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Yen strengthens, shares skid on U.S. recession fears

Illustration photo of a Japan Yen note
A Japan Yen note is seen in this illustration photo taken June 1, 2017. REUTERS/Thomas White/Illustration

March 24, 2019

By Swati Pandey

SYDNEY (Reuters) – The Japanese yen hovered near a six-week high on Monday while Asian shares are expected to start lower as risk assets fell out of favor on growing worries about an impending U.S. recession, sending global bond yields plunging.

In Asia, Nikkei futures pointed to a weak start for Japan. Australian shares fell 0.3 percent at the open while New Zealand’s benchmark index faltered 0.9 percent.

Investors also kept one eye on the details of a nearly two-year U.S. investigation which found no evidence of collusion between Donald Trump’s election team and Russia, in a major political victory for the U.S. President.

U.S. stock futures were marginally higher during early Asian hours.

On Friday, all three major U.S. stock indexes registered their biggest one-day percentage losses since Jan.3 with the Dow sliding 1.8 percent, the S&P 500 off 1.9 percent and the Nasdaq dropping 2.5 percent.

Concerns about the health of the world economy heightened last week after cautious remarks by the U.S. Federal Reserve sent 10-year treasury yields to the lowest since early 2018. Adding to the fears of a more widespread global downturn, manufacturing output data from Germany showed a contraction for the third straight month.

In response, 10-year treasury yields slipped below the three-month rate for the first time since 2007. Historically, an inverted yield curve – where long-term rates fall below short-term – has signaled an upcoming recession.

“We have re-run our preferred yield curve recession models, which now suggest a 30-35 percent chance of a U.S. recession occurring over the next 10‑18 months,” said Tapas Strickland, markets strategist at National Australia Bank.

Typically a 40-60 percent probability sees a recession within the next 10-18 months, Strickland added, basing the analysis on previous recessions.

“The risk of a U.S. recession has risen and is flashing amber and this will keep markets pricing a high chance of the Fed cutting rates.”

Much of the concerns around global growth is stemming from Europe and China which are battling separate tariff wars with the United States. Political turmoil in Britain over the country’s exit from the European Union is also a major overhang for risk assets.

On Sunday, Rupert Murdoch’s Sun newspaper said in a front page editorial British Prime Minister Theresa May must announce on Monday she will stand down as soon as her Brexit deal is approved.

The British pound was last flat at $1.3209 after three straight days of wild gyrations. The currency slipped 0.7 percent last week.

Politics was also in focus in the United States.

The long-awaited Mueller report into whether Trump’s campaign colluded with Russia to help Trump defeat his Democratic opponent, Hillary Clinton, marked a major milestone of his presidency as he prepares for his 2020 re-election battle.

In currency markets, the Japanese yen – a perceived safe haven – held near its highest since Feb. 11. It was last off 0.1 percent at 110.04 per dollar.

The Australian dollar, a liquid proxy for risk play, was down for its third straight session of losses at $0.7072.

(Editing by Shri Navaratnam)

Source: OANN

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Israeli president begins consultations before tapping new PM

Israeli President Reuven Rivlin has begun consultations with representatives of the new parliament's factions ahead of tapping the country's next prime minister.

The talks should be a formality, given the results of last week's general election. The ruling Likud and its traditional nationalist and Jewish ultra-Orthodox parties hold a 65-55 parliamentary majority and are expected to vouch for Prime Minister Benjamin Netanyahu.

Rivlin started his series of meetings on Monday with officials from Likud. He'll then meet members of the 10 other elected factions, in order of largest to smallest, to hear their recommendations, before formally appointing the candidate he believes has the best chance of building a parliamentary majority.

In one of the president's few non-ceremonial roles, he asks that leader to form a government within 42 days.

Source: Fox News World

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Senate heads toward rejection of Trump border emergency

The Republican-led Senate is set to deal President Donald Trump a rebuke on his declaration of a national emergency at the Mexican border, with the only remaining question how many GOP senators will join Democrats in defying him.

Republicans are predicting that Thursday's showdown vote will result in Congress sending Trump a resolution blocking the border emergency he proclaimed last month to steer an extra $3.6 billion to building border barriers.

Since the Democratic-controlled House approved the measure last month, the Senate vote would force Trump to use a veto to protect his presidential campaign's "Build the Wall" mantra over objections from his own party.

"It was called turn out the lights, the party's over," said Sen. John Kennedy, R-La., recalling a favorite refrain of "Monday Night Football" announcers when a game was out of reach. "Well, that's appropriate right now."

