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Fed proposes blueprint for bank-controlling companies

FILE PHOTO: FILE PHOTO: The Federal Reserve Board building on Constitution Avenue is pictured in Washington
FILE PHOTO: The Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 27, 2019. REUTERS/Brendan McDermid/File Photo

April 23, 2019

By Pete Schroeder

WASHINGTON (Reuters) – The U.S. Federal Reserve on Tuesday proposed a framework for determining when a company has taken control of a bank and must face more rigorous oversight and restrictions, a move that could remove hurdles for banks seeking to attract investors and partners.

The new proposal would for the first time establish clear standards for when the central bank considers a company as taking control of a financial institution, which could be a boon for banks and investors who have had to tread cautiously as such determinations previously were made on a case-by-case basis.

A company that gains control of a bank is considered a bank holding company and, as a result, is subject to Fed supervision and a host of restrictions on other business activities.

The Fed’s efforts to clarify its thinking on bank control could help banks looking for new investors or partners, including private equity or fintech firms, without subjecting them to banking regulations and other restrictions, according to analysts.

Randal Quarles, the Fed’s vice chair for supervision, said in a prepared statement the regulator’s prior practice of determining bank control had become “one of the more ad hoc and complicated areas of the board’s regulatory administration.”

“The proposal would improve the transparency of the board’s control framework by placing substantially all of the board’s control positions into a comprehensive public regulation,” Quarles said.

The proposal is largely similar with the Fed’s existing practices on bank control standards, but is now being made formal through a proposed rule, according to Fed officials.

Specifically, the Fed is attempting to write a blueprint for when a company exerts a “controlling influence” over a bank, which can include a combination of factors such as size of investment, number of seats held on the board, and additional business relationships.

Broadly, the proposal requires companies with greater percentages of voting shares in a bank to have less input in other factors.

For example, a company with 15 percent to 24.9 percent of the voting shares in a bank must have business relationships with the bank that amount to less than 2 percent of its revenue or expenses without being considered a controlling interest.

By comparison, a company with just 5 percent to 9.9 percent of voting shares could have a business relationship worth nearly 10 percent of its revenue and expenses.

The Fed board is set to vote on the proposal at an open meeting later on Tuesday.

(Reporting by Pete Schroeder; Editing by Paul Simao)

Source: OANN

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EU summit an ‘inexcusable’ failure for UK PM, DUP says

FILE PHOTO: Democratic Unionist Party (DUP) deputy leader Nigel Dodds, speaks to the media outside the Cabinet Office, in London
FILE PHOTO: Democratic Unionist Party (DUP) deputy leader Nigel Dodds, speaks to the media outside the Cabinet Office, in London, Britain March 15, 2019. REUTERS/Henry Nicholls/File Photo

March 22, 2019

DUBLIN (Reuters) – Nothing has changed as far as the Brexit divorce deal British Prime Minister Theresa May is seeking to convince lawmakers to back, the deputy leader of the Northern Irish party propping up her government said on Friday.

The Democratic Unionist Party’s Nigel Dodds said in a statement May had missed an opportunity to put forward proposals to EU leaders to improve the prospects of an acceptable deal, describing it as a “disappointing and inexcusable” failure.

“Lectures by the Prime Minister putting the blame on others cannot disguise the responsibility her government bears for the current debacle and the fact that her agreement has been twice overwhelmingly rejected,” Dodds added in a statement ahead of a third vote where his party’s stance will be vital.

(Reporting by Padraic Halpin; Editing by Peter Graff)

Source: OANN

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U.S. Congressional panel advances bill allowing banks to engage in cannabis business

People view products at the Cannabis World Congress and Business Exposition, a trade show for the legalized adult use, medical marijuana and industrial hemp industries, in Los Angeles
FILE PHOTO: People view products at the Cannabis World Congress and Business Exposition, a trade show for the legalized adult use, medical marijuana and industrial hemp industries, in Los Angeles, California, U.S., September 15, 2017. REUTERS/Lucy Nicholson

March 28, 2019

WASHINGTON (Reuters) – A U.S. congressional panel advanced legislation Thursday that would allow banks to provide services to cannabis companies in states where it is legal.

