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Mexican President in Deep Water With Trump as Border Crisis Explodes

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3 nations ground Boeing 737 Max 8s after Ethiopia crash

Authorities in Ethiopia, China and Indonesia grounded all Boeing 737 Max 8 aircraft Monday following the crash of an Ethiopian Airlines jetliner that killed 157 people, and investigators found the flight recorders from the field where the plane went down.

The new plane crashed shortly after takeoff in clear weather outside Addis Ababa on Sunday, and the airline decided to ground its remaining four 737 Max 8s until further notice as "an extra safety precaution," spokesman Asrat Begashaw said. Ethiopian Airlines had been using five of the planes and awaiting delivery of 25 more.

As Ethiopia observed a day of mourning, Red Cross workers slowly picked through the widely scattered debris near the blackened crash crater, looking for the remains of the dead, while heavy machinery dug for larger pieces of the plane.

The plane's flight data and cockpit voice recorders were found, Ethiopian Airlines said. An airline official, however, said one of the recorders was partially damaged and "we will see what we can retrieve from it." The official spoke on condition of anonymity for lack of authorization to speak to the media.

Ethiopian authorities are leading the investigation into the crash, assisted by the U.S., Kenya and others.

"These kinds of things take time," Kenya's Transport Minister James Macharia told reporters.

Sunday's crash was strikingly similar to that of a Lion Air jet of the same Boeing model in Indonesian seas last year, killing 189 people. The crash was likely to renew questions about the 737 Max 8, the newest version of Boeing's popular single-aisle airliner, which was first introduced in 1967 and has become the world's most common passenger jet.

Safety experts cautioned against drawing too many comparisons between the two crashes until more is known about the disaster. Besides the groundings in China and Indonesia, Caribbean carrier Cayman Airways temporarily grounded their Max 8s.

Chicago-based Boeing said it did not intend to issue any new guidance to its customers. It plans to send a technical team to the crash site to help investigators and issued a statement saying it was "deeply saddened to learn of the passing of the passengers and crew" on the jetliner.

People from 35 countries died in the crash six minutes after the plane took off from Ethiopia's capital for Nairobi. Ethiopian Airlines said the senior pilot issued a distress call and was told to return but all contact was lost shortly afterward. The plane plowed into the ground at Hejere near Bishoftu, scattering debris like a shredded book, a battered passport and business cards in multiple languages.

"I heard this big noise," resident Tsegaye Reta told the AP. "The villagers said that it was a plane crash, and we rushed to the site. There was a huge smoke that we couldn't even see the plane. The parts of the plane were falling apart."

Kenya lost 32 people, more than any country. Relatives of 25 of the victims had been contacted, Macharia said, and taking care of their welfare was of utmost importance.

"Some of them, as you know, they are very distressed," he said. "They are in shock like we are. They are grieving."

In Addis Ababa, members of an association of Ethiopian airline pilots cried uncontrollably for their dead colleagues. Framed photos of seven crew members sat in chairs at the front of a crowded room.

Canada, Ethiopia, the U.S., China, Italy, France, Britain, Egypt, Germany, India and Slovakia all lost four or more citizens.

At least 21 staff members from the United Nations were killed in the crash, said U.N. Secretary-General Antonio Guterres, who led a moment of silence at a meeting where he said "a global tragedy has hit close to home."

Both Addis Ababa and Nairobi are major hubs for humanitarian workers, and some had been on their way to a large U.N. environmental conference set to begin Monday in Nairobi. The U.N. flag at the event flew at half-staff.

The crash shattered more than two years of relative calm in African skies, where travel had long been chaotic. It also was a serious blow to the Ethiopian Airlines, which has expanded to become the continent's largest and best-managed carrier and turned Addis Ababa into the gateway to Africa.

The state-owned carrier has a good reputation and the company's CEO told reporters no problems were seen before Sunday's fight. But investigators also will look into the plane's maintenance, which may have been an issue in the Lion Air crash.

The plane was delivered to Ethiopian Airlines in November. The jet's last maintenance was on Feb. 4, and it had flown just 1,200 hours.

