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Investors brace for more euro pain as U.S. economy, dollar flex muscles

The German Bundesbank presents the new 50 euro banknote at it's headquarters in Frankfurt
FILE PHOTO: The signature of the President of the European Central Bank (ECB), Mario Draghi, is seen on the new 50 euro banknote during a presentation by the German Central Bank (Bundesbank) at its headquarters in Frankfurt, Germany, March 16, 2017. REUTERS/Kai Pfaffenbach

April 25, 2019

By Tommy Wilkes and Richard Pace

LONDON (Reuters) – After the euro’s slide to 22-month lows against the dollar, investors are scrambling to shield themselves from more weakness as Europe’s poor data contrasts with an upbeat U.S. economy that is sending the dollar surging.

Options markets suggest investors this week bought sizeable downside protection against further euro weakness against the dollar, after the single currency broke below its 2019 low of $1.1170, a level that has opened the door to more selling.

On Thursday, the pair traded as low as $1.1117, the lowest since May 2017. The dollar, meanwhile, soared against a basket of currencies as robust data on jobs and durable goods orders took its year-to-date gains to 2.2 percent.

“We have been increasingly doubtful that the euro can hold,” said Neil Mellor, currencies analyst at BNY Mellon. “Growth forecasts have been slumping and the ECB (European Central Bank) might have to revise its expectations again.”

This week’s fall — more than 1 percent so far — follows a period of calm during which euro/dollar, the world’s most traded currency pair, has been stuck in its narrowest ever trading range. The tiny price fluctuations have frustrated investors keen on volatility and clear direction.

(GRAPHIC: Euro hits 22-month low – https://tmsnrt.rs/2W4eDnX)

The Federal Reserve’s dovish shift at the start of 2019 would normally have hurt the dollar. But the Fed move was followed in March by the ECB’s decision to push back further planned interest rate rises.

Since then, euro zone business surveys have pointed to further gloom, with a widely-watched German business climate index showing deteriorating morale in April.

The U.S. economy, on the other hand, appears to be blooming; latest data showed new orders for U.S.-made capital goods increased by the most in eight months, while U.S. first-quarter growth could be as much as 2.4 percent, according to some estimates.

Until now, investors have had to pay relatively little to protect their portfolios against a euro downside, because currency volatility has been so low and few were buying options.

But that has changed – forex dealers said that a swathe of options were bought on Thursday giving holders the right to sell euros for $1.1000, including one for 500 million euros.

The market is already heavily long dollars, with speculative investors holding their biggest short position in euros since December 2016, CFTC data indicates.

(GRAPHIC: Euro positions – https://tmsnrt.rs/2W4JD73)

One-month implied volatility – a gauge of expected price moves – has also jumped, after threatening to hit record lows only last week.

(GRAPHIC: Euro/dollar implied volatility – https://tmsnrt.rs/2XOzlZx)

Euro/dollar volatility is likely to be boosted by the run-up to the May 23 European parliamentary elections, where populist parties could make a strong showing by tapping into anger about public expenditure cuts and income inequality.

Of course, not everyone believes the euro will spiral lower. Societe Generale analyst Kit Juckes, for instance, said the dollar – supported by an interest rate advantage of at least 70 basis points above its main economic competitors – was expensive, while the euro looked cheap.

“The risk, then, is that, having broken through the bottom of the recent euro-dollar range, all we do is add another coat of paint to the bottom of it, and settle into a marginally lower range,” he said.

(GRAPHIC: YTD G10 FX performance – https://tmsnrt.rs/2W4dZGQ)

But $1.10 is not unknown territory for the euro, which spent much of 2016 and 2017 below that level.

“It’s not really hard to rationalize,” said BNY Mellon’s Mellor. “The bad news is going to continue to mount from an (European) economic perspective.”

(Editing by Sujata Rao and Kevin Liffey)

Source: OANN

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White House’s Kudlow says U.S.-China talks are progressing

FILE PHOTO: CPAC conference takes place in Maryland
FILE PHOTO: White House economic adviser Larry Kudlow gives a thumbs up after speaking at the Conservative Political Action Conference (CPAC) at National Harbor in Oxon Hill, Maryland, U.S., February 28, 2019. REUTERS/Kevin Lamarque/File Photo

April 3, 2019

WASHINGTON (Reuters) – Trade talks between the United States and China are progressing and both sides hope to get closer to a deal this week, White House economic adviser Larry Kudlow said on Wednesday as negotiators prepared to start a fresh round of talks in Washington.

