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How U.S. bike companies are steering around Trump’s China tariffs

Employees work on the production line of Kent bicycles at Shanghai General Sports Co., Ltd, in Kunshan
Employees work on the production line of Kent bicycles at Shanghai General Sports Co., Ltd, in Kunshan, Jiangsu Province, China, February 22, 2019. Picture taken February 22, 2019. REUTERS/Aly Song

February 26, 2019

By Rajesh Kumar Singh

(Reuters) – U.S.-based bicycle manufacturer Kent International has found a way around President Donald Trump’s tariffs – by shifting production out of China.

Like almost all U.S. bike makers, Kent has long relied on low-cost Chinese labor and parts, but Trump’s tariffs have so far inflated his costs by about $20 million annually.

“We have no choice but to – as rapidly as possible – look to move production away from China,” said Arnold Kamler, chief executive and majority owner of the Parsippany, N.J.-based bike company.

But Kent and other bike makers don’t have to move their manufacturing operations to the United States to avoid tariffs – nor do they have to stop using Chinese parts.

The company now plans to make bike frames in Cambodia while continuing to buy about half the components it will attach to those frames from producers in China. The resulting bicycles can enter the United States tariff-free because of U.S. rules that generally allow products to be designated as made-in-Cambodia as long as 35 percent of their costs for parts and labor are derived from that country.

Gaming the so-called rules of origin is a legal tariff-avoidance strategy being adopted by other major U.S. bike builders and explored across the industry, along with other manufacturing sectors, according to bike executives and supply chain consultants.

The shift in the $6 billion bike industry underscores how such rules allow manufacturers, despite tariffs, to continue sourcing large portions of their parts from China, undermining the Trump administration goal of boosting U.S. manufacturing employment. It further shows how quickly light manufacturers with less capital-intensive operations can move to Southeast Asia, which has seen a blitz of new investment since Trump launched his first tariffs last spring.

The bike industry plays a small role in what experts call the biggest shake-up in cross-border supply chains since China joined the World Trade Organization in 2001. Companies in an array of industries – furniture, electronics, apparel, tires, vacuum cleaners, to name a few – are moving operations to Vietnam, Thailand and other Asian countries, often while continuing to use some suppliers in China. [L4N1XV1EX]

“This is a mid- to long-term issue that is not going to blow over in a year,” said Brett Weaver, a supply-chain consultant at KPMG. “More and more companies are beginning to take that perspective.”

The Trump administration’s office of the U.S. Trade Representative (USTR) did not respond to requests for comment.

RISING CHINA LABOR COSTS

For many companies, tariffs proved the deciding factor in moves already under consideration because of rising labor costs in China. Three decades ago, when Kamler first offshored Kent’s production, labor in China cost him 20 percent less than in the United States. That gap has narrowed to 5 percent, he said.

Kent currently sources nearly 90 percent of the 3 million bicycles it sells to Target, Walmart and other U.S. retailers from China. But sales took a hit after it raised prices in response to tariffs last September.

Kent’s new factory in Cambodia is estimated to cost $20 million – an amount equivalent to one year of Kent’s increased costs from Trump’s 10 percent tariffs, which were added to existing duties. Trump’s tariffs were set to rise to 25 percent on March 2, but on Sunday he delayed the increase, citing progress in trade talks with China.

Another major brand, Specialized Bicycle Components, has moved production from China to Cambodia, Vietnam and Taiwan, expanding its existing Southeast Asia operations, said Bob Margevicius, a vice president of the Morgan Hill, California-based bike maker. Smaller producer Pure Bicycles, based in Los Angeles, is preparing a move to Vietnam, said Michael Fishman, president of the Los Angeles-based firm.

Industry officials and supply chain consultants say all American bike-makers are considering similar moves to shield their low-margin businesses from tariffs.

“Their supply chains are disrupted,” said Morgan Lommele, a director at PeopleForBikes, an industry association. “They are looking at other countries.”