China's Civil Aviation Administration said that it ordered airlines to ground all 737 Max 8 aircraft as of 6 p.m. (1000 GMT) Monday, in line with the principle of "zero tolerance for security risks."

It said it would issue further notices after consulting with the U.S. Federal Aviation Administration and Boeing.

China Southern Airlines is one of Boeing's biggest customers for the aircraft.

The 737 is the best-selling airliner in history, and the Max, the newest version of it with more fuel-efficient engines, is a central part of Boeing's strategy to compete with European rival Airbus.

"Safety is our No. 1 priority and we are taking every measure to fully understand all aspects of this accident, working closely with the investigating team and all regulatory authorities involved," the company said in a statement.

___

Meseret reported from Addis Ababa. Associated Press writer Niniek Karmini in Jakarta, Indonesia, Edith M. Lederer at the United Nations and AP Airlines Writer David Koenig in Dallas, Texas, contributed.

___

Follow Africa news at https://twitter.com/AP_Africa

Source: Fox News World

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Man who found dead baby in 1981 reflects on mother's arrest

A Sioux Falls man who discovered a dead infant in a ditch 38 years ago said following the arrest of the child's biological mother that he still mourns the loss of a child he wishes he had found alive.

Lee Litz told the Sioux Falls Argus Leader that he cried tears of relief when he learned Theresa Bentaas, 57, had been charged with murder and manslaughter in the killing of the child known as Baby Andrew.

Litz found the boy's body wrapped in a blanket in a cornfield ditch in February 1981.

Litz said his family and the 50 strangers who attended the infant's funeral are the boy's true family, even though they didn't know him or his parents. Litz said his wife was pregnant when he discovered the baby and he was already a father, so he couldn't comprehend why someone would leave their child to die.

"It was a human life. He never got the chance to live," Litz said. "There are times when I wish I hadn't found him and there are times that I'm glad I did. I just wish I found him earlier, when he was still alive."

His 37-year-old daughter, Crystal Litz-Oestreich, said she and her family hope for justice for the child whose body was found just months before she was born.

"Bentaas threw him away like trash," Litz-Oestreich said.

Sioux Falls Police used DNA to determine Bentaas was the biological mother and arrested her Friday.

Bentaas' attorney, Raleigh Hansman, declined to comment Monday afternoon. She argued at a bond hearing earlier Monday that Bentaas should be released on her own recognizance, arguing that she is a lifelong Sioux Falls resident with no criminal history and "not a danger to this community." Judge Pat Schroeder granted prosecutors' request for $250,000 cash-only bond.

Bentaas told authorities last month that she concealed her pregnancy from her friends and family and gave birth alone in her apartment, according to an affidavit. Bentaas said she drove the infant to the area where he was later discovered and left him there to die.

Bentaas said she was "young and stupid" and felt sad and scared as she drove away, according to the court document.

Litz said that's no excuse.

"What she did 38 years ago was wrong. It doesn't matter how long it's been," Litz said. "As far as her, I don't have any sympathy for her."

___

Information from: Argus Leader, http://www.argusleader.com

Source: Fox News National

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As Brexit looms, Dutch markets regulator issues 40 new licenses

FILE PHOTO: Pro-Brexit protesters take part in the March to Leave demonstration in London
FILE PHOTO: A British flag flutters during the March to Leave demonstration in Parliament square in London, Britain March 29, 2019. REUTERS/Toby Melville/File Photo

April 11, 2019

AMSTERDAM (Reuters) – More than 40 licenses were issued in 2018 to businesses moving to Amsterdam from London due to Britain’s departure from the European Union, the Dutch financial markets regulator said on Thursday.

In its 2018 annual report the AFM said it had held discussions with 150 companies and expects 30 to 40 percent of the European stock and bond market to move to the Netherlands in the event of Brexit.

European leaders agreed during emergency negotiations in Brussels overnight to give Britain six more months to prepare for its departure from 27-member bloc.

Dozens of trading firms were among those to apply for licenses, Reuters has reported, resulting in a permanent shift away from London.