Talks between the two economic powerhouses made good headway last week in Beijing, Kudlow told reporters at an event hosted by the Christian Science Monitor.

Kudlow said China has acknowledged problems of intellectual property theft, forced technology transfer and hacking for the first time as a result of the trade talks.

He said U.S. charges against Chinese telecommunications giant Huawei Technologies Co Ltd has generally not come up during trade talks.

Kudlow also said no decisions have been made on auto tariffs.

(Reporting by Jeff Mason; Writing by Susan Heavey; Editing by Tim Ahmann and Chizu Nomiyama)

Source: OANN

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30 Inches Of Snow! Another Bomb Cyclone “Detonates” Over The Midwest, And The NOAA Is Warning Flooding Could Extend Into July

We aren’t supposed to have a major blizzard in April. 

Less than a month after a “bomb cyclone” caused apocalyptic flooding in the central part of the country, another “bomb cyclone” is hitting the exact same area.  One meteorologist has called it “a life-threatening storm”, and at this moment over four million people are under blizzard warnings.  South Dakota, Minnesota, Nebraska and Kansas are going to get absolutely hammered before the storm finally moves east on Friday.  The authorities are warning that this new “bomb cyclone” will cause additional flooding in the region, but at this point we do not know how bad that flooding will be.

The good news is that the ground has been softened up by warmer weather since the last “bomb cyclone”, and that should mean that more of the moisture is absorbed before it flows into the major rivers.

But the bad news is that we are being told that this storm “could break records”.  The following comes from the Daily Mail

A historic blizzard that could break records for April has hit the Great Plains and Upper Midwest.

Parts of six states were under blizzard warnings on Wednesday, in an area that included Denver; Cheyenne, Wyoming; Scottsbluff, Nebraska; and Pierre, South Dakota.

Early on Wednesday morning, thundersnow was reported in Pierre and surrounding parts of South Dakota, as well as southern Minnesota.

When meteorologists call this a “blizzard”, they aren’t exaggerating one bit.


Mike Adams breaks down how hospital ventilation systems across American and the world are pumping out a deadly superbug, right into the open atmosphere, where winds carry it to local communities and farms, infecting crops and foods with chemical-resistant fungal strains that have a reported 41% – 88% fatality rate in humans.

Some of the snowfall totals that are being forecast seem absolutely crazy.  According to CNN, some parts of the Midwest could actually get more than 30 inches of snow…

The Plains could get more than 2 feet of snow by Friday morning, and South Dakota could be the hardest hit, with more than 30 inches possible. High winds are making travel even more treacherous.

“Travel will be very difficult to impossible” Wednesday evening into Friday morning, a National Weather Service office in Nebraska said, using language nearly mirrored by offices throughout the region.

Needless to say, 30 inches of snow has the potential to cause a tremendous amount of flooding, especially since it is expected to melt very rapidly.

By noon on Wednesday, some portions of South Dakota had already received 18 inches of snow, and authorities in Minnesota had already responded to 213 auto accidents by Wednesday evening.

If you live in the areas affected by this blizzard, please do not go out unless it is absolutely necessary.

In case you are wondering, yes, this is incredibly unusual.

As CNN has noted, it is quite rare for a “bomb cyclone” to form over the middle part of the United States…

This one comes about four weeks after a similarly powerful system dumped heavy snow and rain on some of the same territory, leaving hundreds of millions of dollars in livestock and crop damage in Nebraska alone, largely through flooding.

It’s rare enough to have one form inland, much less two in a month. More typically, bomb cyclones form off the US East Coast in the form of nor’easters.

So the fact that we have now had two in less than a month should tell you that something is up.

As I have repeatedly stressed, our planet is becoming increasingly unstable and global weather patterns are dramatically changing.

What we have seen so far is not the end of the story.  Rather, the truth is that we are only in the early chapters of a cataclysmic shift, and there isn’t anything that anyone can do to stop it.

In recent weeks I have written multiple articles about the historic flooding that we have witnessed so far in the middle of the nation.  The damage that we have seen up to this point has been absolutely unprecedented, and needless to say this new storm is going to make things even worse

The coming storm was expected to exacerbate flooding along the Missouri River in areas where dozens of levees were breached in March, exposing communities to future surges.