The bill would provide sought-after clarity to banks across the country that want to do business with the growing industry, where companies have struggled to gain access to the financial system.

The legislation now heads to the full House where it is expected to pass, but it faces an uncertain future in a Senate where Republican leaders are cool to the idea.

(Reporting by Pete Schroeder)

Source: OANN

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Renault-Nissan must streamline decision-making: Renault’s Senard

Renault Chairman Jean-Dominique Senard attends a joint news conference in Yokohama
Renault Chairman Jean-Dominique Senard attends a joint news conference in Yokohama, Japan, March 12, 2019. REUTERS/Kim Kyung-Hoon

March 17, 2019

PARIS (Reuters) – Renault and Nissan must streamline decision-making in the car-making alliance and boosting the companies’ cross-shareholding is not currently in their plans, Renault’s chairman said in comments published on Sunday.

Japan’s Nissan Motor and France’s Renault, together with junior ally Mitsubishi Motors, agreed last week that they would retool the alliance to put themselves on a more equal footing.

“I’ve concluded that we need to considerably simplify our decision processes in the alliance,” Renault chairman Jean-Dominique Senard said in an interview published on Le Figaro’s website.

“I want it to be tight and made up of those people who have power to take decisions in each company,” he added.

The removal of Carlos Ghosn, credited with rescuing Nissan from near-bankruptcy in 1999, from the head of the alliance has raised a cloud of uncertainty about its future.

Senard said that boosting cross-shareholdings was not currently under consideration.

“The teams around me are not mobilized on this subject,” he said. “The only merger I’m working on is that of our cultures.

(Reporting by Matthieu Protard and Leigh Thomas; Editing by Gareth Jones)

Source: OANN

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Reports: Saints C Unger retiring after 10 seasons

NFL: Washington Redskins at New Orleans Saints
Nov 19, 2017; New Orleans, LA, USA; New Orleans Saints quarterback Drew Brees (9) makes a throw as center Max Unger (60) blocks in the first quarter against the Washington Redskins at the Mercedes-Benz Superdome. Mandatory Credit: Chuck Cook-USA TODAY Sports

March 16, 2019

New Orleans Saints center Max Unger retired Saturday in a surprising development, multiple outlets reported.

Unger, who turns 33 next month, completed his 10th NFL season and earned his third Pro Bowl selection in 2018. He had one year left on a three-year, $22 million contract and was set to earn $5.1 million in base salary in 2019.

With his help, New Orleans ranked third in the league last year in scoring at 31.5 points per game and Drew Brees was only sacked 17 times, fewest of any quarterback in the NFL with at least 10 starts.

Unger started 130 regular season and 12 postseason games with the Seattle Seahawks (2009-14) and Saints (2015-18).

He missed only one of the Saints’ 64 games over the past four seasons. He led the team with 1,013 offensive snaps in 2018.

–Field Level Media

Source: OANN

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U.S. court rejects challenge to special counsel’s appointment

FILE PHOTO: Special Counsel Robert Mueller departs after briefing the U.S. House Intelligence Committee on Capitol Hill in Washington
FILE PHOTO: Special Counsel Robert Mueller departs after briefing the U.S. House Intelligence Committee on his investigation of potential collusion between Russia and the Trump campaign on Capitol Hill in Washington, U.S., June 20, 2017. REUTERS/Aaron P. Bernstein/File Photo

February 26, 2019

WASHINGTON (Reuters) – A U.S. appeals court on Tuesday rejected a challenge brought by an associate of Roger Stone, the indicted long-time advisor to President Donald Trump, to the legality of the Justice Department’s 2017 appointment of Special Counsel Robert Mueller.