Senate passage of the resolution was all but ordained Wednesday after the collapse of efforts by the White House and GOP senators to reach compromise on separate legislation by Sen. Mike Lee, R-Utah, limiting presidents' powers to declare emergencies in the future.

Republican lawmakers had hoped a deal on that measure would have helped more of them to back Trump's border emergency in Thursday's vote. Instead, several Republicans are being boxed into a thorny dilemma: defy Trump and the conservative voters who back him passionately, or assent to what many lawmakers from both parties consider a dubious and dangerous expansion of presidential authority.

With Republicans controlling the Senate 53-47, just four GOP defections would be enough to approve the resolution canceling Trump's border emergency.

Lee became the fifth Republican to say they'd back the resolution after Trump called him during a private lunch of GOP senators to say he opposed Lee's compromise bill. The call was described by two officials who weren't authorized to discuss the matter publicly and described it on condition of anonymity.

Soon afterward, Lee issued a statement saying he'd support the resolution blocking the border emergency.

"Congress has been giving far too much legislative power to the executive branch," Lee said. He said he'd vote to block Trump's emergency because his own bill "does not have an immediate path forward."

The other GOP senators who have said they will vote to block Trump's border emergency are Thom Tillis of North Carolina, Susan Collins of Maine, Lisa Murkowski of Alaska and Kentucky's Rand Paul.

Tillis and Collins face potentially competitive re-election fights in 2020. Tillis said Wednesday that his vote was "still a work in progress" as talks with the White House continued. But perhaps 15 GOP senators might oppose Trump in Thursday's vote, said one Republican who offered the estimate only on condition of anonymity.

Within the White House there was concern that agreeing to a deal might only limit the number of defections, said a senior administration official who was not authorized to speak publicly.

Any Republican hopes of a turnabout rested largely on a familiar phenomenon of the Trump administration — an abrupt change in mind, as he's done in congressional battles over health care and immigration.

Trump told reporters that he has advised GOP senators to "vote any way you want" on the resolution blocking his emergency declaration — but he added a warning.

"Anybody going against border security, drug trafficking, human trafficking, that's a bad vote," he said. Framing Thursday's vote that way seemed to be a message all but aimed directly at undecided GOP senators facing re-election races next year, of whom there are several.

House Speaker Nancy Pelosi, D-Calif., tried making it even harder for uncertain Republicans to support Trump's border emergency. She said the House would never even consider the separate bill limiting future declarations by presidents, including Trump.

"Republican Senators are proposing new legislation to allow the president to violate the Constitution just this once in order to give themselves cover," Pelosi said in a statement. "The House will not take up this legislation to give President Trump a pass."

Under a four-decade-old law, presidents have wide leeway in declaring a national emergency. Congress can vote to block a declaration, but the two-thirds majorities required to overcome presidential vetoes make it hard for lawmakers to prevail. Presidents have never before declared an emergency after Congress voted to deny them money for the same purpose.

Lee's proposal says a presidential emergency would last 30 days unless Congress votes to extend it. It would apply to future emergencies, but not Trump's current border emergency unless he seeks to renew it next year.

The strongest chance of blocking Trump's border emergency is likely several lawsuits filed by Democratic state attorneys general, environmental groups and others.

___

Associated Press writer Catherine Lucey contributed to this report.

Source: Fox News National

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Trump: I’ll Head to the Supreme Court If Dems Try Impeachment

President Donald Trump says he'll go directly to the U.S. Supreme Court "if the partisan Dems" ever try to impeach him.

But Trump's strategy could run into a roadblock: the high court itself, which said in 1993 that the framers of the Constitution didn't intend for the court to have the power to review impeachment proceedings. The Supreme Court ruled that impeachment and removal from office is Congress' duty alone.

"I DID NOTHING WRONG," Trump tweeted Wednesday. Trump says not only are there no "High Crimes and Misdemeanors," one of the bases for impeachment outlined in the U.S. Constitution, "there are no Crimes by me at all."

He alleges Democrats committed crimes and says they're looking "to Congress as last hope!" because "We waited for Mueller and WON."

Source: NewsMax Politics

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Alleged College Admissions Mastermind Used Two Schemes to Get Kids Into Schools

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Brazil’s President Bolsonaro visits CIA during Washington trip

FILE PHOTO: Brazil's President Jair Bolsonaro listens to Paraguay's President Mario Abdo during a meeting at the Planalto Palace in Brasilia
FILE PHOTO: Brazil's President Jair Bolsonaro listens during a meeting at the Planalto Palace in Brasilia, Brazil March 12, 2019. REUTERS/Ueslei Marcelino/File Photo

March 18, 2019

WASHINGTON (Reuters) – Brazilian President Jair Bolsonaro visited the Central Intelligence Agency’s headquarters on Monday, an unusual move for a foreign head of state that was not on the public agenda for his first official trip to Washington.