The river was not expected to crest in areas of Nebraska, Iowa and Missouri until between three to five days after the storm.

Since the major rivers are not going to crest for several days, it is probably going to be about a week before we really know how much damage this new storm has caused.

And even once we get past the immediate threat posed by this storm, the truth is that this crisis is very far from over.

The National Weather Service has warned us that there will be “above-average precipitation across much of the Lower 48” for the next few months, and the NOAA just told us that flooding “will continue to be an issue along the Missouri and Mississippi rivers into July”.

Into July?

Seriously?

We are watching a great tragedy unfold in our nation’s breadbasket, and we should all be praying for the thousands of farmers in the middle of the country that have been financially ruined by all of this flooding.  Thousands upon thousands of them will not be able to plant crops at all this year, and many of them will end up leaving the profession for good.

This will affect the level of food production in the United States this year, and this comes at a time when other threats to global food production are becoming extremely serious.  To get an idea of what I am talking about, please see my previous article entitled “Hundreds Of Millions Of Pigs Feared Dead From Swine Fever – Price Of Pork Has Risen 38 Percent In The Last 4 Weeks”.

Unfortunately, it appears that the general population does not understand the gravity of the situation that we are facing yet.

Global events are starting to greatly accelerate, and “the perfect storm” is just beginning…

Source: InfoWars

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Fight brews over expected blacked out portions of Mueller report

Special Counsel Mueller arrives at his office in Washington
Special Counsel Robert Mueller arrives at his office in Washington, U.S., April 17, 2019. REUTERS/Joshua Roberts

April 17, 2019

By David Morgan and Sarah N. Lynch

WASHINGTON (Reuters) – Congressional Democrats could move forward quickly – as early as Monday – with subpoenas to obtain Special Counsel Robert Mueller’s full report on Russian interference in the U.S. 2016 election, after Attorney General William Barr releases a version on Thursday that may have significant portions blacked out.

A day before the planned release of a redacted version of the report, President Donald Trump went to Twitter to renew his attacks on the special counsel’s investigation and the FBI.

When the report is released, close attention will be given not only to potential new details on the Trump campaign’s contacts with Russia and the question of whether the Republican president acted to impede the inquiry, but also on how much Barr elects to withhold.

The Democratic-led House of Representatives Judiciary Committee voted on April 3 to authorize its chairman, Jerrold Nadler, to issue subpoenas to the Justice Department to obtain Mueller’s unredacted report and all underlying evidence, as well as documents and testimony from five former Trump aides.

A source familiar with the matter said Nadler could issue subpoenas as early as Monday. The source, speaking on condition of anonymity, said Friday would be too early for subpoenas unless the entire report were to be blacked out.

“Chairman Nadler has said that subpoenas could come very quickly if we do not receive the full, unredacted report with the underlying evidence from DOJ. We will have to see what comes out on Thursday,” committee spokesman Daniel Schwarz said in a statement, using an acronym for the Justice Department.

The department this week said the report would be released on Thursday to both Congress and the public, a day before the major religious holidays of Good Friday and Passover.

Barr, who has broad authority to decide how much of the report to release, has promised to be as transparent as possible, but told lawmakers he would redact four categories of content: secret grand jury information, intelligence-gathering sources and methods, information relating to active cases and information could affect the privacy of “peripheral third parties” who were not charged.

The redactions, to be color coded to reflect the reason they were omitted from the final report, have Democrats seeing red. They have expressed concern that Barr, a Trump appointee named after the president fired former Attorney General Jeff Sessions, could black out material to protect the president.

Mueller on March 22 submitted to Barr a nearly 400-page report on his 22-month investigation into whether the Trump campaign worked with Moscow to sway the election in his favor, and whether Trump committed obstruction of justice with actions to impede the inquiry.

In a letter to lawmakers two days later, Barr said Mueller did not find that members of Trump’s campaign engaged in a criminal conspiracy with Russia. Barr said he determined there was not enough evidence to establish that Trump committed the crime of obstruction of justice, though Mueller did not exonerate Trump on obstruction.

Since then, Trump has set his sights on the FBI, and accused the Justice Department of improperly targeting his campaign. Last week, Barr told a U.S. Senate panel he believed “spying” did occur on Trump’s campaign, and he plans to investigate whether it was properly authorized.