‘A WAKE-UP CALL’

All manufacturers face challenges in moving their operations to Southeast Asia, including constraints on port capacity and labor. And no country can easily supplant China’s scale and production volumes for bicycles after three decades of the industry migrating there from the United States.

In the 1970s, U.S.-based firms made more than 15 million bicycles annually, compared to fewer than 500,000 now, according to the data presented by the industry to the USTR last year. And 94 percent of U.S. bike imports currently come from China, U.S. Census data shows.

(GRAPHIC: https://tmsnrt.rs/2ElEW2d)

China also provides more than 300 million components such as tires, tubes, seats and handlebars – accounting for about 60 percent total component imports.

Specialized finished moving all its production out of China by December but, like Kent, will continue to buy components from there.

Trump’s tariffs provided a “wake-up call for the industry,” said Margevicius, who also serves on the board of an industry trade group, the Bicycle Product Suppliers Association.

CHINA FIGHTS BACK

Chinese authorities are keen to protect manufacturing jobs, too. To cushion the impact of tariffs, China has increased export tax rebates and quickened tax refunds to exporters, Margevicius said. It is also offering companies cheap loans.

A more than 5 percent decline in the value of the Chinese Yuan last year, along with forecasts of further depreciation this year, are also helping blunt the impact of higher U.S. duties.

Kent is, nonetheless, moving ahead with plans to start manufacturing in Cambodia in September, and Kalmer said it will shift the bulk of its production there over the long term. Lower labor costs were a major deciding factor in addition to tariffs, said Kalmer, who remains skeptical that Beijing will sustain its tax incentives to lower-end manufacturers as its economy shifts towards services, consumption and high-tech production.

South East Asian countries are also wooing firms exploring options outside China.

Cambodia has allowed Kent to bring in short-term workers from China. Thailand is promoting itself as a regional manufacturing hub, offering incentives such as an exemption of up to eight years on corporate income tax for certain industries and exemptions on import duties for some raw materials.

Vietnam has finalized 16 free trade agreements including with the European Union and is a member of the Trans-Pacific Partnership, offering companies almost duty-free access to big bike markets from Germany to Australia.

LOGISTICAL HURDLES

Specialized’s Margevicius advises companies considering a move to look carefully at whether locations outside China have the required infrastructure to meet their needs.

Each of the two biggest ports in Vietnam, for instance, has only a sixth of the capacity of the port of Shanghai, and Cambodia lacks a deep-water port to accommodate larger vessels.

The rush of manufacturers moving operations to Southeast Asia will also bring new competition to hire and train workers from a labor force far smaller than that of China.

Kamler is not deterred. Kent’s Chinese partner has already bought a plot for the Cambodian factory, five miles from downtown Phnom Penh. Construction is scheduled to start next month and finish by June.

The company will initially hire and train up to 300 workers to start the production. It will also bring in 100 robots from its Chinese facilities for welding work.

“We have a big business in the United States,” Kamler said. “My priority 1,2,3 and 4 is to rescue my USA business.”

(Reporting by Rajesh Kumar Singh; editing by Joseph White and Brian Thevenot)

Source: OANN

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NBA roundup: Thunder rally past Nets

NBA: Brooklyn Nets at Oklahoma City Thunder
Mar 13, 2019; Oklahoma City, OK, USA; Oklahoma City Thunder center Steven Adams (12) speaks with Oklaho Thunder guard Terrance Ferguson (23) and Thunder forward Paul George (13) during a stoppage in play in the second half at Chesapeake Energy Arena. Mandatory Credit: Alonzo Adams-USA TODAY Sports

March 14, 2019

Paul George and Russell Westbrook combined for 56 points as the Oklahoma City Thunder beat the visiting Brooklyn Nets 108-96 on Wednesday night.

Oklahoma City trailed by as much as 17 early in the second quarter and 10 early in the second half. It was the second time this season the Thunder came from a double-digit deficit in the second half to beat the Nets and the 14th game this season that Oklahoma City won after trailing by at least 10.

