Upcoming shows
Real News

NOW ON AIR
Now On Air

Real News with David Knight

9:00 am 12:00 pm



Maga First News

Upcoming Shows

Join The MAGA Network on Discord

0 0

NBA roundup: Nuggets, Raptors even series

NBA: Playoffs-San Antonio Spurs at Denver Nuggets
Apr 16, 2019; Denver, CO, USA; Denver Nuggets head coach Michael Malone reacts with guard Jamal Murray (27) in the fourth quarter against the San Antonio Spurs in game two of the first round of the 2019 NBA Playoffs at the Pepsi Center. Mandatory Credit: Isaiah J. Downing-USA TODAY Sports

April 17, 2019

Jamal Murray scored 21 of his 24 points in the fourth quarter, and the host Denver Nuggets rallied from down 19 to beat the San Antonio Spurs 114-105 in Game 2 of their Western Conference first-round playoff series on Tuesday night.

Nikola Jokic had 21 points, 13 rebounds and eight assists, Gary Harris scored 23 points, and Paul Millsap had 20 points for Denver. The Nuggets tied the series 1-1 and ended San Antonio’s seven-game playoff winning streak in Denver.

DeMar DeRozan scored 31 points and LaMarcus Aldridge had 24 points for the Spurs.

Murray, who missed his first eight shots, hit five consecutive shots in the fourth quarter, including two straight and a pair of free throws that gave Denver a 99-97 lead, its first advantage since 17-16. The Nuggets were ahead by three before Murray drained two 3-pointers to make it 110-101.

Raptors 111, Magic 82

Kawhi Leonard scored 37 points on 15-for-22 shooting from the field, and Toronto defeated visiting Orlando to even its first-round Eastern Conference playoff series at one game apiece.

Pascal Siakam added 19 points and 10 rebounds for the Raptors, who never trailed. Kyle Lowry contributed 22 points and seven assists for Toronto while Serge Ibaka chipped in with 13 points and eight rebounds off the bench.

Aaron Gordon scored 20 points for the Magic, who split the regular-season series 2-2 with the Raptors. Terrence Ross added 15 points for Orlando while Evan Fournier scored 10 points.

–Field Level Media

Source: OANN

0 0

Wells Fargo CEO’s pay raise draws rare Fed response

Wells Fargo CEO Sloan testifies before a House Financial Services Committee hearing
Wells Fargo CEO Tim Sloan testifies before a House Financial Services Committee hearing titled: "Holding Megabanks Accountable: An Examination of Wells Fargo's Pattern of Consumer Abuses" in Washington, U.S. March 12, 2019. REUTERS/Erin Scott

March 13, 2019

By Imani Moise and Pete Schroeder

(Reuters) – Wells Fargo & Co gave Chief Executive Tim Sloan a 5 percent pay raise for 2018, prompting the Federal Reserve to release a statement saying that it does not sign off on executive pay.

Sloan’s base salary remained flat at $2.4 million, he earned $14 million stock awards and the board awarded him a $2 million bonus based on the bank’s financial performance and other factors, according to a company filing. In 2017, Sloan did not receive a bonus and his total compensation was $17.4 million.

“The Federal Reserve does not approve pay packages. We expect boards of directors to hold management accountable,” said a Fed spokesperson in an emailed statement when asked about the bank’s new executive compensation numbers.

The Fed typically has been tight lipped about the institutions it regulates and rarely comments beyond pre-scheduled regulatory events.

Wells Fargo is currently prohibited from growing in size, after the Federal Reserve issued an unprecedented asset cap on it in February, citing “widespread consumer abuses and compliance breakdowns.”

The 2016 revelation that Wells Fargo created millions of fake customer accounts prompted regulatory probes into mortgage foreclosures, auto insurance sales and its wealth management businesses, resulting in billions of dollars in fines.

Wells Fargo released its compensation one day after Sloan appeared before the House Financial Services Committee to prove to lawmakers that the bank was reformed since 2016 revelations that it created millions of unauthorized customer accounts.

At Tuesday’s hearing, Sloan was peppered with bipartisan criticism for four hours but he navigated a hostile committee without a major stumble. [L1N20Z0NY]

During 2018 Wells Fargo shares tumbled 22 percent as the bank continued to rack up fines and disclose new issues.