A federal judge criticized Barr during a Tuesday hearing on a Freedom of Information Act lawsuit demanding access to the Mueller report, according to media reports.

“The attorney general has created an environment that has caused a significant part of the public to be concerned about whether or not there is full transparency,” U.S. District Court Judge Reggie Walton was quoted as saying.

Walton said he could ask to review the full document after a redacted version is released, but denied a request by a media outlet, Buzzfeed News, to speed up the process.

(Reporting by David Morgan and Sarah N. Lynch; Writing by Doina Chiacu; Editing by Will Dunham)

Source: OANN

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Porzingis accused of rape in New York

FILE PHOTO: NBA: Dallas Mavericks at Sacramento Kings
FILE PHOTO: Mar 21, 2019; Sacramento, CA, USA; Dallas Mavericks forward Kristaps Porzingis (6) sits on the bench during the fourth quarter against the Sacramento Kings at Golden 1 Center. Sergio Estrada-USA TODAY Sports/File Photo

March 31, 2019

Dallas Mavericks center Kristaps Porzingis has been accused of raping a New York neighbor on Feb. 7, 2018, hours after suffering a serious knee injury while playing for the Knicks, the New York Post reported Saturday.

The alleged victim contacted police this week with details of the alleged rape, according to the Post.

The Post said that the accuser was considered “believable” despite waiting more than 13 months to report the incident. She told police that she and Porzingis discussed $68,000 in hush money.

Porzingis’ attorney, Roland G. Riopelle, issued the following statement to ESPN on Saturday:

“We are aware of the complaint that was made against Mr. Porzingis on Friday and unequivocally deny the allegations. We made a formal referral to federal law enforcement on December 20th, 2018, based on the accuser’s extortionate demands. We also alerted the National Basketball Association months ago and they are aware of the ongoing investigation of the accuser by federal law enforcement.

“We cannot comment further on an ongoing federal investigation. Please refer any questions to the Federal Bureau of Investigation or the National Basketball Association.”

The 23-year-old Porzingis was traded to the Mavericks on Jan. 31. Owner Mark Cuban is aware of the accusation.

“We have been instructed by federal authorities not to comment,” Cuban told The Post in an email. The Post said Cuban copied the email to NBA officials and Porzingis’ representatives.

According to the Post, the woman lived in the same building as Porzingis and said he showed up at her unit around 2 a.m. She accepted an invitation to Porzingis’ suite.

She told police that after entering, the 7-foot-3 Porzingis held her down and raped her, according to the Post.

The woman said she waited more than a year to report the rape because of the money Porzingis promised in exchange for her silence.

The $68,000 was supposed to pay for her brother’s college tuition, but Porzingis reneged on the deal, the woman reportedly told police.

Porzingis tore the anterior cruciate ligament in his left knee earlier that night in a loss to the Milwaukee Bucks. He never played for the Knicks again due to the injury and the recent trade.

The Knicks were reportedly contacted by the New York Post about the allegation.

“This is Kristaps’ personal matter and not related to the Knicks,” a team spokesman said.

Porzingis averaged 17.8 points and 7.1 rebounds in 186 games over three seasons with the Knicks.

–Field Level Media

Source: OANN

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Avenatti says ‘nervous’ about prison time but proclaims innocence

Lawyer Michael Avenatti speaks to the media after he walks out of federal court in New York
Lawyer Michael Avenatti speaks to the media after he walks out of federal court in New York, New York, U.S., March 25, 2019. REUTERS/Carlo Allegri

March 26, 2019

By Dan Whitcomb

LOS ANGELES (Reuters) – Michael Avenatti on Tuesday again proclaimed his innocence on charges he tried to extort millions of dollars from Nike Inc, but in an interview with CBS, admitted he was concerned about doing prison time.

Avenatti, 48, was arrested on Monday following two separate indictments, handed down in federal courts in Los Angeles and New York, that charged him with the alleged Nike scheme as well as embezzlement and fraud over accusations he misused a client’s money.

CBS News on Tuesday released an excerpt of an interview it conducted with Avenatti in which he said he was worried about the possibility of going to prison for decades.

“Sure I’m nervous, I’m scared. I’m all those things. And if I wasn’t, it wouldn’t make a lot of sense,” Avenatti said in the brief clip released by CBS on Tuesday.

