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Lyft shares surge 21.2 percent on Nasdaq debut after IPO

Signage for Lyft is seen displayed at the NASDAQ MarketSite in Times Square in celebration of its initial public offering (IPO) on the NASDAQ Stock Market in New York
Signage for Lyft is seen displayed at the NASDAQ MarketSite in Times Square in celebration of its initial public offering (IPO) on the NASDAQ Stock Market in New York, U.S., March 29, 2019. REUTERS/Shannon Stapleton

March 29, 2019

By Heather Somerville

LOS ANGELES (Reuters) – Lyft Inc shares on Friday opened up 21.2 percent at $87.24 in its market debut on the Nasdaq after the company was valued at $24.3 billion in the first initial public offering (IPO) of a ride-hailing startup.

On Thursday, Lyft said it priced 32.5 million shares, slightly more that it was offering originally, at $72, the top of its already elevated $70-$72 per share target range for the IPO.

After a few minutes of trading, shares were up 18.6 percent at $85.42.

Instead of celebrating the first day of trading at the Nasdaq in New York, Lyft opted to mark the occasion at a defunct auto dealership in downtown Los Angeles.

A couple hundred people — Lyft staff, family and friends, stakeholders and Los Angeles Mayor Eric Garcetti — gathered before dawn for the kick-off event.

Lyft has recently bought the facility to turn it into a driver services center, the first of several it plans to open across the U.S. in the coming months, where drivers can get discounted services like help with taxes or charging electric vehicles.

(Reporting by Heather Somerville in Los Angeles; Additional reporting by Joshua Franklin and Chuck Mikolajczak in New York, Writing by Joshua Franklin; Editing by Nick Zieminski)

Source: OANN

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Morocco drops case against Spanish pro-migrant activist

Spanish activist Helena Maleno says Moroccan authorities have dropped a case against her that sought human trafficking charges for her calls alerting maritime rescue services to the presence of migrants crossing the Mediterranean Sea.

In 2012, Spanish police investigated what they alleged were possible links between Maleno and human trafficking gangs. A Spanish court later dropped the case. Moroccan justice carried out a parallel investigation until it was closed on Monday.

Maleno, who lives in Morocco, has made it her cause to inform Spanish and Moroccan rescuers when migrants set out in flimsy boats to make the perilous crossing from African to European shores.

Maleno said from Tangier the "fact that this case was dropped sets an example for us to continue our work."

Source: Fox News World

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Warren calls for scrapping U.S. electoral college in 2020 televised town hall

FILE PHOTO: Democratic 2020 U.S. presidential candidate and U.S. Senator Elizabeth Warren (D-MA) speaks to supporters in Memphis
FILE PHOTO: Democratic 2020 U.S. presidential candidate and U.S. Senator Elizabeth Warren (D-MA) speaks to supporters in Memphis, Tennessee, U.S. March 17, 2019. REUTERS/Karen Pulfer Focht/File Photo

March 19, 2019

By Amanda Becker

GREENVILLE, Miss. (Reuters) – Senator Elizabeth Warren, one of more than a dozen Democrats vying for the 2020 presidential nomination, on Monday called for the scrapping of the electoral college, the method used to elect U.S. presidents.

It was the first time Warren has explicitly called to eliminate the system established by the U.S. constitution, in which each state is allotted a set number of “electors” based on the combined total of the state’s representation in Congress.

Warren was participating in a televised CNN town hall in Jackson, Mississippi, when she was asked how, if elected, she would expand access to voting, including for those convicted of felonies.

Warren, 69, said there should be an amendment to the U.S. Constitution guaranteeing all citizens the right to vote, and called for the repeal of laws that make it more difficult to cast ballots.

She then lamented that White House candidates do not spend much time in places like Mississippi, which is conservative, and therefore not considered a swing state in U.S. presidential elections.

“Well, my view is that every vote matters. And the way we can make that happen is that we can have national voting. And that means get rid of the electoral college and everybody counts,” Warren said, eliciting some of the most enthusiastic applause of the night.

