney general an updated list Monday.

Kopacz said in a letter released Monday that he is "truly, deeply sorry" for any pain the list may cause.

"The crime of abuse of any kind is a sin, but the abuse of children and vulnerable adults is especially egregious," Kopacz wrote. "First and foremost, it is a sin against the innocent victims, but also a sin against the Church and our communities. It is a sin that cries out for justice."

The bishop said he encourages anyone who has been sexually abused by a clergy member or church employee to come forward. He wrote that the diocese has a legal duty to report the cases to law enforcement, and "helping victims find healing and wholeness is our moral imperative."

He also said the church is taking steps to prevent abuse, including screening and educating employees and volunteers.

The Diocese of Jackson encompasses 65 of Mississippi's 82 counties and has about 48,000 registered Catholics.

In January, the only other Catholic diocese in Mississippi, the Diocese of Biloxi, released the names of three clergy members who it said had been credibly accused of sexual misconduct against minors since the diocese was founded in 1977. All three were prohibited from the ministry and allegations were reported to authorities, the diocese said. One was accused in 2015 of misconduct with an adolescent boy in Laurel, and is serving a 10-year prison sentence. Another was accused of misconduct with an adolescent girl in Biloxi during the mid-1980s; and the third, with adolescent girls in Biloxi in 1989, the diocese said.

A grand jury investigation in Pennsylvania last year identified nearly 300 "predator priests" going back nearly 70 years, and it accused Roman Catholic Church leaders of covering up the abuse. The Associated Press reported that in the final four months of 2018, Roman Catholic dioceses in the United States released the names of more than 1,000 priests and others accused of sexually abusing children.

More information has been released since then. In January, 14 Catholic dioceses in Texas identified 286 priests and others accused of sexually abusing children.

Source: Fox News National

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Curry, Durant propel Warriors past Grizzlies

NBA: Golden State Warriors at Memphis Grizzlies
Mar 27, 2019; Memphis, TN, USA; Golden State Warriors guard Stephen Curry (30) controls the ball between Memphis Grizzlies forward Chandler Parsons (25) and Grizzlies guard Tyler Dorsey (22) during the second half at FedExForum. Mandatory Credit: Justin Ford-USA TODAY Sports

March 28, 2019

The Golden State Warriors needed a late surge and 28 points apiece from Stephen Curry and Kevin Durant to hold off the host Memphis Grizzlies 118-103 on Wednesday night.

Curry hit six 3-pointers and Durant missed just one shot for the Warriors (51-23), who moved a half-game ahead of Denver (50-23) in the race for the top seed in the Western Conference.

The Warriors, who own a 2-1 lead over the Nuggets in their season series, host Denver one final time on April 2.

Jonas Valanciunas (27 points, 13 rebounds) and Bruno Caboclo (17 points, 13 rebounds) recorded double-doubles for Memphis, which lost for just the second time in its last seven home games.

The Warriors found themselves trailing 92-91 after two free throws by Chandler Parsons with 9:25 remaining, before taking the lead for good on a Shaun Livingston hoop nine seconds later.

Durant then scored the next seven points (two free throws, a 3-pointer and a two-point jumper) to increase the Golden State lead to 100-92 with seven minutes to play.

After a 3-pointer by Caboclo and a free throw by Valanciunas cut the Memphis deficit in half, the Warriors got two consecutive hoops from Livingston and one apiece from Draymond Green and DeMarcus Cousins to finally pull away from a team that’s already been eliminated from playoff contention.

Curry complemented his 28 points with 10 rebounds and seven assists for the Warriors, who won for the fifth time in their last six road games and 25th time in 37 road games this season.

The Warriors, who complete a two-game trip Friday night at Minnesota, lead the NBA in road winning percentage.

Durant shot 12-for-13 en route to his 28 points, helping Golden State connect on 53.6 percent for the game.

The Grizzlies, meanwhile, shot just 39.0 percent and lost despite getting off 16 more shots (100-84) than Golden State,

Cousins contributed 16 points, nine rebounds and six assists to the win, while Klay Thompson scored 13 points.

Durant also had nine rebounds and five assists.

With Curry going 6-for-12 and Quinn Cook 3-for-3, the Warriors made 15 of their 31 3-point attempts (48.4 percent).