Avenatti, in a series of tweets earlier on Tuesday, lashed out at Nike and insisted he was innocent.

“I am anxious for people to see what really happened,” the flamboyant attorney known for representing adult film actress Stormy Daniels, said in one tweet. “We never attempted to extort Nike & when the evidence is disclosed, the public will learn the truth about Nike’s crime & cover-up.”

Nike said in a written statement the company “will not be extorted,” and that it had immediately alerted investigators to the plot.

According to the criminal complaint, Avenatti told Nike he would go public unless it paid his client $1.5 million and hired him and another lawyer to conduct an internal investigation of the company for between $15 million and $25 million.

The charges were announced on Monday shortly after Avenatti said on Twitter he would hold a news conference to reveal “a major high school/college basketball scandal” reaching “the highest levels of Nike.”

Avenatti faces up to 30 years in prison on the most serious charge in California and up to 20 years for the top charge in New York.

He faces separate charges in a Los Angeles federal court on April 1, accusing the high-profile lawyer of misusing a client’s $1.6 million settlement to pay his own expenses as well as those for his coffee business. He was also charged with defrauding a Mississippi bank of $4.1 million.

Avenatti has gained international notoriety for representing Daniels, the 40-year-old porn star whom Trump is accused of paying off during the 2016 presidential campaign to keep quiet about an alleged affair.

Trump has denied having an affair with Daniels, whose real name is Stephanie Clifford.

(Reporting by Dan Whitcomb, editing by G Crosse)

Source: OANN

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FILE PHOTO - A worker sits on a ship carrying containers at Mundra Port in the western Indian state of Gujarat
FILE PHOTO: A worker sits on a ship carrying containers at Mundra Port in the western Indian state of Gujarat April 1, 2014. REUTERS/Amit Dave/File Photo

April 26, 2019

(Reuters) – India has once again delayed the implementation of higher tariffs on some goods imported from the United States to May 15, a government official said on Friday.

The new tariff structure was to come into force from May 2, the spokeswoman said without citing reasons for the delay.

Angered by Washington’s refusal to exempt it from new steel and aluminum tariffs, New Delhi decided in June last year to raise the import tax from Aug. 4 on some U.S. products including almonds, walnuts and apples.

But since then, New Delhi has repeatedly delayed the implementation of the new tariff.

Trade friction between India and the U.S. has escalated after U.S. President Donald Trump announced plans earlier this year to end preferential trade treatment for India that allows duty-free entry for up to $5.6 billion worth of its exports to the United States.

In a further blow, U.S. on Monday demanded buyers of Iranian oil stop purchases by May or face sanctions, ending six months of waivers which allowed Iran’s eight biggest buyers including India to continue importing limited volumes.

(Reporting by Manoj Kumar in New Delhi and Kanishka Singh in Bengaluru; Editing by Anil D’Silva and Raissa Kasolowsky)

Source: OANN

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One of Joe Biden’s newly-hired senior advisers has seemingly had a very recent change of heart.

Symone Sanders, a prominent Democratic strategist and Sen. Bernie Sanders, I-Vt., staffer in 2016, was announced as one of the big-name members of Team Biden on Thursday.

But Sanders, who has also served as a CNN contributor, is seen in resurfaced footage from November 2016 expressing her opposition to a white person leading her party after Donald Trump’s election.

“In my opinion, we don’t need white people leading the Democratic party right now,” Sanders told host Brianna Keilar during a discussion on Howard Dean potentially becoming DNC chairman.

BIDEN HIRES FORMER BERNIE SANDERS’ SPOKESPERSON AS SENIOR ADVISER

“The Democratic party is diverse, and it should be reflected as so in leadership and throughout the staff, at the highest levels. From the vice chairs to the secretaries all the way down to the people working in the offices at the DNC,” she said.

Sanders wrapped up her remarks by saying: “I want to hear more from everybody. I want to hear from the millennials and the brown folks.”

Footage of the interview was resurfaced by RealClearPolitics.

After news of her hiring broke on Thursday, Sanders backed her new boss on Twitter.