The comeback wasn’t as dramatic as Dec. 5 in Brooklyn, when the Thunder outscored the Nets by 20 in the fourth quarter to win by two. This time, the comeback happened in the third quarter, when George snapped out of his recent slump with 12 points.

Westbrook finished with 31 points, 12 rebounds and 11 assists for his first triple-double since Feb. 28. Spencer Dinwiddie led the Nets with 25 points.

Wizards 100, Magic 90

Bradley Beal scored 23 points, Thomas Bryant added 21 points and 10 rebounds, and Washington defeated visiting Orlando.

Jabari Parker added 19 points and nine rebounds for Washington, which is 2-0 on a crucial five-game homestand. Wizards reserves, led by Bryant, Parker and Chasson Randle (13 points), scored 59 points.

Nikola Vucevic led the Magic with 20 points and 14 rebounds. D.J. Augustin scored 16 points, and Aaron Gordon and Jonathan Isaac had 13 each for the Magic, who have lost four of five.

Heat 108, Pistons 74

Justise Winslow led a balanced attack with 16 points, and host Miami scored the first 21 points of the second half to roll past Detroit.

The Heat outscored the Pistons 33-8 in the third quarter. It was Detroit’s lowest-scoring quarter since Nov. 21, 2012, when the Pistons had an eight-point quarter against Orlando.

Dion Waiters had 14 points, Hassan Whiteside and Josh Richardson scored 13 apiece, and Dwyane Wade tossed in 11 points off the bench for Miami. Blake Griffin led Detroit with 13 points. Former Heat guard Wayne Ellington added 11 points.

Hawks 132, Grizzlies 111

Atlanta continued its hot play on offense, with John Collins, Trae Young and Alex Len combining for 69 points in a win over visiting Memphis. The Hawks entered the game as the NBA’s top offensive team since the All-Star Game, averaging 122.5 points.

Collins finished with 27 points on 11-for-17 shooting and grabbed 12 rebounds for his 28th double-double of the season. Young scored 22 points and had eight rebounds. Len came off the bench to add 20 points and eight rebounds.

CJ Miles sank eight 3-pointers and scored 33 points for the Grizzlies. Mike Conley added 20 points and seven assists.

–Field Level Media

Source: OANN

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Corona maker Constellation to sell about 30 brands in a $1.7 billion deal

FILE PHOTO: Corona beers are pictured at a BevMo! store ahead of Constellation Brands Inc company results in Pasadena
FILE PHOTO: Corona beers are pictured at a BevMo! store ahead of Constellation Brands Inc company results in Pasadena, California U.S., October 4, 2016. REUTERS/Mario Anzuoni

April 3, 2019

(Reuters) – Constellation Brands Inc said on Wednesday it would sell about 30 of its low-end wine and spirits brands and related facilities to E. & J. Gallo Winery for $1.7 billion, as the Corona beer maker focuses on its more premium and profitable brands.

The deal, which includes brands such as Clos du Bois, Black Box and Mark West, is expected to close at the end of the first quarter of fiscal 2020.

(Reporting by Soundarya J in Bengaluru; Editing by James Emmanuel)

Source: OANN

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Canada’s Trudeau isn’t talking about it, but legal pot is going well

FILE PHOTO: Cannabis products on display at the Hunny Pot Cannabis Co. retail cannabis store after marijuana retail sales commenced in the province of Ontario, in Toronto
FILE PHOTO: Cannabis products on display at the Hunny Pot Cannabis Co. retail cannabis store after marijuana retail sales commenced in the province of Ontario, in Toronto, Ontario, Canada April 1, 2019. REUTERS/Moe Doiron/File Photo

April 12, 2019

By Steve Scherer

OTTAWA (Reuters) – Long lines formed on a sub-zero morning last week to buy marijuana over the counter from three different shops in Ottawa, the first capital in the industrialized world to open them.

Though the day highlighted the realization of Prime Minister Justin Trudeau’s promise to legalize cannabis during his 2015 campaign, neither he nor anyone else from the ruling Liberal party was out taking credit for it – a sign that the social stigma around marijuana is still strong.