The visit underscored Bolsonaro’s embrace of U.S. influence in Latin America to confront what he calls a communist threat against democracy — a theme he remarked on during a dinner on Sunday evening with his ministers and right-wing thinkers.

Presidential advisers, including his official spokesman, had said during the dinner that his agenda on Monday morning would be kept private. But Bolsonaro’s son, Congressman Eduardo Bolsonaro, revealed the visit in a Twitter post.

“Going now with the (president) and ministers to the CIA, one of the most respected intelligence agencies in the world,” he wrote. “It will be an excellent opportunity to discuss international topics in the region with experts and technicians of the highest level.”

The Brazilian president was scheduled to meet later on Monday with former Treasury Secretary Hank Paulson and deliver remarks at the U.S. Chamber of Commerce.

The CIA’s headquarters is in Langley, Virginia, near Washington.

(Reporting by Lisandra Paraguassu; editing by Jonathan Oatis)

Source: OANN

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Garmin forecasts higher full-year revenue, shares rise

A Garmin GPS watch is shown on a display at a store in Encinitas
A Garmin GPS watch is shown on a display at a store in Encinitas, California, U.S., October 30, 2017. REUTERS/Mike Blake

February 20, 2019

(Reuters) – Garmin Ltd reported quarterly results that beat Wall Street estimates on Wednesday on the back of higher demand for its smartwatches and navigation systems and forecast full-year revenue above expectations.

Shares of the company rose 4.2 percent to $73.97 in light trading before the bell.

Garmin, which started as a navigation device maker, has benefited in recent years from growing demand for smartwatches and other wearable fitness devices that track everything from heart rates and calories to a pet’s movement.

The company, which competes with the likes of Apple Inc, Fitbit Inc and TomTom, forecast full-year revenue of about $3.5 billion.

Analysts were expecting revenue of $3.43 billion, according to IBES data from Refinitiv.

Sales in its outdoor segment, that sells smartwatches to campers and travelers, rose about 25 percent in the quarter.

Net income rose to $190.15 million, or $1 per share, in the fourth quarter ended Dec.29, from $142.55 million, or 75 cents per share, a year earlier.

Excluding items, it earned $1.02 per share and beat the average analyst estimate of 80 cents, according to IBES data from Refinitiv.

Net sales rose about 4 percent to $932.1 million in the quarter.

(Reporting by Sayanti Chakraborty in Bengaluru; Editing by Arun Koyyur)

Source: OANN

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FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London
FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London, Britain December 15, 2018. REUTERS/Simon Dawson

April 26, 2019

(Reuters) – Ailing British retailer Debenhams said two proposed company voluntary arrangements (CVA) could see all its stores remaining open during 2019, with 22 closures planned for next year, putting about 1,200 jobs at risk.

Debenhams’ lenders took control of the retailer earlier this month in a process designed to keep its shops open at the expense of shareholders.

(Reporting by Noor Zainab Hussain in Bengaluru; editing by Gopakumar Warrier)

Source: OANN

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FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London
FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London, Britain, November 8, 2018. REUTERS/Toby Melville

April 26, 2019

BENGALURU (Reuters) – Chinese brands controlled a record 66 percent of Indian smartphone market in the first quarter, led by Xiaomi Corp, a report showed, with volumes rising 20 percent on the back of popularity for brands like Vivo, RealMe and Oppo.

Xiaomi’s India shipments fell by 2 percent over last year, but the Beijing-based company was still the biggest smartphone brand in the country, followed by Samsung Electronics Co Ltd, according to Hong-Kong based Counterpoint Research.

Shipment volumes for Vivo jumped 119 percent, while those of Oppo rose 28 percent.

“Vivo’s expanding portfolio in the mid-tier range ($100 to $180) drove its growth along with aggressive Indian Premier League cricket campaign,” Counterpoint analysts said.

India is the world’s fastest growing market for smartphones, where affordable pricing coupled with features like “selfie” cameras and big screens have popularized Chinese brands.

Video streaming services like Netflix Inc and Hotstar, as well as heavy usage of messaging apps like Facebook Inc’s WhatsApp have further spurred demand.

“Data consumption is on the rise and users are upgrading their phones faster as compared to other regions,” Counterpoint’s Tarun Pathak said.

“As a result of this, the premium specs are now diffusing faster into the mid-tier price brands. We estimate this trend to continue leading to a competitive mid-tier segment in coming quarters.”

(Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu)

Source: OANN

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Good morning and welcome to Fox News First. Here’s a look at what you need to know today …

EXCLUSIVE: Trump says ‘Sleepy Joe’ Biden doesn’t have what it takes

President Trump, in a wide-ranging, exclusive phone interview with Fox News’ Sean Hannity, dismissed the launch of former Vice President Joe Biden’s presidential campaign, nicknaming him “Sleepy Joe” and saying he’s “not the brightest bulb.” Biden, the president said, has name recognition but he won’t “be able to do the job.” When asked about Sen. Bernie Sanders, I-Vt., Trump criticized his record, saying Sanders had “misguided energy” and asserted that Sanders “talks a lot” but hasn’t accomplished anything. The president referred to former U.S. Rep. Beto O’Rourke of Texas as “a fluke” who had lost much momentum and outright dismissed Sen. Kamala Harris, D-Calif., and South Bend, Ind., Mayor Pete Buttigieg — although he said he was “rooting” for Buttigieg. (Trump could address Biden and the other Democratic presidential candidates when he speaks today before the National Rifle Association.)

The Democratic Party’s youth movement: Biden’s biggest challenge?
Former Democratic National Committee (DNC) chair Howard Dean warned Joe Biden about the troubles he may face in his presidential campaign, especially from the “35-year-olds” who Dean says have been running the party — a clear nod to Rep. Alexandria Ocasio-Cortez, D-N.Y., and fellow freshmen Democrats. “This is a very different party than even the party Joe Biden ran in in 2012. Very different,” Dean continued. “A lot of people could win this race. There’s 20 people in there. I think it’s going to take $20 million to get to the starting line. If you can’t raise $20 million, you’re gone, and I think that’s going to take care of about six or eight of these folks. … But it is not the same party that it was five years ago.” A progressive political group that boosted Ocasio-Cortez’s bid for Congress last year vowed to oppose Biden and blasted him as part of the “old guard.”

More tales from the FBI texts
Text messages between former FBI officials Peter Strzok and Lisa Page indicate they discussed using briefings to the Trump team after the 2016 election to identify people they could “develop for potential relationships,” track lines of questioning and “assess” changes in “demeanor” – language one GOP lawmaker called “more evidence” of irregular conduct in the original Russia probe. Fox News has learned the texts, initially released in 2018 by a Senate committee, are under renewed scrutiny, with GOP Sen. Chuck Grassley and Homeland Security Committee chair Ron Johnson sending a letter Thursday night to Attorney General Bill Barr pushing for more information on the matter. President Trump, speaking on Fox News’ “Hannity” Thursday night, responded to this report by accusing Strzok and Page of an attempted “coup.” “They were trying to infiltrate the administration,” he said.

Kim accuses US of acting in ‘bad faith’
North Korean leader Kim Jong Un, fresh off his summit with  Russian President Vladimir Putin, said the U.S. has been acting in “bad faith” since his Hanoi meeting with President Trump over the stalemated issue of North Korean denuclearization. The North Korean leader told the Korean Central News Agency that, “the situation on the Korean Peninsula and the region is now at a standstill and has reached a critical point,” the Straits Times of Singapore reported. Kim warned that the situation “may return to its original state as the U.S. took a unilateral attitude in bad faith at the recent second DPRK-US summit talks,” the Korean Central News Agency added.

NFL Draft 2019: It’s all about defense
The first round of the 2019 NFL Draft saw a run on defensive players, with eight of the top 12 picks in Nashville coming from that side of the ball. After Oklahoma quarterback Kyler Murray was taken first overall by the Arizona Cardinals, the San Francisco 49ers started a run of four straight front-seven players by taking Ohio State defensive end Nick Bosa with the second overall pick — the highest draft slot for any Buckeye since left tackle Orlando Pace went No. 1 overall to the St. Louis Rams in 1997.

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TODAY’S MUST-READS
Fox News’ Ed Henry recalls spending time with Celtics great John Havlicek.
Massachusetts judge accused of helping illegal immigrant evade ICE pleads not guilty.
Rosenstein slams Obama administration for choosing ‘not to publicize full story’ of Russia hacking.
F.H. Buckley: What Democrats have forgotten about citizenship.

MINDING YOUR BUSINESS
Amazon crushes earnings expectations, but revenue growth slows.
Low-tax states among best places to make a living in 2019.
Construction job market booming: These states are hiring.