TRUMP ASSESSES 2020 DEMS; TAKES SWIPES AT BIDEN, SANDERS; DISMISSES HARRIS, O’ROURKE; SAYS HE’S ROOTING FOR BUTTIGIEG

“@JoeBiden & @DrBiden are a class act. Over the course of this campaign, Vice President Biden is going to make his case to the American ppl. He won’t always be perfect, but I believe he will get it right,” she wrote.

The hiring of Sanders has been viewed as another indication of the expected tough fight that Biden and Sanders are in for as the two frontrunners battle a deep Democratic field.

While Sanders himself didn’t torch Biden as he jumped into the race, it’s clear that many of his progressive supporters view the former vice president as a threat.

Biden’s entry into the race – at least in the early going – sets up a battle between himself and Sanders, who thanks to his fierce fight with eventual nominee Hillary Clinton for the 2016 Democratic nomination, enjoys name ID on the level of the former vice president.

BIDEN VOWS THAT ‘AMERICA IS COMING BACK,’ SPARKING ‘MAGA’ COMPARISONS

Justice Democrats — who also called Biden “out-of-touch” – is an increasingly influential group among the left of the party. They’ve championed progressive Rep. Alexandria Ocasio-Cortez of New York as well as Sanders. The group was founded by members of Sanders 2016 presidential campaign.

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

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

Former Democratic National Committee chair Donna Brazile – a Fox News contributor – highlighted that “Joe Biden can occupy his own lane in large part because he’s earned it. He’s earned the right to call himself whatever.”

CLICK HERE TO GET THE FOX NEWS APP

But she emphasized that “elections are not about the past, they’re about the future…I do believe he has the right ingredients. The question is can he find enough people to help him stir the pot.”

Fox News Andrew O’Reilly contributed to this report.

Source: Fox News Politics

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Baltimore Mayor Catherine Pugh, who is facing increased calls for her immediate resignation, remains in poor health and is not “lucid” enough to decide whether to step down, her attorney told reporters late Thursday.

Steve Silverman, speaking outside one of Pugh’s residences which was raided by the FBI and IRS earlier in the day, said the embattled city leader could make a decision as early as next week.

“She is leaning toward making the best decision in the best interest in the citizens of Baltimore City,” he said, adding that Pugh has “several options” to consider.

“She just needs to be physically and mentally sound and lucid enough to make appropriate decisions.”

BALTIMORE MAYOR CATHERINE PUGH, ON LEAVE AMID BOOK PROBE, HAS HOMES AND CITY HALL OFFICE RAIDED BY FEDS

Silverman said Pugh met with a doctor at home Thursday and plans to do so again Friday, the Baltimore Sun reported.

In the latest image-tarnishing scandal for struggling Baltimore, the first-term Democratic mayor faces accusations that she used children’s book deals to cover up kickbacks for favorable treatment as a state lawmaker and city leader that earned her roughly $800,000 over several years.

BALTIMORE’S ACTING MAYOR SAYS HE ‘WOULD HATE TO SEE’ EMBATTLED MAYOR RETURN AFTER BOOK SCANDALS

As a state senator, 69-year-old Pugh sold $500,000 worth of her self-published “Healthy Holly” illustrated paperbacks to the University of Maryland Medical System, a major state employer whose board she sat on for nearly 20 years.

Baltimore police officers stand outside the house of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Pugh and also in City Hall. (AP Photo/Jose Luis Magana)

Baltimore police officers stand outside the house of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Pugh and also in City Hall. (AP Photo/Jose Luis Magana)

UMMS reportedly paid Pugh for 100,000 copies of her books between 2011 and 2018 with the stated intention of distributing the books to schools and day care centers. But some 50,000 copies remain unaccounted for and officials are probing if they were even printed.

Pugh also made $300,000 in bulk sales to other customers including health carriers that did business with the city of Baltimore.

BALTIMORE CITY COUNCIL CALLS ON EMBATTLED MAYOR CATHERINE PUGH TO RESIGN IMMEDIATELY

The politically isolated Pugh slipped out of sight on April 1 after a hastily organized press conference where she called her no-contract book deals a “regrettable mistake.” That same day, Maryland’s governor called on the state prosecutor to investigate allegations of “self-dealing.”

Pugh took an indefinite leave of absence, citing her health deteriorating intensely after a bout with pneumonia.

Federal agents arrive at the Maryland Center for Adult Training in Baltimore. MD, Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall, as well as the office of her lawyer and the home of a top aide.