The AFM did not name the parties that received licenses.

“Brexit had a major impact on financial markets in 2018 and the role of the Financial Market Regulator (AFM),” it said in a statement. “The organization and the ICT infrastructure is prepared for up to 14 times more trading volumes.”

(Reporting by Anthony Deutsch; Editing by David Holmes)

Source: OANN

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Father suspected in house fire that killed 2 children dies

Authorities say a man suspected of starting a house fire in Minnesota that killed two of his children has died.

The Sherburne County Sheriff's Office says in a release that 36-year-old Anthony Robert Parker died Saturday of injuries suffered in the Friday morning blaze in Big Lake, about 40 miles (65 kilometers) from Minneapolis.

The fire killed Parker's two toddlers, 1-year-old Spencer Parker and 2-year-old Landon Parker. His other children, who 7 and 9 years old, were injured. Their conditions have not been released.

The state fire marshal's office is investigating the cause of the blaze.

Source: Fox News National

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Biden to announce U.S. presidential run on Wednesday: report

Former U.S. Vice President Joe Biden arrives at a rally with striking Stop & Shop workers in Boston
FILE PHOTO: Former U.S. Vice President Joe Biden, a potential 2020 Democratic presidential candidate, arrives at a rally with striking Stop & Shop workers in Boston, Massachusetts, U.S., April 18, 2019. REUTERS/Brian Snyder

April 19, 2019

By Gabriella Borter

(Reuters) – Former U.S. Vice President Joe Biden plans to make a widely expected announcement of his candidacy for the presidency in a video on Wednesday, the Atlantic reported on Friday, citing sources close to Biden’s top aides.

The announcement will follow months of speculation over whether Biden, a Democratic party stalwart and an early leader in opinion polls, would launch a bid for his party’s nomination to challenge President Donald Trump in 2020.

The announcement video will include footage shot two weeks ago outside the house where Biden grew up in Scranton, Pennsylvania, the Atlantic reported. Biden’s roots in the faded industrial town of about 77,000 people have fueled his appeal among U.S. working class voters.

Biden served 36 years in the U.S. Senate representing Delaware and eight years as vice president under former President Barack Obama. At 76, he will become the second oldest candidate in the Democratic primary after Senator Bernie Sanders, who is 77.

His announcement would bring the field of Democratic presidential hopefuls to 19. Political observers in recent weeks have wondered if Biden delayed his decision due to recent allegations from women that Biden made them feel uncomfortable when he touched them at political events in the past.

Biden responded to the allegations earlier this month by saying he believed he never acted inappropriately during his many years in public life.

“I will be much more mindful, and that’s my responsibility,” Biden said in a video posted on social media. “I’ve worked my whole life to empower women. I’ve worked my whole life to prevent abuse.”

In the days after four women came forward with allegations, sources close to Biden told Reuters that campaign preparations had not been slowed by the controversy.

NBC News cited multiple officials as saying Biden’s advisers are finalizing plans for the campaign launch this coming week.

(Reporting by Gabriella Borter; Editing by David Gregorio)

Source: OANN

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Out-of-sync and out-performing China markets lure foreign inflows

Man stands in front of an electronic board displaying stock information at a brokerage firm in Hangzhou
A man stands in front of an electronic board displaying stock information at a brokerage firm in Hangzhou, Zhejiang province, China April 1, 2019. Picture taken April 1, 2019. REUTERS/Stringer ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. CHINA OUT.

April 8, 2019

By Andrew Galbraith and Daniel Leussink

SHANGHAI/TOKYO (Reuters) – Not for the first time, China’s markets are marching to their own beat.

Just as investors come to terms with a bleak outlook for global growth and earnings, with weak German industrial and trade data just the latest portents of gloom, China’s economy may be bottoming out, helped by Beijing’s early moves to prop up a stuttering economy.

At the same time, Chinese regulators’ drive to open up financial markets to foreign involvement is making the country more accessible, and a potentially rich target for foreign investors looking to diversify.