Mike Conley, returning from a one-game absence, helped keep the Grizzlies in the game with 22 points and eight assists, while Parsons added 13 points.

Caboclo and Justin Holiday hit three 3-pointers apiece for Memphis, which had beaten Portland, Utah, Orlando, Houston and Oklahoma City on its recent hot run at home.

–Field Level Media

Source: OANN

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Putin threatens to target the US if it deploys new missiles in European nations

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Source: InfoWars

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Renault pushes back decision over Ghosn’s 2018 pay

Former Nissan Motor Chairman Carlos Ghosn arrives at his place of residence in Tokyo
FILE PHOTO: Former Nissan Motor Chairman Carlos Ghosn arrives at his place of residence in Tokyo, Japan, March 8, 2019. REUTERS/Issei Kato

March 15, 2019

PARIS (Reuters) – French carmaker Renault said on Friday that it had decided to push back a decision regarding the 2018 pay package for ousted boss Carlos Ghosn.

“The board of directors will meet again in April to make its conclusions,” said Renault.

Earlier this week, Japan’s Nissan and Renault said they would retool the world’s top car-making alliance to put themselves on a more equal footing, breaking up the all-powerful chairmanship previously wielded by Ghosn.

Ghosn is facing trial in Japan for failing to disclose some $82 million in income he had arranged to be paid later, as well as transferring personal investment losses to Nissan when he was chief executive. He denies any wrongdoing.

Ghosn is credited for rescuing Nissan from near-bankruptcy in 1999.

Renault bought 43 percent of Nissan ahead of the 1999 rescue. Nissan holds a 15 percent, non-voting stake in Renault, while Renault’s top shareholder is the French government.

(Reporting by Gilles Guillaume; Editing by Sudip Kar-Gupta)

Source: OANN

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Hungary’s Orban told: Win back trust to stay in EU center-right bloc

European conservative party leader Manfred Weber gives a news conference inside the main synagogue in Budapest
FILE PHOTO: European conservative party leader Manfred Weber gives a news conference inside the main synagogue in Budapest, Hungary, March 12, 2019. REUTERS/Bernadett Szabo

March 15, 2019

BERLIN (Reuters) – Hungary’s Prime Minister Viktor Orban still needs to do more to avoid the expulsion of his anti-immigration Fidesz party from the main European conservative group, its leader was quoted on Friday as saying.

Thirteen conservative parties have demanded Fidesz be expelled from the European People’s Party (EPP) over an anti-immigration and anti-EU campaign that attacked European Commission President Jean-Claude Juncker, a fellow EPP member, and U.S. philanthropist George Soros.

Orban, a strident nationalist, has written letters of apology to EPP politicians but Manfred Weber, the German who leads the grouping in the European Parliament, said the Hungarian prime minister had to do more.

“If Viktor Orban doesn’t manage to create trust in coming days among the EPP parties and his critics, then things will be difficult,” Weber told Der Spiegel, according to extracts of an interview published on Friday.

Tearing down the posters “is a start, but no more”, he said, referring to Orban’s move to take down posters that suggest Juncker and Soros are conspiring to flood Europe with illegal immigrants from Muslim countries.

The EPP, made up of the main center-right parties from across Europe, including German Chancellor Angela Merkel’s Christian Democrats, is the largest grouping in the European Parliament.

With the EPP preparing now for EU elections in May, Weber – accused by some of having been too conciliatory toward Orban and Fidesz – hopes to replace Juncker later this year as president of the Commission, the EU executive.

The EPP gains from an electorally successful central European party like Fidesz in its ranks, while Orban benefits from having a large group in the European Parliament to shield him from censure there.

However, his anti-immigrant and anti-EU rhetoric has infuriated many moderate conservatives around Europe. The EPP will hold a secret ballot next Wednesday to decide whether to expel Fidesz from the grouping.

The EU has long criticized Fidesz over policies it says threaten the rule of law by imposing party control over the judiciary, media and other institutions. Fidesz rejects this.

Some European politicians also condemn Orban’s attacks on Soros, who is Jewish, as anti-Semitic, which Fidesz also rejects.