#TheFlashback
2018: Bill Cosby is convicted of drugging and molesting Temple University employee Andrea Constand at his suburban Philadelphia mansion in 2004; it is the first big celebrity trial of the #MeToo era.
1986: An explosion and fire at the Chernobyl nuclear power plant in Ukraine causes radioactive fallout to spew into the atmosphere. (Dozens of people are killed in the immediate aftermath of the disaster while the long-term death toll from radiation poisoning is believed to number in the thousands.)
1977: Notorious nightclub Studio 54 opens in New York.

SOME PARTING WORDS

Watch the “Special Report” panel take a look at former Vice President Joe Biden’s decision to run for president a third time and the battle for the “soul” of America.

Not signed up yet for Fox News First? Click here to find out what you’re missing.

CLICK HERE to find out what’s on Fox News programming today and over the weekend!

Fox News First is compiled by Fox News’ Bryan Robinson. Thank you for joining us! Have a good day and weekend! We’ll see you in your inbox first thing Monday morning.

Source: Fox News National

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Joe Biden’s brain surgeon said his former patient is “totally in the clear” as speculation over the candidate’s health — with Biden possibly becoming the oldest president in U.S. history — is likely to become a campaign issue.

The former vice president, who had been perceived by many as the strongest potential contender for the Democratic Party’s 2020 presidential nomination, formally announced his candidacy Thursday.

But Biden’s age – 76 – is expected to become a source of attacks from a younger generation of Democrats not because of obvious generational differences, but possibly for actual health concerns if Biden gets into office.

WHY THE MEDIA ARE CONVINCED JOE BIDEN WILL IMPLODE

Biden himself agreed last year that “it’s totally legitimate” for people to ask questions about his health if he decides to run for president, given his medical history — which has included brain surgery in 1988.

“I think they’re gonna judge me on my vitality,” Biden told “CBS This Morning.” “Can I still run up the steps of Air Force Two? Am I still in good shape? Am I – do I have all my faculties? Am I energetic? I think it’s totally legitimate people ask those questions.”

“I think they’re gonna judge me on my vitality. …  I think it’s totally legitimate [that] people ask those questions.”

— Joe Biden

But Dr. Neal Kassell, the neurosurgeon who operated on Biden for an aneurysm three decades ago, told the Washington Examiner that Biden appears to be “totally in the clear” — and even joked that the operation made Biden “better than how he was.”

“Joe Biden of all of the politicians in Washington is the only one that I’m certain has a brain, because I have seen it,” Kassell said. “That’s more than I can say about all the other candidates or the incumbents.”

“Joe Biden of all of the politicians in Washington is the only one that I’m certain has a brain, because I have seen it.”

— Dr. Neal Kassell

BIDEN’S CLAIM HE DIDN’T WANT OBAMA TO ENDORSE TRIGGERS MOCKERY

At the same time, however, Biden hasn’t been forthcoming about his health at least since 2008 when he released his medical records as a vice presidential candidate. The disclosure that time revealed some fairly minor issues such as an irregular heartbeat in addition to detailing previous operations, including removing a benign polyp during a colonoscopy in 1996, the outlet reported.

It remains unclear if Biden had more aneurysms. Some medical experts say that people who have had an aneurysm can have another one.

An aneurysm, or a weakening of an artery wall, can lead to a rupture and internal bleeding, potentially placing a patient’s life in jeopardy.

Biden won’t be the only Democrat grappling with old age. Sen. Bernie Sanders, another 2020 frontrunner, is currently 77 years old and agreed with Biden last year that their ages will be an issue in the race.

“It’s part of a discussion, but it has to be part of an overall view of what somebody is and what somebody has accomplished,” Sanders told Politico.

“Look, you’ve got people who are 50 years of age who are not well, right? You’ve got people who are 90 years of age who are going to work every day, doing excellent work. And obviously, age is a factor. But it depends on the overall health and wellbeing of the individual.”

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Sanders released his medical records in 2016, with a Senate physician saying in a letter that the senator was “in overall very good health.”

Source: Fox News Politics

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German carmaker Daimler endured a weak start to the year, echoing troubles at other major manufacturers, as sales in the big Chinese market stuttered.

The company said Friday that its net income fell to 2.1 billion euros ($2.3 billion) in the first quarter from 2.3 billion euros during the same period a year earlier, while revenue dipped to 39.7 billion euros from 39.8 billion euros.

Vehicle sales fell 4% to 773,800 units, with a double-digit percentage drop in China offsetting gains in other markets like the U.S. and Europe.

The company said there were also problems with high inventories and bottlenecks in the supply chain.

Chairman Dieter Zetsche said that “we cannot and will not be satisfied with this — as expected — moderate start to the year.”

Source: Fox News World

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