In doing so, the U.S. Court of Appeals for the District of Columbia Circuit upheld a lower court’s decision to hold Andrew Miller in contempt for refusing to comply with a grand jury subpoena that was served on him by Mueller, who is investigating potential conspiracy between Trump’s 2016 campaign and Russia.

(Reporting by Lawrence Hurley; Editing by Will Dunham)

Source: OANN

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Court: Germany must press US over Yemen drone strikes

A court in Germany ruled Tuesday that the government has partial responsibility to ensure U.S. drone strikes controlled with the help of an American base on German territory are in line with international law, but judges stopped short of ordering the ban that human rights activists had called for.

The case was brought by the European Center for Constitutional and Human Rights on behalf of three Yemeni plaintiffs, who allege their relatives were killed in a U.S. drone strike in 2012. A lower court had dismissed their case in 2015, concluding at the time that the government had fulfilled its legal duties and was within its rights to balance them with "foreign and defense policy interests."

In a statement, the Muenster administrative court said available evidence suggests the Ramstein U.S. air base in southern Germany plays "a central role" for the relay of flight control data used for armed drone strikes in Yemen.

Judges ordered the German government to take "appropriate measures" to determine whether the use of armed drones controlled via Ramstein is in line with international law and, if necessary, to press Washington to comply with it.

"The judgment from the court in Muenster is an important step toward placing limits on the drone program as carried out via Ramstein," said Andreas Schueller, a lawyer with the European Center for Constitutional and Human Rights. "Germany must now face up to its responsibility for these strikes."

The German Foreign Ministry did not immediately respond to requests for comment. The U.S. Embassy referred queries to the U.S. military, which did not immediately respond.

The Muenster court said in its statement that "the question of whether international law permits the use of armed drones in Yemen isn't a political question but a legal question."

Judges questioned the German government's assertion that there was no reason to believe the U.S. had broken any laws with the 2012 strike in in Hadramawt province, which killed at least two people, and ordered it to investigate doubts raised by the plaintiffs.

U.S. drone strikes in Yemen have targeted suspected members of al-Qaida.

The German judges said public statements by U.S. officials cast doubt on whether the American drones are only targeting people who have a "continuous combat function" — a legal threshold meant to prevent civilians associated with but not actively fighting for armed groups from being subjected to extrajudicial killings.

The court said the "fundamental significance" of the case means it can be appealed before the federal administrative court

___

Follow Frank Jordans on Twitter at http://www.twitter.com/wirereporter

Source: Fox News National

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A man looks out at a flooded residential area in Gatineau
A man looks out at a flooded residential area in Gatineau, Quebec, Canada, April 24, 2019. REUTERS/Chris Wattie

April 26, 2019

MONTREAL/OTTAWA (Reuters) – Rising waters were prompting further evacuations in central Canada on Thursday, with the mayor of the country’s capital, Ottawa, declaring a state of emergency and Quebec authorities warning that a hydroelectric dam was at risk of breaking.

Ottawa Mayor Jim Watson declared the emergency in response to rising water levels along the Ottawa River and weather forecasts that called for significant rainfall on Friday.

In a statement on Twitter, Watson asked for help from the Ontario provincial government and the country’s military.

He warned that “flood levels are currently forecasted to exceed the levels that caused significant damage to numerous properties in the city of Ottawa in 2017.”

Spring flooding had killed one person and forced more than 900 people from their homes in Canada’s Quebec province as of 1 p.m. on Thursday, according to a government website.

Ottawa has received 80 requests for service related to potential flooding such as sandbagging, a city spokeswoman said.

The prospect of more rain over the next 24 to 48 hours triggered concerns on Thursday that the hydroelectric dam at Bell Falls in the western part of Quebec could be at risk of failing because of rising water levels.

Quebec’s provincial police said 250 people were protectively removed from homes in the area as of late afternoon in case the dam on the Rouge River breaks.

The dam is now at its full flow capacity of 980 cubic meters per second of water, said Francis Labbé, a spokesman for the province’s state-owned utility, Hydro Quebec. He said Hydro Quebec expected the flow could rise to 1,200 cubic meters per second of water over the next two days.