(Reporting by Thomas Escritt; Editing by Gareth Jones)

Source: OANN

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Police secure the area where the body of a woman was discovered near the village of Orounta
Police secure the area where the body of a woman was discovered near the village of Orounta, Cyprus, April 25, 2019. REUTERS/Stefanos Kouratzis

April 26, 2019

NICOSIA (Reuters) – Cypriot police searched on Friday for more victims of a suspected serial killer, in a case which has shocked the Mediterranean island and exposed the authorities to charges of “criminal indifference” because the dead women were foreigners.

The main opposition party, the left-wing AKEL, called for the resignation of Cyprus’s justice minister and police chief.

Police were combing three different locations west of the capital Nicosia for victims of the suspected killer, a 35-year-old army officer who has been in detention for a week.

The bodies of three women, including two thought to be from the Philippines, have been recovered. Police sources said the suspect had indicated the location of the third body, found on Thursday, and had said the person was “either Indian or Nepali”.

Police said they were searching for a further four people, including two children, based on the suspect’s testimony.

“These women came here to earn a living, to help their families. They lived away from their families. And the earth swallowed them, nobody was interested,” AKEL lawmaker Irene Charalambides told Reuters.

“This killer will be judged by the court but the other big question is the criminal indifference shown by the others when the reports first surfaced. I believe, as does my party, that the justice minister and the police chief should resign. They are irrevocably exposed.”

Police have said they will investigate any perceived shortcomings in their handling of the case.

One person who did attempt to alert the authorities over the disappearances, a 70-year-old Cypriot citizen, said his motives were questioned by police.

The bodies of the two Filipino women reported missing in May and August 2018 were found in an abandoned mine shaft this month. Police discovered the body of the third woman at an army firing range about 14 km (9 miles) from the mine shaft.

Police are now searching for the six-year-old daughter of the first victim found, a Romanian mother who disappeared with her eight-year-old child in 2016, and a woman from the Phillipines who vanished in Dec. 2017.

The suspect has not been publicly named, in line with Cypriot legal practice.

A public vigil for the missing was planned later on Friday.

(Reporting By Michele Kambas; Editing by Gareth Jones)

Source: OANN

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An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard
FILE PHOTO: An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard, Britain December 3, 2018. REUTERS/Simon Dawson

April 26, 2019

LONDON, April 26 – British factories stockpiled raw materials and goods ahead of Brexit at the fastest pace since records began in the 1950s, and they were increasingly downbeat about their prospects, a survey showed on Friday.

The Confederation of British Industry’s (CBI) quarterly survey of the manufacturing industry showed expectations for export orders in the next three months fell to their lowest level since mid-2009, when Britain was reeling from the global financial crisis.

The record pace of stockpiling recorded by the CBI was mirrored by the closely-watched IHS Markit/CIPS purchasing managers’ index published earlier this month.

(Reporting by Andy Bruce, editing by David Milliken)

Source: OANN

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Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing
Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing, China April 26, 2019. REUTERS/Florence Lo

April 26, 2019

KUALA LUMPUR (Reuters) – Fewer than half of Malaysians approve of Prime Minister Mahathir Mohamad, an opinion poll showed on Friday, as concerns over rising costs and racial matters plague his administration nearly a year after taking office.

The survey, conducted in March by independent pollster Merdeka Center, showed that only 46 percent of voters surveyed were satisfied with Mahathir, a sharp drop from the 71 percent approval rating he received in August 2018.

Mahathir’s Pakatan Harapan coalition won a stunning election victory in May 2018, ending the previous government’s more than 60-year rule.

But his administration has since been criticized for failing to deliver on promised reforms and protecting the rights of majority ethnic Malay Muslims.

Of 1,204 survey respondents, 46 percent felt that the “country was headed in the wrong direction”, up from 24 percent in August 2018, the Merdeka Center said in a statement. Just 39 percent said they approved of the ruling government.

High living costs remained the top most concern among Malaysians, with just 40 percent satisfied with the government’s management of the economy, the survey showed.

It also showed mixed responses to Pakatan Harapan’s proposed reforms.

Some 69 percent opposed plans to abolish the death penalty, while respondents were sharply divided over proposals to lower the minimum voting age to 18, or to implement a sugar tax.