Earlier this year, Bank of America Corp disclosed CEO Brian Moynihan’s annual compensation rose 15 percent to $27 million, Morgan Stanley said CEO James Gorman’s overall pay rose 7 percent to $29 million, and JPMorgan Chase & Co CEO Jamie Dimon’s compensation rose 5 percent to $31 million, according to filings.

(Reporting by Imani Moise; editing by Diane Craft)

Source: OANN

0 0

UK consumers slow pace of borrowing growth, mortgages fall as Brexit nears

FILE PHOTO: A woman holds an umbrella as she walks past the window of an estate agents office in Manchester
FILE PHOTO: A woman holds an umbrella as she walks past the window of an estate agents office in Manchester, northern England June 7, 2011. REUTERS/Phil Noble

March 29, 2019

LONDON, March 29 (Reuters) – Lending to British consumers grew at its slowest annual pace in four-and-a-half years in February and banks approved fewer mortgages as Brexit approached, Bank of England data showed on Friday.

The annual growth rate in unsecured consumer lending slowed to 6.3 percent from 6.5 percent in January, its weakest rise since September 2014, the BoE figures showed.

British consumers reined in their spending in late 2018 and have remained in a cautious mood in early 2019, faced with the possibility of the country leaving the European Union without a deal to smooth the economic shock.

However, there were some signs that consumers are not reining in their spending sharply.

Figures for unsecured lending in February alone showed a 1.145 billion-pound increase, higher than economists’ forecasts of a rise of 900 million pounds.

The BoE said the number of mortgages approved for house purchase fell to 64,337 in February from 66,696 in January, compared with a median forecast of 65,000 in a Reuters poll of economists.

Britain’s housing market has weakened in the run-up to Brexit with price growth at around five-year lows.

Earlier on Friday, lender Nationwide said house prices rose by an annual 0.7 percent in the 12 months to March. While picking up slightly from a month earlier, it compared with increases of about 5 percent a year at the time of the Brexit referendum in 2016.

The BoE data showed net mortgage lending, which tends to lag behind approvals, at 3.457 billion pounds in February, down from 3.587 billion pounds in January. Economists taking part in the Reuters poll had expected a rise to 3.7 billion pounds.

Net credit card lending rose to 442 million pounds, picking up from 384 million pounds in January.

The BoE also said net gilt sales by foreign investors totaled 8.281 billion pounds in February compared with net sales of 9.545 billion pounds January.

(Reporting by William Schomberg and Rachel Cordery; uk.economics@reuters.com, +44 20 7542 7778)

Source: OANN

0 0

Euro zone governments worry over Italy’s low growth: Eurogroup

FILE PHOTO: Eurozone finance ministers meeting in Brussels
FILE PHOTO: Eurogroup President Mario Centeno attends a news conference at the end of a eurozone finance ministers meeting in Brussels, Belgium, December 4, 2018. REUTERS/Yves Herman/File Photo

April 23, 2019

By Axel Bugge and Sergio Goncalves

LISBON (Reuters) – The euro zone is worried about the heavily indebted Italian economy’s weak growth and needs Rome to implement its budget plans “with credibility”, the head of the currency bloc’s group of finance ministers said.

Speaking in an interview with Reuters, Mario Centeno, who leads the Eurogroup of 19 ministers, said it was essential that the euro zone’s third-largest economy returned to growth while meeting its budget targets.

“It is a challenge we should never be complacent about and that is why there is worry. That is where the big challenge of the Italian economy is — to grow,” he said.

Centeno was speaking late on Monday, on the eve of a Rome cabinet meeting to discuss stimulus measures. That meeting on Tuesday evening is expected to sign off on tax breaks, investment incentives and debt relief for local government.

Italy last year unveiled a big-spending budget for 2019, rattling the euro and other financial markets, but it has so far had little impact on growth. The economy slipped into technical recession at the end of 2018 and is now barely expanding.

The government, a fractious two-party coalition, downgraded its 2019 growth outlook this month to just 0.2 percent, from a December forecast of 1 percent. Its budget deficit is now set to climb to 2.4 percent of gross domestic product, above a goal of 2.04 percent previously agreed with the European Commission.

“Italy is facing some difficulties in this economic cycle,” Centeno said.