“Canadians are accepting of legalization, but I don’t think they’re celebratory,” said Peter Donolo, a political strategist at Hill + Knowlton and communications director for former Liberal Prime Minister Jean Chretien.

Aside from difficulty keeping up with demand, legalization has gone smoothly. Online pot sales to adults began nationally on Oct. 17, but storefronts only opened in the province of Ontario, which includes the capital, on April 1.

Six months before a national election, polls show Liberals deadlocked or trailing the rival Conservative Party, and Trudeau is being cautious about weed.

Though Conservative leader Andrew Scheer has said he would not reverse legalization if elected, he has repeatedly expressed worries about safety – especially around people driving while high – and has said more young people might try marijuana now.

There are also some communities like the Vancouver suburb of Richmond, where 55 percent of the population list their ethnic origin as Chinese, which have prohibited cannabis storefronts.

“Legalization has gone well,” a government official said, but the issue is not a “primary focus”.

It is now safer to be a consumer because of regulation, the official said, adding that black market sales are falling and legal jobs and revenue are being created.

Interviews with customers and retailers at the Ottawa stores revealed that even if Trudeau is not talking about it, legalization has generated good will.

“I live close by and I’m excited to see how this store will change the neighborhood,” said Jessica, 23, who declined to give her last name. “I did not vote Liberal last time, but I might this time.”

Jessica was huddled close to an outdoor heater in front of the Fire & Flower store, which is just a 10-minute walk from both the prime minister’s office and parliament.

“We have a deep appreciation for the opportunity we’ve been granted,” said Michael Patterson, one of the shop’s two license holders.

Vivian Azer, a financial analysts who follows cannabis companies for Cowen and Company in New York, sees a bright future for Canada’s nascent marijuana industry.

She forecast cannabis retail sales reaching C$3.6 billion ($2.7 billion) in 2019, including taxes. Azer sees illicit sales declining to 11 percent of the total sales by 2025 from 90 percent last year.

By 2025, Canadian recreational weed revenue will total C$10 billion ($7.5 billion), with medical marijuana at C$2 billion ($1.5 billion), Azer estimates.

“The stigma is rolling away,” Azer said.

Cheralynn, 55, said the promise to legalize marijuana was one of the main reasons she voted for Trudeau in 2015.

“And I like Justin,” she said. “Most women do. He’s kinda cute.”

(Reporting by Steve Scherer; Editing by Bill Berkrot)

Source: OANN

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Iraq orders arrest of ex-governor after deadly ferry sinking

FILE PHOTO: A relative of victims of a ferry that sank in the Tigris river, reacts outside the morgue in Mosul
FILE PHOTO: A relative of victims of a ferry that sank in the Tigris river, reacts outside the morgue in Mosul, Iraq March 22, 2019. REUTERS/Ari Jalal -/File Photo

March 27, 2019

MOSUL, Iraq (Reuters) – Iraq has issued a warrant for the arrest of the former governor of Nineveh on corruption charges after at least 90 people were killed in a ferry accident in the provincial capital Mosul, two court officials said on Wednesday.

The warrant also included the arrest of some local officials after a court investigation concluded they colluded with the former governor in misusing their powers and committed financial violations, a Mosul court judge said.

A member of parliament has tweeted a copy of the arrest warrant.

Responding to a formal request by Prime Minister Adel Abdul Mahdi, Iraq’s parliament voted on Sunday to sack Governor Nawfal Hammadi al-Sultan after the overloaded ferry capsized in the Tigris river last week.

Abdul Mahdi’s letter to parliament accused Sultan of negligence, dereliction of duty, and said there was evidence he was misusing public funds and abusing power.

The Nineveh investigation court sent an official request to the semi-autonomous Kurdistan Regional Government to hand over Sultan who has fled to the Kurdish regional capital Erbil, the judge said.