The electoral college has 538 electors and 270 are needed to win the presidency. Democrat Hillary Clinton won the popular vote in the 2016 presidential election but Republican Donald Trump won the electoral college.

Representative Steve Cohen of Tennessee introduced a constitutional amendment this year to eliminate the electoral college, but it has not been brought up for a vote in the House, which is controlled by Democrats.

(Reporting by Amanda Becker; Editing by Clarence Fernandez)

Source: OANN

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Italy court to decide after April 30 over suspension request in Vivendi-Mediaset row: source

The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris
FILE PHOTO: The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. REUTERS/Charles Platiau

March 12, 2019

MILAN (Reuters) – An Italian court will decide after April 30 on French media group Vivendi’s request to suspend a lawsuit over a damage request from broadcaster Mediaset, a legal source said on Tuesday.

Mediaset is seeking 3 billion euros ($3.4 billion) in damages from Vivendi after the French group backtracked on a deal to buy Mediaset’s pay-TV unit Premium in July 2016.($1 = 0.8770 euros)

(Reporting by Elvira Pollina; writing by Maria Pia Quaglia, editing by Valentina Za)

Source: OANN

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Erdogan: Istanbul's Hagia Sophia could be turned into mosque

Turkish President Recep Tayyip Erdogan says Istanbul's Hagia Sophia — a Byzantine-era cathedral that was turned into a mosque and now serves as a museum — could be reconverted into a mosque.

Erdogan spoke during a television interview Sunday ahead of Turkey's March 31 local elections.

The former Byzantine cathedral was converted into a mosque after the Ottoman conquest of Istanbul in 1453. Turkey's secular founder turned the structure into a museum in 1935 that attracts millions of tourists each year.

There have been increasing calls for the government to convert the symbolic structure back into a mosque, especially following reports that the gunman who killed Muslim worshippers in New Zealand left a manifesto saying the Hagia Sophia would be "free of minarets."

Source: Fox News World

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Kim Says US Acted in ‘Bad Faith’ in Hanoi Talks

North Korea dictator Kim Jong Un on Thursday accused the United States of operating in "bad faith" at February's Hanoi summit, which produced no breakthroughs in talks about the North's denuclearization and U.S. sanctions.

Kim added peace on the peninsula depended on the United States' "future attitude."

At the meeting in Vietnam between the two leaders, Trump had demanded sanctions relief only if North Korean abandoned its nuclear weapons program. Kim wanted sanctions relief in exchange for dismantling a single nuclear facility.

But the balance the U.S. sought shifted dramatically Thursday, when Kim met with Russia's President Vladimir Putin — a sit-down described by the Korean Central News Agency as "unreserved and friendly," AFP reported.

Kim declared "the situation on the Korean peninsula and the region is now at a standstill and has reached a critical point," the news agency reported. And he warned the situation "may return to its original state as the U.S. took an unilateral attitude in bad faith at the recent second DPRK-US summit talks."

"Peace and security on the Korean peninsula will entirely depend on the U.S. future attitude, and the DPRK will gird itself for every possible situation," he said, AFP reported.

Kim said he hoped to usher in a "new heyday" in ties between Pyongyang and Moscow.

Source: NewsMax Politics

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What to know about Bernie Sanders’ Fox News town hall

Bernie Sanders is getting ready to make his pitch for president in front of a large audience at Fox News' town hall next week.

Fox News' Bret Baier, of "Special Report," and Martha MacCallum, of "The Story," will co-anchor the hour-long event. It will be the Vermont senator's first appearance on Fox News Channel since he agreed to be a guest on Baier's show in December 2018. He also participated in Fox News Channel's Democratic town hall back in 2016 alongside his then-competitor Hillary Clinton.

5 THINGS TO KNOW ABOUT BERNIE SANDERS

Sanders, who raised $18 million in the first six weeks of his campaign, is considered a front-runner among a crowded field of 2020 presidential hopefuls. Before the self-proclaimed Democratic socialist takes the stage next week, here's a look at everything you need to know.

When and where is the Fox News town hall?