“In our opinion, the results appear to indicate a public that favors the status quo, and thus requires a robust and coordinated advocacy efforts in order to garner their acceptance of new measures,” Merdeka Center said.

The survey also found 23 percent of Malaysians were concerned over ethnic and religious matters.

Some groups representing Malays have expressed fear that affirmative-action policies favoring them in business, education and housing could be taken away and criticized the appointments of non-Muslims to key government posts.

Last November, the government reversed its pledge to ratify a UN convention against racial discrimination, after a backlash from Malay groups.

Earlier this month, Pakatan Harapan suffered its third successive loss in local elections since taking power, which has been seen as a further sign of waning public support.

Despite the decline, most Malaysians – 67 percent – agreed that Mahathir’s government should be given more time to fulfill its election promises, Merdeka Center said.

This included a majority of Malay voters who were largely more critical of the new administration, it added.

(Reporting by Rozanna Latiff; Editing by Nick Macfie)

Source: OANN

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The German share price index DAX graph at the stock exchange in Frankfurt
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 25, 2019. REUTERS/Staff

April 26, 2019

By Medha Singh and Agamoni Ghosh

(Reuters) – European shares slipped on Friday after losses in heavyweight banks and Glencore outweighed gains in healthcare and auto stocks, while investors remained on the sidelines ahead of U.S. economic data for the first quarter.

The pan-European STOXX 600 index was down 0.1 percent by 0935 GMT, eyeing a modest loss at the end of a holiday-shortened week. Banks-heavy Italian and Spanish indices were laggards.

The banking index fell for a fourth day, at the end of a heavy earnings week for lenders.

Britain’s Royal Bank of Scotland tumbled after posting lower first quarter profit, hurt by intensifying competition and Brexit uncertainty, while its investment bank also registered poor returns.

Weakness in investment banking also dented Deutsche Bank’s quarterly trading revenue and sent its shares lower a day after the German bank abandoned merger talks with smaller rival Commerzbank.

“The current interest rate environment makes it challenging for banks to make proper earnings because of their intermediary function,” said Teeuwe Mevissen, senior market economist eurozone, at Rabobank.

Since the start of April, all country indexes were on pace to rise between 1.8 percent and 3.4 percent, their fourth month of gains, while Germany was strongly outperforming with 6 percent growth.

“For now the current sentiment is very cautious as markets wait for the first estimates of the U.S. GDP growth which could see a surprise,” Mevissen said.

U.S. economic data for the first-quarter is due at 1230 GMT. Growth worries outside the United States resurfaced this week after South Korea’s economy unexpectedly contracted at the start of the year and weak German business sentiment data for April also disappointed.

Among the biggest drags on the benchmark index in Europe were the basic resources sector and the oil and gas sector, weighed down by Britain’s Glencore and France’s Total, respectively.

Glencore dropped after reports that U.S authorities were investigating whether the company and its subsidiaries violated certain provisions of the commodity exchange act.

Energy major Total said its net profit for the first three months of the year fell compared with a year ago due to volatile oil prices and debt costs.

Chip stocks in the region including Siltronic, Ams and STMicroelectronics lost more than 1 percent after Intel Corp reduced its full-year revenue forecast, adding to concerns that an industry-wide slowdown could persist until the end of 2019.

Meanwhile, healthcare, which is also seen as a defensive sector, was a bright spot. It was helped by French drugmaker Sanofi after it returned to growth with higher profits and revenues for the first-quarter.

Luxembourg-based satellite operator SES led media stocks higher after it maintained its full-year outlook on the back of the company’s Networks division.

Automakers in the region rose 0.4 percent, led by Valeo’s 6 percent jump as the French parts maker said its performance would improve in the second half of the year.

Continental AG advanced after it backed its outlook for the year despite reporting a fall in first-quarter earnings.

Renault rose more than 3 percent as it clung to full-year targets and pursues merger talks with its Japanese partner Nissan.