“The message is relatively simple: the government has a demanding budget to execute and it needs to be executed with credibility, and we need to gather all our efforts to reverse Italy’s growth tendency.”

Italy’s mix of high debt and low growth has shaken investors who have pushed relative yields on sovereign debt to high levels not only against German government bonds, considered the euro zone’s safest, but also above Spanish and Portuguese paper.

Centeno is also the finance minister of Portugal, which is often praised as an example in Europe for its combination of budget discipline with economic growth over the past few years.

Italy, the euro zone’s second-most indebted nation after Greece, had public debts equaling 132.2 percent of GDP in 2018, up from 131.4 percent in 2017. This year, its economy is again expected to expand less than all its euro-zone peers.

EURO ZONE REFORM

Despite the challenges of Italy and broadly slower growth across Europe, Centeno stressed that the euro zone had experienced a record 22 quarters of uninterrupted growth.

The budget positions of the euro zone’s 19 members are closer than at any time since 1995, thanks to reforms carried out during the debt crisis, he said.

That has resulted in the creation of about 10 million jobs in the euro area since 2013 and brought investment levels close to where they were before the 2009-14 euro debt crisis, he said.

“Europe reformed, today the euro zone is more robust and credible than it was five, six years ago,” he said.

To further reform the euro area and boost competitiveness, Centeno said a common budgetary instrument would go into effect in 2021 when the EU’s next multi-year budget began.

The new tool would set aside existing European funds to support reforms and convergence between economies and to help investments in countries facing temporary economic shocks.

A final decision on funding it is likely to be made in October.

Centeno has pushed hard for the creation of a common budget for the euro, calling it a longer-term project that would “make the euro area more robust and resilient”.

(Editing by Mark Bendeich and Andrei Khalip)

Source: OANN

0 0

Casket company's building erupts in 9-alarm fire; nearby residents return to homes hours later

East Boston residents began returning to their homes late Friday, several hours after a 9-alarm fire consumed the headquarters of the New England Casket Company.

The fire was first reported around 3 p.m., with fire officials believing it began near a furnace used to dry wood for the business, according to reports.

"There was a sprinkler system, but the fire was above the sprinkler system," Boston Fire Department Commissioner Joseph Finn told Boston's WCVB-TV. "Our initial problems and why we are still here is the water supply, and this is because it just happens to be the end of the water supply for East Boston."

BOSTON FIRE CREWS BATTLE FLAMES IN CHARLESTOWN MARINA; 2 BOATS SINK, OFFICIALS SAY

Fire officials said as many as 100 firefighters from Boston and neighboring Chelsea attacked the blaze from multiple angles. The bulk of the fire was knocked down by around 10:30 p.m., they said.

"This is the biggest fire, for me, that I've seen as the mayor of this city," Mayor Marty Walsh told the station. "I'm just grateful that no one's hurt."

"This is the biggest fire, for me, that I've seen as the mayor of this city. I'm just grateful that no one's hurt."

— Marty Walsh, mayor of Boston

However, two police officers who were working in the area were hospitalized for smoke inhalation, while two Boston firefighters were taken for exhaustion and one Chelsea firefighter was transported with a leg injury, according to WCVB.

All of the employees who were working inside the casket factory evacuated safely, Finn said, but the business is a total loss.

CLICK HERE TO GET THE FOX NEWS APP

Some area residents were evacuated to a nearby school because of the heavy smoke.

The regional transit system also reported that the Blue Line subway was suspended between the Orient Heights and Wonderland stops with shuttle buses replacing train service.

The Associated Press contributed to this report. 

Source: Fox News National

0 0

Former Prime Minister Tony Blair ‘Secretly Advising’ Macron on How to Stop Brexit

DNA Force Plus

Limited Advanced Release

149.95

99.50

With one of our most advanced formulas yet, DNA Force Plus is finally here. Focusing on overhauling your body's cellular engines and protecting them from reactive oxygen species, DNA Force Plus has one of the best combinations of antioxidants on the market.