The Sanders town hall will take place on Monday, April 15 from 6:30 p.m. to 7:30 p.m. ET in Bethlehem, Pennsylvania.

How can I watch it?

You can watch the town hall on the Fox New Channel. The event will also be available via live stream — just log into your TV provider to watch the event in real-time on foxnews.com or the Fox News app.

"The Story with Martha Maccallum" will air on Fox News immediately following the event at 7:30 p.m. ET.

What will Sanders focus on during the town hall?

The 77-year-old — the longest-serving Independent member of Congress ever — is expected to focus on the economy and his plans for U.S. job growth.

"It’s time for an economy that works for all of us, not just the rich," Sanders has repeatedly said in the past.

HOW DID BERNIE SANDERS MAKE HIS MONEY? A LOOK AT HIS WEALTH AND ASSETS

In December 2018, Sanders outlined four ways to "revitalize" the U.S. economy: increasing the minimum wage to $15 by 2024, universal health care, tuition-free colleges and the creation of "millions of jobs" in sustainable energy.

"Our campaign is about creating a government and economy that work for the many, not just the few," tweeted Sanders in February. "We should not have grotesque levels of wealth inequality in which three billionaires own more wealth than the bottom half of the country."

Source: Fox News Politics

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FILE PHOTO: An aerial photo looking north shows shipping containers at the Port of Seattle and the Elliott Bay waterfront in Seattle
FILE PHOTO: An aerial photo looking north shows shipping containers at the Port of Seattle and the Elliott Bay waterfront in Seattle, Washington, U.S. March 21, 2019. REUTERS/Lindsey Wasson/File Photo

April 26, 2019

NEW YORK (Reuters) – U.S. economic growth is running at a 1.1% pace in the second quarter as the gains in exports and inventories recorded in the first quarter are expected to reverse, Morgan Stanley economists said on Friday.

“Our preliminary expectations for growth in the second quarter sees large drags from net exports and inventories after their contributions in 1Q,” they wrote in a research note.

Gross domestic product increased at a 3.2% annualized rate in the first three months of the year, driven by a smaller trade deficit and the largest accumulation of unsold merchandise since 2015, the Commerce Department said earlier Friday.

(Reporting by Richard Leong)

Source: OANN

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FILE PHOTO: The Deutsche Bank headquarters are pictured in Frankfurt
FILE PHOTO: The Deutsche Bank headquarters are pictured in Frankfurt, Germany, April 25, 2019. REUTERS/Ralph Orlowski/File Photo

April 26, 2019

By Tom Sims

FRANKFURT (Reuters) – Within hours of the collapse of merger talks with Commerzbank, Christian Sewing scrambled to convince investors and employees that Deutsche Bank can stand on its own two feet.

The Deutsche Bank chief executive told staff, many of whom opposed a merger because of significant job losses, that while he had not been “skeptical” about the Commerzbank talks, he was cautious about the chances of success from the start.

And another top Deutsche Bank executive said on Friday that it had been Commerzbank that initiated the talks, suggesting there was no desperation on their part for a deal.

Commerzbank denied that version of events, ending the apparent truce between the normally highly competitive cross-town Frankfurt rivals over the past six weeks.

German hopes of creating a national banking champion able to challenge global competitors were finally dashed on Thursday when Deutsche Bank and Commerzbank ended their talks due to the risks of doing a deal, restructuring costs and capital demands.

For Sewing, the failure to clinch a deal has left the 49-year-old chief executive of Germany’s largest bank, who took over just over a year ago, with his back to the wall.

Credit ratings agency Standard & Poor’s, which downgraded Deutsche Bank last year, said on Friday that Deutsche Bank “will remain under strain”, adding that it “seems to have acknowledged the need to adjust its strategy”.

Under Sewing, a new leadership has tried to revive Deutsche Bank’s fortunes, but it has faced money laundering allegations and failed stress tests, as well as ratings downgrades.

At the heart of the debate over its future is whether it should focus its business on Germany and draw a line under its costly global ambitions to take on Wall Street’s big guns.