“The more you see stabilization of the Chinese growth story – and I think you’ll see that coming through in the middle of the year – the more comfortable you’ll be with looking at the debt and equity side of things in China,” said Kerry Craig, Global Market Strategist at J.P. Morgan Asset Management in Melbourne.

To be fair, global markets are having a good year. Index provider MSCI’s broadest gauge of global shares is up more than 13 percent since January, erasing last year’s losses even against the backdrop of the U.S.-China trade war and Brexit.

But dovish shifts by the U.S. Federal Reserve and the European Central Bank have in recent weeks sparked market jitters, pushing down bond yields and jolting equity indexes.

China’s markets have been comparatively unfazed. The blue-chip CSI300 index has risen more than a third so far this year, making it the world’s best-performing major index.

Yields on benchmark 10-year Chinese government bonds have also jumped in recent days alongside rallying shares as investors’ appetite for the safest investments has ebbed.

Faced with a slowing economy due in part to a multi-year campaign to reduce risky leverage and to headwinds from the trade war, Beijing began easing policy selectively last year, channeling more money into the real economy to boost growth.

Tax cuts, infrastructure spending and pledges to boost lending and lower borrowing costs have helped revive stagnant credit growth, brightening the outlook for corporate earnings.

“With easing policies starting to have an impact on credit creation, credit growth should continue to pick up this year,” Chen Long, China economist at Gavekal Dragonomics in Beijing, said in a note.

“It’s clear that China’s economy slowed further in the first quarter of 2019, but there’s an increasingly strong consensus that growth will bottom out and improve later in the year.”

Chinese shares have also been bolstered by rising foreign interest.

Net flows into China’s stock market through the Shanghai and Shenzhen Stock Connect program topped 125 billion yuan ($18.6 billion) in the first quarter of 2019, nearly triple the same period a year earlier, data from Hong Kong Exchanges and Clearing Ltd showed.

In February, the Institute for International Finance said foreign investors put more than $10 billion into Chinese onshore equities ahead of an announced rise in the weighting of A-shares in MSCI’s benchmark indexes.

Graphic: Different drummers, click https://tmsnrt.rs/2WUNt2W

BOND BOOST

Global index changes have extended beyond equities.

On April 1, index provider Bloomberg Barclays began a 20-month process of including some Chinese government and policy bank bonds in its Global Aggregate index, a move expected to draw billions of foreign dollars into China’s $13 trillion bond market.

While initial flows tracking the index will be gradual, “at some point in time there will be an inflection point,” said Dhiraj Bajaj, fixed income portfolio manager at Lombard Odier in Singapore.

For active investors, Chinese bonds provide advantages to a diversified portfolio, including lower average durations and significant yield premiums.

Frances Cheung, head of macro strategy for Asia at Westpac, said the yuan’s relative stability could burnish the appeal of yuan-denominated assets to some investors.

“The RMB is less sensitive to risk sentiment than some of its regional peers including the IDR, KRW and MYR. The correlation between USD/CNY and Chinese government bonds is also low. These features render CNY bonds a good avenue for portfolio diversification, especially when initial exposure is low for many investors,” she said.

Data from Bond Connect, which gives foreign investors access to China’s interbank market, shows trading volumes through the scheme jumped 70 percent, and the number of registered Bond Connect investors rose 41 percent, in the first quarter of 2019.

Bond Connect says index inclusion has shifted the focus of trading toward government and policy bank bonds, which accounted for 66 percent of turnover in March, up from 37 percent in December.

But following a year-long rally that pushed yields on 10-year Chinese government bonds down nearly a full percentage point from highs in late January 2018, some investors may be seeing less room for profit, said Bajaj.

A lack of familiarity with Chinese bonds may also deter some foreign investors, while technical issues such as limited hedging tools and patchy trading of newly issued government bonds remain nagging concerns.

“I imagine a lot of investors in similar positions like myself have just kind of a lack of experience of the market that probably limits its global safe-haven flow,” said Ross Hutchison, a global bond fund manager at Aberdeen Standard Investments in Edinburgh. “But that doesn’t mean that won’t change.”

