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Climate Change Hearing Adjourned After Dems Don't Show

House Democrats have made climate change one of their principal focuses since taking control of the lower chamber in November, but three party lawmakers failed to show for a hearing on the topic at a House Natural Resources Committee subpanel Tuesday, leading to its adjournment only minutes after it began, The Hill reports.

Rep. Louie Gohmert, R-Texas, argued the topics did not fall under the panel's scope before requesting a roll call vote. Republicans prevailed, 4-2.

Oversight and Investigations subcommittee Chairman TJ Cox, D-Calif., later criticized the GOP members for refusing to listen to witnesses on climate denial.

The hearing, titled The Denial Playbook – How Industries Manipulate Science and Policy from Climate Change to Public Health – was to speak to the "tactics used by various industries to mislead the public about health and environmental risks and explain how to recognize the signs of a denialist misinformation campaign in any field."

Gohmert in an opening statement said the topic falls outside of the jurisdiction of the committee.

"When it comes to matters of climate change, the House rules explicitly references several topics — topics include such as conservation of energy resources, almost anything that has to do with renewable energy, energy policy, environmental research, scientific research, the National Science Foundation, and even the National Weather Service," he said.

Source: NewsMax Politics

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AutoNation says Liebert to replace veteran Mike Jackson as CEO

Vehicles for sale are pictured on the lot at AutoNation Toyota dealership in Cerritos
Vehicles for sale are pictured on the lot at AutoNation Toyota dealership in Cerritos, California December 9, 2015. REUTERS/Mario Anzuoni

February 22, 2019

(Reuters) – AutoNation Inc, the largest U.S. auto retail chain, said on Friday Carl Liebert will succeed longtime Chief Executive Officer Mike Jackson.

Jackson said last September that he will step down as CEO and will stay on as executive chairman of the board until 2021.

Liebert is currently the chief operating officer at financial services company USAA and will assume charge on March 11. He has served as executive vice president-stores at home improvement chain Home Depot Inc, where he was responsible for international sales, strategy, execution and operations.

The change of guard comes against the backdrop of a likely drop in sales of new vehicles in the United States this year as higher interest rates and rising prices prompt customers to delay their buying plans.

AutoNation has said it plans to limit investment in higher-margin service and used car operations to offset the squeeze on profits from new vehicle sales and cut overhead costs in 2019.

The company is looking to consolidate its regional structure from three regions to two and expects to save about $50 million annually.

Four senior AutoNation executives, including the chief operating officer, left the company as part of the restructuring in January.

The company’s shares have more than tripled since Jackson became CEO in 1999 after the company’s founder Wayne Huizenga hired him from Mercedes-Benz USA, where Jackson was president.

(Reporting by Rama Venkat in Bengaluru and Joe White in Detroit; Editing by Sriraj Kalluvila)

Source: OANN

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Report: Minor Apprehensions Up 685 Percent Since 2017

The number of unaccompanied children apprehended while crossing the border has gone up almost 700% since 2017, according to a new report from the Center for Immigration Studies.

The number increased 685% between April 2017 and February 2019, according to the report, which also says 26,937 unaccompanied child immigrants where apprehended in the first five months of fiscal year 2019.

Of those, 2,039 were deemed inadmissible. In fiscal year 2018, 49,100 unaccompanied child immigrants were referred to the Office of Refugee Resettlement, down from 59,170 in fiscal year 2016, but far more than the 13,625 that were apprehended in fiscal year 2012.

"Foreign nationals living in the United States know that if they pay to have their children brought here, they will be quickly reunited and likely remain here indefinitely due to our asylum loopholes," said Andrew Arthur, author of the report and the Resident Fellow in Law and Policy at the Center.

"As such, it is no wonder that they're paying criminals to do so. This flow, which is perilous for the minors themselves and overwhelming for our immigration system, will not stop rising until Congress plugs the loopholes driving it."

Source: NewsMax America

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Italian envoy confirms deaths of 2 climbers in Pakistan

Italy's ambassador to Pakistan has confirmed the deaths of two missing European mountain climbers on Nanga Parbat, the world's ninth-tallest mountain.

Ambassador Stefano Pontecorvo tweeted Saturday that the search for Italian Daniele Nardi and Briton Tom Ballard ended after a team confirmed that silhouettes spotted at a height of about 5,900 meters (6,455 yards) were those of the two climbers.

Pakistani army helicopters with four rescuers had searched the mountain for days.

Nardi, 42, from near Rome, had attempted to scale Nanga Parbat in winter several times. Ballard, 30, was the son of British climber Alison Hargreaves, the first woman to scale Mount Everest alone. She died at age 33 descending the summit of K2.

Source: Fox News World

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Exclusive: Lyft plans to launch IPO roadshow week of March 18 – sources

An illuminated sign appears in a Lyft ride-hailing car in Los Angeles
An illuminated sign appears in a Lyft ride-hailing car in Los Angeles, California, U.S. September 21, 2017. REUTERS/Chris Helgren/File Photo

February 20, 2019

(Reuters) – Lyft Inc plans to launch the roadshow for its initial public offering (IPO) during the week of March 18, making it the first U.S. ride-hailing company to debut in the stock market, people familiar with the matter said on Wednesday.