“MARKET PLAY”

Without a deal, Deutsche Bank now finds itself back at the mercy of equity and debt markets, with UBS analysts warning that in a “stress scenario” it could again “be forced into a ‘debt-driven capital increase’ even with solid capital ratios”.

“Deutsche remains a levered market play vulnerable to external events,” the UBS analysts said in a note.

Sewing, along with many analysts, believes Deutsche Bank can go it alone in the short-term, but will be counting on a turnaround in market conditions to do so in the long-run given its dependence on volatile investment bank earnings.

“To reach our return objective, we also need to see a revenue recovery in our more market-sensitive business,” Sewing said on Friday after reporting results.

“These revenues are available to us in better market conditions given our leading positions in many of these businesses, but we need to capture them,” he added.

Revenue at Deutsche Bank’s bond trading division fell 19 percent in the first quarter, it said on Friday, underscoring weakness at its investment bank.

If those earnings do not improve, Berlin’s desire to keep its biggest bank out of foreign hands may start to wane.

“Germany’s globally active companies need competitive financial institutions that can support them around the world,” German finance minister Olaf Scholz said on Thursday.

(Writing by Alexander Smith; Editing by Keith Weir)

Source: OANN

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Panama's former president Ricardo Martinelli yells to the media while arriving to the Electoral Court in Panama City
Panama’s former president Ricardo Martinelli reacts to the media while arriving to the Electoral Court in Panama City, Panama April 26, 2019. REUTERS/Erick Marciscano

April 26, 2019

PANAMA CITY (Reuters) – Panama’s electoral tribunal has ruled that former President Ricardo Martinelli, who is awaiting trial on wiretapping charges, cannot take part in elections on May 5 in which he was running for mayor of Panama City and a seat in Congress, a spokesman for Martinelli said on Friday.

“The ruling of the electoral tribunal has disqualified him as candidate,” said the spokesman, Eduardo Camacho, calling the court’s ruling a “political decision.”

Officials at the tribunal did not immediately confirm the ruling, which also was reported in local media in Panama.

Martinelli, a supermarket tycoon who ran the Central American country from 2009 to 2014, was extradited to Panama last June from the United States and charged with spying on 150 people, including politicians, union leaders and journalists.

A judge had previously cleared Martinelli to run for mayor of the capital. His critics vowed to appeal that decision.

(Reporting by Elida Moreno and Stefanie Eschenbacher; Editing by Bill Trott)

Source: OANN

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FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City
FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, January 29, 2016. REUTERS/Mike Segar/File Photo

April 26, 2019

(Reuters) – Shares of Walmart, Target and other U.S. retailers fell on Friday as Amazon.com Inc unveiled a one-day delivery plan for its Prime members in a move to further disrupt the fiercely competitive retail landscape.

The e-commerce giant’s announcement on Thursday could cause other brands, manufacturers, retailers, and logistics companies to have to invest more aggressively to compete with Amazon and its delivery, analysts said.

Retailers in recent years have poured billions into ecommerce and faster shipping options and are trying to close the gap with Amazon.

“This is about making it more expensive to catch up and affirms our world view that only the largest and smartest will survive,” Bernstein analyst Brandon Fletcher said.

The move is expected to heighten consumer expectations on e-commerce delivery just like Amazon did with its two-day shipping option for members of its loyalty club Prime, noted analysts.

“The faster you ship, the more people buy,” RBC Capital Markets analyst Mark Mahaney said.

The challenge for non-Amazon players was that very few of the existing logistics and parcel delivery players now have the ability to do nationwide one-day delivery, Morgan Stanley analyst Brian Nowak said.

“And even fewer can do it at the vast scale and reasonable cost that AMZN would need for Prime delivery,” Nowak said in a note.

Walmart Inc’s shares fell about 3 percent, while Target Corp dropped about 5 percent in morning trade.

Shares of Kohl’s Corp, Macy’s Inc and Nordstrom Inc fell about 1 percent. Grocer Kroger Co was nearly 3 percent lower, while consumer electronics retailer Best Buy Inc dropped 2.1 percent.