Craig at J.P. Morgan said foreign investors should approach Chinese bonds with care. “We do know that the Chinese government has a large amount of debt. We have to think about the quality of what’s backing up those bonds,” he said.

But if investors are comfortable with China’s ability to contain debt, those concerns should ease, Craig added.

“We talk about the U.S. market being a safe haven, but U.S. debt is going to go up if they continue to spend at this rate,” he said.

Graphic: Benchmark moves, click https://tmsnrt.rs/2WPCXtv

(Reporting by Daniel Leussink and Andrew Galbraith; Additional reporting by Vidya Ranganathan in SINGAPORE; Editing by Lincoln Feast)

Source: OANN

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Real News with David Knight

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Democratic presidential candidates Sen. Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont are taking aim at latest entry into the 2020 nomination race – Joe Biden.

Campaigning in Iowa hours after the former vice president officially announced his candidacy, Warren contrasted on Thursday her longtime record of taking on Wall Street with that of Biden.

JOE BIDEN OFFCIALLY LAUNCHES LONG AWAITED 2020 BID

“At a time when the biggest financial institutions in this country were trying to put the squeeze on millions of hard-working families who were in bankruptcy because of medical problems, job losses, divorce and death in the family, there was nobody to stand up for them,” said the populist senator who’s producing progressive policy proposal after another as she runs for the White House.

“I got in that fight because they just didn’t have anyone,” she said. “And Joe Biden was on the side of the credit card companies.”

The comments reignited a nearly two decades old fight between the two over the country’s bankruptcy laws.

Fox News reached out to the Biden campaign for reaction to Warren’s words but had yet to receive a response at the time this article was published.

WARREN NOT WORRIED ABOUT POLLS: ‘IT’S EARLY.. I’M RUNNING THE CAMPAIGN ITHAT I WANT TO RUN’

It’s not just Warren. The head of the Progressive Change Campaign Committee – which has backed the senator from Massachusetts – also took aim at Biden, who enters the race as the front runner in most national polls and early primary and caucus voting state surveys, slightly atop of Sanders and well ahead of the rest of the large field of 20 contenders.

“With billionaires deciding not to run, progressive candidates have been in need of a foil. If Joe Biden positions himself as the political insider from yesteryear who says big ideas like universal child care, student debt relief, and a wealth tax on ultra-millionaires are not possible, he would be an easy foil, Adam Green, the co-founder of PCCC, told Fox News.

BIDEN LAUNCH SETS UP 2020 NOMINATION FIGHT WITH FELLOW FRONT-RUNNER SANDERS

Sanders’ campaign also jabbed at Biden.

The former vice president spent Thursday evening raising campaign cash at the suburban Philadelphia home of David Cohen, a senior executive of the Comcast Corp. and a former Democratic operative.

In a fundraising email to supporters around the same time, Sanders’ campaign manager Faiz Shakir wrote that “it’s a big day in the Democratic primary and we’re hoping to end it strong. Not with a fundraiser in the home of a corporate lobbyist, but with an overwhelming number of individual donations in response to today’s news.”

Earlier in the day, a rising progressive group called Justice Democrats that has championed Sanders and Rep. Alexandria Ocasio-Cortez of New York called Biden “out of touch” and stressed that “we can’t let a so-called ‘centrist’ like Joe Biden divide the Democratic Party and turn it into the party of ‘No, we can’t.’”

Biden, of course, is considered to be more moderate than many of the current contenders for the Democratic presidential nomination, especially Warren and Sanders, who describes himself as a democratic socialist.

These kind of jabs from the candidates, their campaigns and outside groups could be foreshadow a building clash between the progressive and establishment sings of the party.

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.”

Former President Barack Obama, Biden’s boss for eight years, remains extremely popular with Democrats.

BIDEN SAYS HE ASKED OBAMA NOT TO ENDORSE HIM

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

Highlighting his early public push for same-sex marriage, he said, “I’m not sure when everybody else came out and said they’re for gay marriage.”

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)

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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)

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