Federal agents arrive at the Maryland Center for Adult Training in Baltimore. MD, Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall, as well as the office of her lawyer and the home of a top aide. (Loyd Fox/Baltimore Sun via AP)

On Thursday morning, agents with the FBI and IRS searched her two Baltimore homes, her City Hall offices, and a nonprofit organization she once led. The home of at least one of Pugh’s aides was also scoured.

Silverman said federal agents also served a subpoena at his law firm, retrieving Pugh’s original financial records. They did not seek any attorney-client privileged communications, he said.

Pugh’s attorney said she was “emotionally extremely distraught” following the searches by FBI and IRS agents.

“There was nothing incriminating that came out of her home,” Silverman said.

UMMS spokesman Michael Schwartzberg told reporters that the medical system received a grand jury witness subpoena seeking documents and information related to Pugh.

Other probes against Pugh include a review by the city ethics board and the Maryland Insurance Administration.

BALTIMORE MAYOR’S $500G DEAL FOR ‘HEALTHY HOLLY’ CHILDREN’S BOOKS DRAWS SCRUTINY

In recent weeks, the calls for Pugh’s resignation have intensified with the strongest voice coming from Republican Gov. Larry Hogan, who did not mince words after Thursday’s early morning raids.

“Now more than ever, Baltimore City needs strong and responsible leadership. Mayor Pugh has lost the public trust,” he said. “She is clearly not fit to lead. For the good of the city, Mayor Pugh must resign.”

Federal Bureau of Investigation, and Internal Revenue Service agents search the home of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall.

Federal Bureau of Investigation, and Internal Revenue Service agents search the home of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall. (Jerry Jackson/Baltimore Sun via AP)

Many of her fellow Democrats, including those on Baltimore’s demoralized City Council and state lawmakers, are also insisting that Pugh put the citizens’ interests above any attempt to preserve her political career.

City Council member Brandon Scott called the Thursday raids “an embarrassment to the city.”

However, only a conviction can trigger a mayor’s removal from office, according to the city solicitor. Baltimore’s mayor-friendly City Charter currently provides no options for ousting its executive.

Six of Pugh’s staffers joined her on paid leave earlier this month; three of them were fired this week by the acting mayor.

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Pugh came to office in late 2016 after edging out ex-Mayor Sheila Dixon, who had spent much of her tenure fighting corruption charges before being forced to depart office in 2010 as part of a plea deal connected to the misappropriation of about $500 in gift cards meant for needy families.

She would certainly face a bruising 2020 Democratic primary if she were to return and run for reelection. Veteran City Council leader Bernard “Jack” Young, who is serving as acting mayor, said as she went on leave that he would merely be a placeholder. But this week, before the raids, he said “it could be devastating for her” if she tried to return.

The Associated Press contributed to this report.

Source: Fox News National

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FILE PHOTO: Cases of Pepsi are shown for sale at a store in Carlsbad
FILE PHOTO: Cases of Pepsi are shown for sale at a store in Carlsbad, California, U.S., April 22, 2017. REUTERS/Mike Blake/File Photo

April 26, 2019

By Amit Dave and Mayank Bhardwaj

AHMEDABAD/NEW DELHI (Reuters) – PepsiCo Inc has sued four Indian farmers for cultivating a potato variety that the snack food and drinks maker claims infringes its patent, the company and the growers said on Friday.

Pepsi has sued the farmers for cultivating the FC5 potato variety, exclusively grown for its popular Lay’s potato chips. The FC5 variety has a lower moisture content required to make snacks such as potato chips.

PepsiCo is seeking more than 10 million rupees ($142,840.82) each for alleged patent infringement.

The farmers grow potatoes in the western state of Gujarat, a leading producer of India’s most consumed vegetable.

“We have been growing potatoes for a long time and we didn’t face this problem ever, as we’ve mostly been using the seeds saved from one harvest to plant the next year’s crop,” said Bipin Patel, one of the four farmers sued by Pepsi.

Patel did not say how he came by the PepsiCo variety.

A court in Ahmedabad, the business hub of Gujarat, on Friday agreed to hear the case on June 12, said Anand Yagnik, the lawyer for the farmers.

“In this instance, we took judicial recourse against people who were illegally dealing in our registered variety,” A PepsiCo India spokesman said. “This was done to protect our rights and safeguard the larger interest of farmers that are engaged with us and who are using and benefiting from seeds of our registered variety.”