(Reporting by Soundarya J and Akanksha Rana in Bengaluru; Editing by Maju Samuel)

Source: OANN

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A Chinese woman adjusts a Chinese national flag next to U.S. national flags before a Strategic Dialogue expanded meeting, part of the U.S.-China Strategic and Economic Dialogue (S&ED) in Beijing
A Chinese woman adjusts a Chinese national flag next to U.S. national flags before a Strategic Dialogue expanded meeting, part of the U.S.-China Strategic and Economic Dialogue (S&ED) held at the Diaoyutai State Guesthouse in Beijing, July 10, 2014. REUTERS/Ng Han Guan/Pool (CHINA – Tags: POLITICS BUSINESS)

April 26, 2019

By April Joyner

NEW YORK (Reuters) – Even as the lift from optimism over prospects for U.S.-China trade detente shows signs of wearing off for the wider U.S. stock market, upbeat sentiment around China’s economy could bolster shares of materials companies.

Shares of S&P 500 industrial and technology companies, which were buffeted by last year’s tit-for-tat tariffs as well as slowing global demand, have been very responsive to progress in U.S.-China trade relations and a strengthening Chinese economy. This year, those sectors have outpaced the ascent in the S&P 500, which reached a record closing high on Tuesday.

Materials stocks have not been as sensitive, however, even though they also stand to benefit as a stronger Chinese economy lifts global consumption and industrial output. As China has taken measures to stimulate its economy, its economic data have turned more upbeat. That in turn could aid global growth, which has flagged as a result of China’s cooldown.

“What we’re seeing is China spending more on stimulus: fiscal stimulus and monetary stimulus,” said Kristina Hooper, chief global market strategist at Invesco in New York. “That’s likely to be a positive for materials.”

The People’s Bank of China has cut banks’ reserve requirement ratio five times over the past year and is widely expected to ease policy further to spur lending and reduce borrowing costs. The stimulus appears to have boosted Chinese economic data, with factory activity growing in March for the first time in four months.

Yet so far in 2019, the S&P 500 materials index has underperformed the S&P 500 at large, rising just 11.9% compared with 16.7% for the benchmark index. Moreover, it is among the biggest decliners in the period since the S&P’s previous record closing level on Sept. 20. The materials index has fallen 7% over those seven months, versus a 5.2% gain for technology and a 3% loss for industrials. Only the energy index has dropped more over that period.

A trade agreement could serve as a catalyst for a bump in materials shares as a drag on China’s economy is lifted, some market strategists say. Some commodity prices, including those for copper and oil, have ascended this year as the prospects for the global economy have somewhat brightened.

“It all goes back to the global growth outlook,” said Andrea DiCenso, portfolio manager for alpha strategies at Loomis Sayles in Boston. “With the front run in hard data, we’re beginning to see a pretty significant rally.”

Additionally, a trade agreement is expected to include commitments from China to purchase higher quantities of U.S. products such as soybeans, which could benefit companies that make agricultural chemicals, including DowDuPont Inc and CF Industries Holdings Inc.

CF Industries is scheduled to report quarterly results after the bell on Wednesday, and DowDuPont is scheduled to report before the market open on Thursday.

To be sure, even with a trade agreement, some materials companies could face price pressures. Shares of Freeport-McMoRan Inc fell 10.1% on Thursday after the copper mining company posted a lower-than-expected profit as its production slipped and its costs rose.

A rollback of tariffs on Chinese imports, particularly aluminum and steel, would likely prompt a fall in some commodity prices, which could hurt prospects for certain materials companies, said Gene Goldman, chief investment officer at Cetera Investment Management in El Segundo, California.

Even so, those drawbacks may be outweighed by the support for global demand fostered by a U.S.-China trade agreement.

“You could see a number of companies with lowered expectations bring them back up as they talk favorably about the impact that a trade deal would have on them,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

(Reporting by April Joyner; additional reporting by Sinéad Carew; editing by Jonathan Oatis)

Source: OANN

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