https://www.infowars.com/wp-content/uploads/2016/02/dna-210.jpg

https://www.infowarsstore.com/dna-force-plus.html?ims=byhxx&utm_campaign=Widget+-+DNA+Force+Plus+-+33%25+Off+-+Finally+Back&utm_source=Infowars+Widget&utm_medium=Widget&utm_content=IW-DNAFP-Widget-33%25off

https://www.infowarsstore.com/dna-force-plus.html?ims=byhxx&utm_campaign=Widget+-+DNA+Force+Plus+-+33%25+Off+-+Finally+Back&utm_source=Infowars+Widget&utm_medium=Widget&utm_content=IW-DNAFP-Widget-33%25off

DNA Force Plus

149.95

99.50

With one of our most advanced formulas yet, DNA Force Plus is finally here. Focusing on overhauling your body's cellular engines and protecting them from reactive oxygen species, DNA Force Plus has one of the best combinations of antioxidants on the market.

https://www.infowars.com/wp-content/uploads/2016/02/dna-210.jpg

https://www.infowarsstore.com/dna-force-plus.html?ims=byhxx&utm_campaign=Widget+-+DNA+Force+Plus+-+33%25+Off+-+Finally+Back&utm_source=Infowars+Widget&utm_medium=Widget&utm_content=IW-DNAFP-Widget-33%25off

https://www.infowarsstore.com/dna-force-plus.html?ims=byhxx&utm_campaign=Widget+-+DNA+Force+Plus+-+33%25+Off+-+Finally+Back&utm_source=Infowars+Widget&utm_medium=Widget&utm_content=IW-DNAFP-Widget-33%25off

DNA Force Plus

149.95

99.50

With one of our most advanced formulas yet, DNA Force Plus is finally here. Focusing on overhauling your body's cellular engines and protecting them from reactive oxygen species, DNA Force Plus has one of the best combinations of antioxidants on the market.

https://www.infowars.com/wp-content/uploads/2016/02/dna-210.jpg

https://www.infowarsstore.com/dna-force-plus.html?ims=byhxx&utm_campaign=Widget+-+DNA+Force+Plus+-+33%25+Off+-+Finally+Back&utm_source=Infowars+Widget&utm_medium=Widget&utm_content=IW-DNAFP-Widget-33%25off

https://www.infowarsstore.com/dna-force-plus.html?ims=byhxx&utm_campaign=Widget+-+DNA+Force+Plus+-+33%25+Off+-+Finally+Back&utm_source=Infowars+Widget&utm_medium=Widget&utm_content=IW-DNAFP-Widget-33%25off

BodEase

59.95

29.95

This is the ultimate turmeric and inflammatory support product on the market.

https://www.infowars.com/wp-content/uploads/2016/02/bodease-210.jpg

https://www.infowarsstore.com/bodease.html?ims=vafom&utm_campaign=IW+Bodease+50%25+Off+Widget&utm_source=Infowars+Widget&utm_medium=Widget&utm_content=IW-Bodease-50%25-Widget

https://www.infowarsstore.com/bodease.html?ims=vafom&utm_campaign=IW+Bodease+50%25+Off+Widget&utm_source=Infowars+Widget&utm_medium=Widget&utm_content=IW-Bodease-50%25-Widget

BodEase

59.95

29.95

This is the ultimate turmeric and inflammatory support product on the market.

https://www.infowars.com/wp-content/uploads/2016/02/bodease-210.jpg

https://www.infowarsstore.com/bodease.html?ims=vafom&utm_campaign=IW+Bodease+50%25+Off+Widget&utm_source=Infowars+Widget&utm_medium=Widget&utm_content=IW-Bodease-50%25-Widget

https://www.infowarsstore.com/bodease.html?ims=vafom&utm_campaign=IW+Bodease+50%25+Off+Widget&utm_source=Infowars+Widget&utm_medium=Widget&utm_content=IW-Bodease-50%25-Widget

BodEase

59.95

29.95

This is the ultimate turmeric and inflammatory support product on the market.

https://www.infowars.com/wp-content/uploads/2016/02/bodease-210.jpg

https://www.infowarsstore.com/bodease.html?ims=vafom&utm_campaign=IW+Bodease+50%25+Off+Widget&utm_source=Infowars+Widget&utm_medium=Widget&utm_content=IW-Bodease-50%25-Widget

https://www.infowarsstore.com/bodease.html?ims=vafom&utm_campaign=IW+Bodease+50%25+Off+Widget&utm_source=Infowars+Widget&utm_medium=Widget&utm_content=IW-Bodease-50%25-Widget

Source: InfoWars

0 0

North Carolina woman killed in mysterious animal attack, police say

An elderly North Carolina woman has died after suffering severe injuries in a mysterious animal attack on a road in the small town of Pantego, police said.