PepsiCo, which set up its first potato chips plant in India in 1989, supplies the FC5 potato variety to a group of farmers who in turn sell their produce to the company at a fixed price.

The All India Kisan Sabha, or All India Farmers’ Forum, has asked the Indian government to protect the farmers.

The farmers’ forum has also called for a boycott of PepsiCo’s Lay’s chips and the company’s other products.

The Ministry of Agriculture & Farmers’ Welfare did not immediately respond to an email seeking comment.

PepsiCo is the second major U.S. company in India to face issues over patent infringement.

Stung by a long-standing intellectual property dispute, seed maker Monsanto, which is now owned by German drugmaker Bayer AG, withdrew from some businesses in India over a cotton-seed dispute with farmers, Reuters reported in 2017. (reut.rs/2ncBknn)

(Reporting by Amit Dave in AHMEDABAD and Mayank Bhardwaj in NEW DELHI; Editing by Martin Howell and Louise Heavens)

Source: OANN

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FILE PHOTO: The Archer Daniels Midland Co (ADM) logo is displayed on a screen on the floor of the NYSE in New York
FILE PHOTO: The Archer Daniels Midland Co (ADM) logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid/File Photo

April 26, 2019

By P.J. Huffstutter and Shradha Singh

CHICAGO/BENGALURU (Reuters) – Archer Daniels Midland Co said on Friday it was considering spinning off its ethanol business after slim biofuel margins and Midwestern floods slammed the U.S. grains merchant’s profit, which tumbled 41 percent in the first quarter.

ADM said it was creating an ethanol subsidiary, which will include dry mills in Columbus, Nebraska; Cedar Rapids, Iowa; and Peoria, Illinois.

The ethanol subsidiary will report as an independent segment, the company said, allowing options “which may include, but are not limited to, a potential spin-off of the business to existing ADM shareholders.”

Results were hit by the “bomb cyclone” blizzards that devastated the Midwest and Great Plains this year, causing massive flooding across Nebraska, Iowa and Missouri, washing out rail lines and wreaking havoc in the moving and processing of corn, soybeans and wheat. One-sixth of U.S. ethanol production was halted.

In March, ADM warned Wall Street that flooding and severe winter weather in the U.S. Midwest would reduce its first-quarter operating profit by $50 million to $60 million.

“The first quarter proved more challenging than initially expected,” said Chairman and Chief Executive Officer Juan Luciano, with earnings down in its starches, sweeteners and bioproducts unit. Luciano said impacts of the severe weather ultimately “were on the high side of our initial estimates”.

Ongoing problems in the ethanol industry added to the problems and “limited margins and opportunities” for ADM, Luciano said.

The ethanol industry has been in the midst of a historic downswing due to the U.S.-China trade war, excess domestic supply and weak margins.

ADM, which had been an ethanol pioneer, signaled to Wall Street in 2016 that it was hunting for options and considering sales of its U.S. dry ethanol mills. Luciano told Reuters this year that offers ADM had received for the mills were too low.

In addition, ADM said it planned to repurpose its corn wet mill in Marshall, Minnesota, to produce higher volumes of food and industrial-grade starches.

Other major traders are alsy trying to distance themselves from struggling ethanol businesses. Louis Dreyfus Company BV spun off its Brazilian sugar and ethanol business Biosev in 2013. Rival Bunge sold its sugar book and has sought a buyer for its Brazilian mills since 2013.

ADM, which makes money trading, processing and transporting crops, such as corn, soybeans and wheat, has been looking to strengthen its core business. Last month it said it would seek voluntary early retirements of some North American employees and cut jobs as part of a restructuring effort.

The company expects to lower 2019 capital spending by 10 percent to between $800 million and $900 million.

Net earnings attributable to the company fell to $233 million, or 41 cents per share, in the three months ended March 31, from $393 million, or 70 cents per share, a year earlier.

Revenue fell to $15.30 billion from $15.53 billion. On an adjusted basis, the company earned 46 cents per share, while analysts on average had estimated 60 cents, according to IBES data from Refinitiv.

(Reporting by Shradha Singh in Bengaluru; Editing by Shounak Dasgupta, Chizu Nomiyama and David Gregorio)

Source: OANN

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