(Reporting by Medha Singh and Agamoni Ghosh in Bengaluru; Editing by Gareth Jones and Elaine Hardcastle)

Source: OANN

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U.S. President Donald Trump hosts Take Our Daughters and Sons to Work Day at the White House in Washington
U.S. President Donald Trump gives a thumbs up to his audience as he hosts Take Our Daughters and Sons to Work Day at the White House in Washington, U.S., April 25, 2019. REUTERS/Kevin Lamarque

April 26, 2019

By Jan Wolfe and Richard Cowan

(Reuters) – The “i word” – impeachment – is swirling around the U.S. Congress since the release of Special Counsel Robert Mueller’s redacted Russia report, which painted a picture of lies, threats and confusion in Donald Trump’s White House.

Some Democrats say trying to remove Trump from office would be a waste of time because his fellow Republicans still have majority control of the Senate. Other Democrats argue they have a moral obligation at least to try to impeach, even though Mueller did not charge Trump with conspiring with Russia in the 2016 U.S. election or with obstruction of justice.

Whether or not the Democrats decide to go down this risky path, here is how the impeachment process works.

WHAT ARE GROUNDS FOR IMPEACHMENT?

The U.S. Constitution says the president can be removed from office by Congress for “treason, bribery, or other high crimes and misdemeanors.” Exactly what that means is unclear.

Before he became president in 1974, replacing Republican Richard Nixon who resigned over the Watergate scandal, Gerald Ford said: “An impeachable offense is whatever a majority of the House of Representatives considers it to be at a given moment in history.”

Frank Bowman, a University of Missouri law professor and author of a forthcoming book on the history of impeachment, said Congress could look beyond criminal laws in defining “high crimes and misdemeanors.” Historically, it can encompass corruption and other abuses, including trying to obstruct judicial proceedings.

HOW DOES IMPEACHMENT PLAY OUT?

The term impeachment is often interpreted as simply removing a president from office, but that is not strictly accurate.

Impeachment technically refers to the 435-member House of Representatives approving formal charges against a president.

The House effectively acts as accuser – voting on whether to bring specific charges. An impeachment resolution, known as “articles of impeachment,” is like an indictment in a criminal case. A simple majority vote is needed in the House to impeach.

The Senate then conducts a trial. House members act as the prosecutors, with senators as the jurors. The chief justice of the U.S. Supreme Court presides over the trial. A two-thirds majority vote is required in the 100-member Senate to convict and remove a president from office.

No president has ever been removed from office as a direct result of an impeachment and conviction by Congress.

Nixon quit in 1974 rather than face impeachment. Presidents Andrew Johnson in 1868 and Bill Clinton in 1998 were impeached by the House, but both stayed in office after the Senate acquitted them.

Obstruction of justice was one charge against Clinton, who faced allegations of lying under oath about his relationship with White House intern Monica Lewinsky. Obstruction was also included in the articles of impeachment against Nixon.

CAN THE SUPREME COURT OVERTURN?

No.

Trump said on Twitter on Wednesday that he would ask the Supreme Court to intervene if Democrats tried to impeach him. But America’s founders explicitly rejected making a Senate conviction appealable to the federal judiciary, Bowman said.

“They quite plainly decided this is a political process and it is ultimately a political judgment,” Bowman said.

“So when Trump suggests there is any judicial remedy for impeachment, he is just wrong.”

PROOF OF WRONGDOING?

In a typical criminal court case, jurors are told to convict only if there is “proof beyond a reasonable doubt,” a fairly stringent standard.

Impeachment proceedings are different. The House and Senate “can decide on whatever burden of proof they want,” Bowman said. “There is no agreement on what the burden should be.”

PARTY BREAKDOWN IN CONGRESS?

Right now, there are 235 Democrats, 197 Republicans and three vacancies in the House. As a result, the Democratic majority could vote to impeach Trump without any Republican votes.

In 1998, when Republicans had a House majority, the chamber voted largely along party lines to impeach Clinton, a Democrat.

The Senate now has 53 Republicans, 45 Democrats and two independents who usually vote with Democrats. Conviction and removal of a president would requires 67 votes. So that means for Trump to be impeached, at least 20 Republicans and all the Democrats and independents would have to vote against him.

WHO BECOMES PRESIDENT IF TRUMP IS REMOVED?

A Senate conviction removing Trump from office would elevate Vice President Mike Pence to the presidency to fill out Trump’s term, which ends on Jan. 20, 2021.

(Reporting by Jan Wolfe and Richard Cowan; Editing by Kevin Drawbaugh and Peter Cooney)

Source: OANN

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