Brenda Hamilton, a 77-year-old beloved high school teacher, was found wounded on the side of Indian Run Road Friday. She was immediately transferred to a local hospital, where she later died.

The Beaufort County Sheriff’s Office said wildlife officials weren't able to immediately identify the animal that mauled the woman during her daily morning walk.

"Beaufort County Sheriff’s Investigators along with North Carolina Wildlife Resources Commission Officers and Biologist responded to the scene to investigate what kind of animal attacked Hamilton," the sheriff's office said in a statement Monday. "At this time preliminary DNA testing facilitated by NC Wildlife Biologist has eliminated any wild animals indigenous to the area."

IDAHO WOMAN ACCIDENTALLY GRABS MOUNTAIN LION DURING ATTEMPT TO BREAK UP 'DOG FIGHT'

Pungo Christian Academy, the Belhaven school where Hamilton worked, confirmed the "precious" teacher's death on Monday.

"She has always been our Pungo angel, but now she is rejoicing with her maker in heaven. Anyone who knew her has no doubt that when she enter the gates of heaven, she was welcome with these words...'Well done my good and faithful servant...well done,'" the school wrote, in part, on Facebook.

Hamilton had been an educator at the school since 1968, Pungo Christian Academy states on its website. Hamilton, an East Carolina University graduate, was teaching English, Spelling and Literature at the high school.

Several students — current and past — as well as members of the Belhaven community shared their condolences.

"Mrs. Brenda was like another mama to all of us.. she will be missed by soo many. My heart goes out to the family," one woman wrote.

"I am truly heartbroken and so sad to hear this news. Mrs. Hamilton was a big influence on me and the entire Class of 1978. She will be missed by her students-past and present, the PCA Family and her loving family. God Bless," a former student added.

"As I sit here completely heartbroken, I am forever thankful that my children, as well as myself, got to be in her life while at PCA! What an exceptional person she was and the definition of a true Christian! She will be missed so much! Prayers for all esp Mr Ray and her family!" a third echoed.

OKLAHOMA WOMAN MISTAKES COYOTE FOR DOG, AWAKES TO WILD ANIMAL IN BEDROOM

Investigators are still trying to determine what kind of animal was involved in the attack. Authorities say canine DNA was found on Hamilton's clothing, but that the testing didn't differentiate between wild canines such as wolves and domestic canines.

Investigators are collecting DNA from domestic canines for further testing.

The Associated Press contributed to this report.

Source: Fox News National

NOW ON AIR
Now On Air

Real News with David Knight

9:00 am 12:00 pm



Venezuela's Foreign Affairs Minister Jorge Arreaza talks to the media during a news conference in Caracas
Venezuela’s Foreign Affairs Minister Jorge Arreaza talks to the media during a news conference in Caracas, Venezuela April 8, 2019. REUTERS/Manaure Quintero

April 26, 2019

WASHINGTON (Reuters) – The U.S. Treasury Department on Friday imposed sanctions on Venezuela’s foreign minister and a Venezuelan judge, according to a statement on the department’s website.

Foreign Minister Jorge Arreaza and a judge, Carol Padilla, were targeted over the ongoing crisis in Venezuela, the Treasury Department said, the latest in a list of officials blacklisted by U.S. authorities for their role in President Nicolas Maduro’s government.

(Reporting by Susan Heavey, Makini Brice and Lesley Wroughton; Editing by Chizu Nomiyama)

Source: OANN

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!
Avengers fans gather at the TCL Chinese Theatre in Hollywood to attend the opening screening of
Avengers fans gather at the TCL Chinese Theatre in Hollywood to attend the opening screening of “Avengers: Endgame” in Los Angeles, California, U.S., April 25, 2019. REUTERS/Mike Blake

April 26, 2019

LOS ANGELES (Reuters) – Marvel Studios superhero spectacle “Avengers: Endgame” hauled in a record $60 million at U.S. and Canadian box offices during its Thursday night debut, distributor Walt Disney Co said.

Global ticket sales for the film about Iron Man, Hulk and other popular characters reached $305 million for the first two days, Disney said.