“We have to take the worst-case scenario into consideration, since we`re already at the maximum capacity,” Labbé said by phone.

The dam is part of a power station that no longer produces electricity, but is regularly inspected by Hydro Quebec, he said.

(Reporting by Allison Lampert in Montreal and David Ljunggren and Julie Gordon in Ottawa; Editing by James Dalgleish and Peter Cooney)

Source: OANN

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FILE PHOTO: Funeral of journalist Lyra McKee in Belfast
FILE PHOTO: Pallbearers carry the coffin of journalist Lyra McKee at her funeral at St. Anne’s Cathedral in Belfast, Northern Ireland, April 24, 2019. REUTERS/Clodagh Kilcoyne/File Photo

April 26, 2019

BELFAST (Reuters) – Detectives investigating the murder of journalist Lyra McKee in Northern Ireland last week suspect the gunman who shot her dead is in his late teens as they made a further appeal to the local community who they believe know his identity.

McKee’s killing by an Irish nationalist militant during a riot in Londonderry has sparked outrage in the province where a 1998 peace deal mostly ended three decades of sectarian violence that cost the lives of some 3,600 people.

The New IRA, one of a small number of groups that oppose the peace accord, has said one of its members shot the 29-year-old reporter dead in the Creggan area of the city on Thursday when opening fire on police during a riot McKee was watching.

The killing, which followed a large car bomb in Londonderry in January that police also blamed on the New IRA, has raised fears that small marginalized militant groups are exploiting a political vacuum in the province and tensions caused by Britain’s decision to leave the European Union.

Police released footage on Friday of immediately before and after the shooting showing three men who were involved in the rioting and identified one as the gunman who they believe is in his late teens. 

“I believe that the information that can help us to bring those responsible for her murder to justice lies within the community. I need the public to tell me who he is,” Detective Superintendent Jason Murphy told reporters.

Murphy said those involved in the disorder on the night were teenagers or in their early 20s, and that about 100 people were on the ground watching the trouble as it unfolded.

He added that police believed the gun used in the attack was of a similar caliber to those used before in paramilitary type attacks in Creggan. 

“I recognize that people living in Creagan may find it’s difficult to come forward to speak to police. Today, I want to provide a personal reassurance that we are able to deal with those issues sensitively,” Murphy said, echoing similar appeals in recent days.

(Reporting by Amanda Ferguson, editing by Padraic Halpin and Toby Chopra)

Source: OANN

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Traders work on the floor at the NYSE in New York
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid

April 26, 2019

By Sruthi Shankar and Amy Caren Daniel

(Reuters) – U.S. stock index futures were flat on Friday, as investors paused ahead of GDP data, which is expected to show the world’s largest economy maintained a moderate pace of growth in the first quarter.

Gross domestic product probably increased at a 2% annualized rate in the quarter as a burst in exports, strong inventory stockpiling and government investment in public construction projects offset a slowdown in consumer and business spending, according to a Reuters survey of economists.

The Commerce Department report will be published at 8:30 a.m. ET.

The GDP data comes as investors look for fresh catalysts to push the markets higher. The S&P 500 index is about 0.5% below its record high hit in late September, after surging nearly 17% this year.

First-quarter earnings have been largely upbeat, with nearly 78% of the 178 companies that have reported so far surpassing earnings estimates, according to Refinitiv data.

Wall Street now expects S&P 500 earnings to be in line with the year-ago quarter, a sharp improvement from the 2.3% fall expected at the start of April.

Amazon.com Inc rose 0.9% in premarket trading after the e-commerce giant reported quarterly profit that doubled and beat estimates on soaring demand for its cloud and ad services.

Ford Motor Co shares surged 8.5% after the automaker posted better-than-expected first-quarter earnings largely due to strong pickup truck sales in its core U.S. market.

Mattel Inc jumped 8% after the toymaker beat analysts’ estimates for quarterly revenue, as a more diverse range of Barbie dolls powered sales in the United States.