Angry protesters who took to the streets in Mosul after the ferry sinking blamed negligence by the local government for the accident. The boat was loaded to five times its capacity, according to a local official.

The ferry was carrying families heading to an outing on an island in the Tigris when it sank. Many of the women and children on board could not swim.

Islamic State militants were driven from Mosul nearly two years ago, but relief has given way to impatience over alleged corruption as reconstruction of the destroyed city has stalled.

(Reporting by Salih Elias; Writing by Ahmed Rasheed, Editing by William Maclean)

Source: OANN

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Boeing unveils unmanned combat jet developed in Australia

FILE PHOTO: The Boeing logo is pictured at Congonhas Airport in Sao Paulo, Brazil
FILE PHOTO: The Boeing logo is pictured at the Latin American Business Aviation Conference & Exhibition fair (LABACE) at Congonhas Airport in Sao Paulo, Brazil, Aug. 14, 2018. REUTERS/Paulo Whitaker/File Photo

February 26, 2019

By Jamie Freed

AVALON, Australia (Reuters) – Boeing Co on Wednesday unveiled an unmanned, fighter-like jet developed in Australia and designed to fly alongside crewed aircraft in combat for a fraction of the cost.

The U.S. manufacturer hopes to sell the multi-role aircraft, which is 38 feet long (11.6 meters) and has a 2,000 nautical mile (3,704 kilometer) range, to customers around the world, modifying it as requested.

It is Australia’s first domestically developed combat aircraft in decades and Boeing’s biggest investment in unmanned systems outside the United States, although the company declined to specify the dollar amount.

Defense contractors are investing increasingly in autonomous technology as militaries around the world look for a cheaper and safer way to maximize their resources.

Boeing rivals like Lockheed Martin Corp and Kratos Defense and Security Solutions Inc are also investing in such aircraft.

Four to six of the new aircraft, called the Boeing Airpower Teaming System, can fly alongside a F/A-18E/F Super Hornet, said Shane Arnott, director of Boeing research and prototype arm Phantom Works International.

“To bring that extra component and the advantage of unmanned capability, you can accept a higher level of risk,” he said.

The Mitchell Institute for Aerospace Studies in the United States said last year that the U.S. Air Force should explore pairing crewed and uncrewed aircraft to expand its fleet and complement a limited number of “exquisite, expensive, but highly potent fifth-generation aircraft” like the F-35.

“Human performance factors are a major driver behind current aerial combat practices,” the policy paper said. “Humans can only pull a certain number of Gs, fly for a certain number of hours, or process a certain amount of information at a given time.”

In addition to performing like a fighter jet, other roles for the Boeing system early warning, intelligence, surveillance and reconnaissance alongside aircraft like the P-8 Poseidon and E-7 Wedgetail, said Kristin Robertson, vice president and general manager of Boeing Autonomous Systems.

“It is operationally very flexible, modular, multi-mission,” she said. “It is a very disruptive price point. Fighter-like capability at a fraction of the cost.”

Robertson declined to comment on the cost, saying that it would depend on the configuration chosen by individual customers.

The jet is powered by a derivative of a commercially available engine, uses standard runways for take-off and landing, and can be modified for carrier operations at sea, Robertson said. She declined to specify whether it could reach supersonic speeds, common for modern fighter aircraft.

Its first flight is expected in 2020, with Boeing and the Australian government producing a concept demonstrator to pave the way for full production.

Australia, a staunch U.S. ally, is home to Boeing’s largest footprint outside the United States and has vast airspace with relatively low traffic for flight testing.

The Boeing Airpower Teaming System will be manufactured in Australia, but production lines could be set up in other countries depending on sales, Arnott said.

The United States, which has the world’s biggest military budget, would be among the natural customers for the product.

The U.S. Air Force 2030 project foresees the Lockheed Martin F-35A Joint Strike Fighter working together with stealthy combat drones, called the “Loyal Wingman” concept, said Derrick Maple, principal analyst for unmanned systems at IHS Markit.