(Reporting by Lisa Richwine; Editing by Chizu Nomiyama)

Source: OANN

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!
Funeral of journalist Lyra McKee in Belfast
Labour Party leader Jeremy Corbyn attends the funeral service for murdered journalist Lyra McKee at St Anne’s Cathedral in Belfast, Northern Ireland April 24, 2019. Brian Lawless/Pool via REUTERS

April 26, 2019

LONDON (Reuters) – The leader of Britain’s opposition Labour Party, Jeremy Corbyn, said on Friday he had turned down an invitation to a state dinner which will be part of U.S. President Donald Trump’s visit to Britain in June.

“Theresa May should not be rolling out the red carpet for a state visit to honor a president who rips up vital international treaties, backs climate change denial and uses racist and misogynist rhetoric,” Corbyn said in a statement.

He said maintaining the relationship with the United States did not require “the pomp and ceremony of a state visit” and he said he would welcome a meeting with Trump “to discuss all matters of interest.”

(Reporting by Andy Bruce; Writing by William Schomberg)

Source: OANN

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!

A bedridden 67-year-old woman and more than a dozen animals were rescued Thursday after a welfare check found that they were living in a home filled with trash, urine, and feces, Florida police said.

Pinellas County sheriff’s deputies said when they arrived at the home in Dunedin around 7:20 p.m. Thursday, they could smell the odor of rotting trash and animal feces as they walked up to the driveway.

“Inside the residence, the odor of feces and urine was so overwhelming that deputies had to don masks,” the sheriff’s department said in a statement.

FLORIDA SHERIFF ON BORDER CRISIS AFTER MAJOR DRUG BUST: ‘IT MAKES ME ABSOLUTELY CRAZY’

Walking throughout the residence, the deputies found 10 emaciated dogs and puppies living in bins filled with their own feces, five large Macaw birds flying freely, rats, bugs and overall squalor.

Puppies discovered living in their own feces inside a Florida home that was filled with trash, urine, and feces.

Puppies discovered living in their own feces inside a Florida home that was filled with trash, urine, and feces. (Pinellas County Sheriff’s Office)

Deputies said due to the large amounts of trash in the home, they had to clear a path to reach the victim’s bedroom.

“None of the home’s toilets were working and all were found to be overflowing with feces,” deputies said. “The only working sink was located on the opposite end of the house from the victim’s bedroom.”

They said there was no food or water for the victim or the animals.

FLORIDA MAN IN EASTER BUNNY COSTUME CAUGHT IN VIRAL BRAWL IS WANTED IN NEW JERSEY, HAS HISTORY OF ARRESTS

The victim was transported to a local hospital for injuries that were non-life threatening, while the animals were transported to shelters.

The woman’s caretaker, Richard Lawrence Goodwin, 65, was arrested and charged with abuse and neglect of an elderly person, disabled person, and cruelty to animals.

Richard Goodwin, 69, was arrested for abuse and neglect of an elderly and disabled person after deputies found she was living in deplorable conditions.

Richard Goodwin, 69, was arrested for abuse and neglect of an elderly and disabled person after deputies found she was living in deplorable conditions. (Pinellas County Sheriff’s Office)

The sheriff’s department said this was Goodwin’s second arrest for abuse and neglect of the same victim. He was previously arrested in May 2018.

CLICK HERE TO GET THE FOX NEWS APP

Neighbor Victoria Muenzerbeer told FOX 13 that Goodwin and the victim were hoarders and the conditions inside the home were horrible years ago when she visited once.

“I went in and it was absolutely, a human being couldn’t live there,” she said. “The kitchen wasn’t usable and part of the wall was falling in.”

Source: Fox News National

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!
Libyan Minister of Economy Ali Abdulaziz Issawi speaks during an interview with Reuters in Tripoli
Libyan Minister of Economy Ali Abdulaziz Issawi speaks during an interview with Reuters in Tripoli, Libya April 25, 2019. REUTERS/Hani Amara

April 26, 2019

By Ulf Laessing

TRIPOLI (Reuters) – Libya’s U.N.-recognized government has budgeted up to 2 billion dinars ($1.43 billion) to cover costs of a three-week-old war for control of the capital, such as treatment for the wounded, to be funded without new borrowing, the economy minister said.