At 6:52 a.m. ET, Dow e-minis were down 35 points, or 0.13%. S&P 500 e-minis were down 1.5 points, or 0.05% and Nasdaq 100 e-minis were up 10.75 points, or 0.14%.

Among decliners, Intel Corp slumped 7.7% after it cut its full-year revenue forecast and missed quarterly sales estimate for its key data center business.

Rival Advanced Micro Devices declined 0.8%.

Oil majors Exxon Mobil Corp and Chevron Corp are expected to report results later in the day.

(Reporting by Sruthi Shankar and Amy Caren Daniel in Bengaluru; Editing by Anil D’Silva)

Source: OANN

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General view of a destroyed building during World War II is pictured in Warsaw
General view of a destroyed building during World War II is pictured in Warsaw, Poland April 26, 2019. REUTERS/Kacper Pempel

April 26, 2019

By Joanna Plucinska

WARSAW (Reuters) – Germany could owe Poland more than $850 billion in reparations for damages it incurred during World War Two and the brutal Nazi occupation, a senior ruling party lawmaker said.

Some six million Poles, including three million Polish Jews, were killed during the war and Warsaw was razed to the ground following a 1944 uprising in which about 200,000 civilians died.

Germany, one of Poland’s biggest trade partners and a fellow member of the European Union and NATO, says all financial claims linked to World War Two have been settled.

The right-wing Law and Justice (PiS) has revived calls for compensation since it took power in 2015 and has made the promotion of Poland’s wartime victimhood a central plank of its appeal to nationalism.

PiS has yet to make an official demand for reparations but its combative stance towards Germany has strained relations.

“Poland lost not only millions of its citizens but it was also destroyed in an unusually brutal way,” Arkadiusz Mularczyk, who heads the Polish parliamentary committee on reparations, told Reuters in an interview.

“Many (victims) are still alive and feel deeply wronged.”

His comments come a month before European Parliament elections in which populist and nationalist parties are expected to do well. Poland will also hold national elections later this year, with PiS still well ahead of its rivals in opinion polls.

EU LARGESSE

Mularczyk said the reparations figure could amount to more than 10 times the estimated 100 billion euros ($111 billion) that Poland has received so far in European Union funds since it joined the bloc in 2004.

Germany is the biggest net donor to the EU budget and some Germans regard its contributions as generous compensation to recipient countries like Poland which suffered under Nazi rule.

In 1953 Poland’s then-communist rulers relinquished all claims to war reparations under pressure from the Soviet Union, which wanted to free East Germany, also a Soviet satellite, from any liabilities. PiS says that agreement is invalid because Poland was unable to negotiate fair compensation.

Mularczyk said his committee hoped to complete its report on the reparations issue by Sept. 1, the 80th anniversary of Hitler’s invasion.

Accusing Berlin of playing “diplomatic games” over the issue, he said: “The matter is being swept under the rug (by Germany) … until it’ll be wiped from the memory, from people’s awareness.”

His comments come after the Greek parliament voted this month to seek billions of euros in German reparations for the Nazi occupation of their country.

(Additional reporting by Anna Wlodarczak-Semczuk, Editing by Justyna Pawlak and Gareth Jones)

Source: OANN

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FILE PHOTO - Otto Frederick Warmbier is taken to North Korea's top court in Pyongyang North Korea
FILE PHOTO – Otto Frederick Warmbier (C), a University of Virginia student who was detained in North Korea since early January, is taken to North Korea’s top court in Pyongyang, North Korea, in this photo released by Kyodo March 16, 2016. Mandatory credit REUTERS/Kyodo/File Photo

April 26, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday said the United States did not pay any money to North Korea as it sought the release of comatose American student Otto Warmbier.

The Washington Post reported on Thursday that Trump had approved payment of a $2 million bill from North Korea to cover its care of the college student, who died shortly after he was returned to the United States after 17 months in a North Korean prison.

(Reporting by Makini Brice and Susan Heavey)

Source: OANN

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