“The U.S. has more specific plans for the wingman concept, but Western Europe will likely develop their requirements in parallel, to abate the capabilities of China and the Russian Federation and other potential threats,” he said.

Robertson declined to name potential customers and would not comment on potential stealth properties, but said the aircraft had the potential to sell globally.

“We didn’t design this as a point solution but a very flexible solution that we could outfit with payloads, sensors, different mission sets to complement whatever their fleet is,” she said. “Don’t think of it as a specific product that is tailored to do only one mission.”

(Reporting by Jamie Freed; additional reporting by Gerry Doyle; editing by Gerry Doyle)

Source: OANN

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DUP no closer to backing PM’s Brexit deal: lawmaker

Democratic Unionist Party (DUP) Brexit spokesman Sammy Wilson MP speaks to media after the DUP annual party conference in Belfast
FILE PHOTO: Democratic Unionist Party (DUP) Brexit spokesman Sammy Wilson MP speaks to media after the DUP annual party conference in Belfast, Northern Ireland November 24, 2018. REUTERS/Clodagh Kilcoyne

March 21, 2019

By Padraic Halpin

DUBLIN (Reuters) – The small Northern Irish party that props up British Prime Minister Theresa May’s government is no closer to backing her EU divorce agreement as talks between the sides continue, the party’s Brexit spokesman said on Thursday.

The Democratic Unionist Party’s (DUP) 10 lawmakers in London have twice opposed the agreement May struck with the European Union and their support is vital if she is to stand any chance of reversing two heavy defeats.

“No, we’re not yet. We will however continue to talk to the prime minister because we think it is our duty to try and undo some of the damage included in the Withdrawal Agreement,” the DUP’s Sammy Wilson told Irish national broadcaster RTE when asked if they were any closer to backing the deal.

“We have made it quite clear that unless there is a legal means by which Northern Ireland would not be treated differently from the United Kingdom, not just assurances or promises but acting legislation, we will not be supporting the Withdrawal Agreement.”

May made an impassioned appeal to British lawmakers to support her on Wednesday after the EU said it could only grant her request to delay Brexit for three months if parliament next week backed her plans for leaving.

Wilson described the plea, in a televised address, as an attempt by the prime minister to try to shift the blame from “her own incompetent negotiations” and said she seemed to lump all those who voted against the deal together.

In a bid to win over the DUP, May also said on Wednesday that she intended to put forward further domestic proposals to protect the internal market of the United Kingdom.

Wilson said any proposals to keep Northern Ireland aligned with the rest of the United Kingdom would also have to be acceptable to the faction of Brexit hardliners in May’s own Conservative Party who are opposed to her deal and want a clean break from the EU.

“There is no point in us agreeing to something that is not deliverable anyway, nor do we have any intention of doing so. That’s why there are a lot of gaps in the negotiations at present. We will continue to talk but time is running out,” he said.

“It seems that if the agreement ever comes back to the House of Commons next week, those matters are not going to be resolved.”

(Editing by Janet Lawrence)

Source: OANN

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Britain's Chancellor of the Exchequer Philip Hammond looks on during an interview with Reuters at the British Ambassador's residence in Beijing
Britain’s Chancellor of the Exchequer Philip Hammond looks on during an interview with Reuters at the British Ambassador’s residence in Beijing, China April 26, 2019. REUTERS/Florence Lo/Pool

April 26, 2019

BEIJING (Reuters) – British finance minister Philip Hammond said on Friday that he had a “very constructive meeting” with his counterpart in the opposition Labour Party before leaving for Beijing and that he was optimistic about finding common ground.

Hammond, speaking on the sidelines of a summit on China’s Belt and Road initiative in Beijing, said talks with Labour aimed at finding a way forward on Brexit had not stalled.

“I’m optimistic that we will find common ground,” he said. “Both sides have got clear positions and both sides will have to compromise in order to reach an agreement.”

Hammond added that he absolutely did not favor a no deal exit from the European Union.

(Reporting by Ben Blanchard; editing by Darren Schuettler)

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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)

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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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