Ali Abdulaziz Issawi suggested the government hoped for business to continue more or less as usual despite the assault on Tripoli, in the country’s northwest, by forces tied to a parallel administration based in the eastern city of Benghazi.

Once Africa’s third largest producer of oil, Libya has been riven by factional conflict since the fall of Muammar Gaddafi in 2011, with the country now broadly split between eastern-based forces under Khalifa Haftar and the U.N.-backed government in Tripoli, in the west, under Prime Minister Fayez al-Serraj.

Still, with Haftar’s Libyan National Army forces unable so far to pierce defenses in Tripoli’s southern suburbs, normal life and business activities continue in much of the capital and western coastal towns.

Issawi, in an interview with Reuters in his Tripoli office, also said Libya’s commercial ports and wheat imports were still functioning normally, although some roads have been blocked.

He said the Serraj government estimates it will spend up to 2 billion dinars extra on medical treatment for wounded, aid for displaced people and other “emergency” war costs.

He said this was not military spending but analysts believe that the sum will also cover expenditures such as pay for allied armed groups or food for fighters.

“We could actually spend less,” he added, in comments that gave the first insight into the economic impact of the fighting.

Issawi said the Tripoli government, which controls little territory beyond the greater capital region, would not incur new debt to fund the war costs, sticking to a plan to post a 2019 budget without a deficit.

Tripoli derives revenue largely from oil and natural gas production, interest-free loans from local banks to the central bank, and a 183 percent surcharge on foreign exchange transactions conducted at official rates.

But with centralized tax collection greatly diminished, public debt has piled up – to 68 billion dinars in the west, including unpaid state obligations such as social insurance.

Some analysts expect Serraj’s government will be forced to raise new debt if the war for control of Tripoli drags on.

With much of Libya dominated by armed factions that also act as security forces, the public wage bill for both the western and eastern administrations has soared as fighters have been made public employees in efforts to buy their loyalty.

The east has sold bonds worth 35 billion dinars outside the official financial system as the Tripoli central bank does not fund the parallel government apart from some wages.

Despite its limited reach, the Tripoli government still runs an annual budget of around 46.8 billion dinars, mainly for public salaries and fuel subsidies.

“This year we cannot finance via debt…we will not borrow (by agreement with the central bank),” Issawi said.

According to International Monetary Fund data, Libya’s central government debt-to-GDP ratio is 143 percent, making it one of the most heavily indebted in the world on that measure.

Issawi declined to say what parts of the budget would be trimmed to support the extra outlay for war costs.

However, with some 70 percent of the budget allocated to public wages, fuel subsidies and other welfare benefits, a portion devoted to infrastructure is most likely to be axed.

Widespread lawlessness has meant there have been no major infrastructural projects since 2011, when a NATO-backed uprising overthrew dictator Muammar Gaddafi, leaving schools, hospitals and roads in acute need of restoration.

FOREX SURCHARGE

Issawi said the government planned to raise as much as 30 billion dinars by the end of 2019 from hard currency deals after imposing in September a 183 percent surcharge on commercial and private transactions done on the official rate of 1.4 to the U.S. dollar. That fee has effectively devalued the official rate to 3.9, much closer to the black market equivalent.

Some 17 billion dinars have been raised since then, with hard currency allocated for import credit letters now issued without delays, Issawi said. The forex fee has helped the government forecast a budget in the black for 2019.

Despite the narrowing spread between the two rates, the black market continues to thrive. Dozens of traders remained at their favorite spot behind the central bank headquarters in Tripoli when Reuters reporters visited it last week.

But traders said it could take time for the Serraj government to register the extra forex receipts as official banking channels were taking up to six months to approve import financing, keeping the black market in play for dealers.

Issawi said authorities planned to lower the forex fee from 183 percent, without saying when. The black market rate has dropped from 6 to around 4.1 since September but it has hardly moved of late as demand for black market cash remains high.

The Tripoli government has stopped subsidizing food and bread, which used to be cheaper than drinking water in Libya. Wheat imports are now being arranged by private traders and there are surplus stocks of flour at the moment, Issawi said.

(Reporting by Ulf Laessing in Tripoli with additional reporting by Karin Strohecker in London; Editing by Mark Heinrich)

Source: OANN

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!
Current track

Title

Artist