Lyft’s larger rival Uber Technologies Inc still needs several more weeks for its IPO preparations, the sources said, putting it behind Lyft. The two IPOs being far apart could allow Lyft to pitch investors without fretting about being overshadowed by Uber.

Lyft now expects to be valued at between $20 billion and $25 billion in its IPO, the sources said, adding that the roadshow is expected to last for about two weeks. The sources cautioned that the plans were still subject to change and market conditions.

Lyft and Uber declined to comment.

(Reporting by Joshua Franklin in San Francisco; Additional reporting by Heather Somerville in San Francisco and Carl O’Donnell in New York; Editing by Tom Brown)

Source: OANN

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Europe’s share listings plumb 10-year low as companies seek alternatives

The German share price index, DAX board, is seen at the stock exchange in Frankfurt
The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, November 20, 2017. Picture taken with a fish-eye lens. REUTERS/Kai Pfaffenbach

March 27, 2019

By Clara Denina

LONDON (Reuters) – European initial public offerings slumped to their lowest since the aftermath of the 2008 financial crisis in the first quarter of 2019, as uncertainty over Brexit and the U.S.- China trade dispute leaves companies not wanting to take their chances.

Proceeds from European listings dipped to $292 million in the first three months of 2019, compared to $13.9 billion made in the same period a year ago, Refinitiv data shows.

Those without the appetite to go public with their shares are instead looking to private stake sales and cash injections, previously favored among tech start-ups.

In London, Europe’s biggest stock market, just two companies have listed on the LSE’s main market so far this year – law firm DWF Group, which raised 75 million pounds ($100 million) and software company Dev Clever , raising just 678,000 pounds. In total, 11 companies went public in Europe.

Meanwhile, private equity Carlyle Group is in talks to buy a 30 percent stake in Spain’s Cepsa for up to $3.4 billion, just months after its Abu Dhabi owner Mubadala shelved a listing of the energy company, sources have told Reuters.

The lack of companies joining the stock market to raise capital is in stark contrast to just a few months earlier, when, with much fanfare carmaker Aston Martin made its debut.

“Given the Brexit-related uncertainty in the market is still ongoing, we have a couple of IPOs for which we have done most of the work that have now been pushed to the end of the year,” one banking source said, expecting a pick-up later in 2019.

Bankers say some companies are put off because they cannot achieve top valuations that were available up to a year ago.

Firms such as Aston Martin and financial technology firm Funding Circle, which also listed in London late last year, have performed poorly and are still trading down sharply from their debut prices.

The collapse in listings bodes ill for the prospects of the financial institutions that profit from them.

Just $3.64 million has been collected by banks in fees from European IPOs so far this year, down from $114.31 million in the same period of 2018, according to Refinitiv data.

The drought has pushed ECM bankers to find alternative ways to bring in fees.

Some said they are spending more time working on private placements of shares or scouting out companies in distressed situations that need fresh capital.

Online wealth manager Nutmeg raised $58.2 million from investors in January, including Goldman Sachs Group while mobile-only bank Monzo raised 20 million pounds from its existing customers in December after an 85 million pounds funding.

“Having the public investor community willing to offer good valuations and enable companies to raise primary capital without the burden of going public is becoming more common,” said Daniel Simons, ECM partner at law firm Hogan Lovells.

DELAYED DECISIONS

Firms still intent on going public are watching and waiting.

Volkswagen on March 13 halted preparations for the IPO of its trucks unit Traton until market conditions improve.

Activity is expected to slowly improve throughout the year and is likely to be led by the buoyant payments sector.

Italy’s Nexi is expected to list next month in one of the biggest flotations of the year, while Dubai-based payment firm Network International is set to be the first international company to list in London this year.

Elsewhere, South Africa’s media and internet giant Naspers is planning a bumper listing in Amsterdam with the spin-off of its international e-commerce ventures including its one third stake in China’s Tencent.

(Editing by Elaine Hardcastle)

Source: OANN

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Hillary Clinton to join DNC's Perez at party fundraiser

Hillary Clinton is jumping back into the fundraising game, even if she's not running for president again.

The 2016 Democratic presidential nominee will join Democratic National Committee Chairman Tom Perez later this month for a fundraiser in Washington as the party looks to take back the White House in next year’s election, a source familiar with the event confirmed to Fox News.

The event, expected to be attended by roughly 20-30 people, is being billed as a “dinner and conversation” and comes as Democratic candidates are ramping up their campaigns to challenge President Trump in the 2020 election.

HILLARY CLINTON SAYS SHE'S NOT RUNNING FOR PRESIDENT

The news of the Clinton event comes a day after the DNC announced it will hold its 2020 national convention in Milwaukee – in a nod to the party’s hopes of winning back Midwestern working-class voters who voted for Trump in a state that Clinton famously avoided in 2016.

Clinton, a former secretary of State under President Barack Obama, has ruled out running for president in 2020. She previously lost the Democratic nomination to Obama in 2008 and to Trump in the general election in 2016.

"I'm not running, but I'm going to keep on working and speaking and standing up for what I believe," Clinton told a local New York news station earlier this month, but added that she is "not going anywhere."

"What's at stake in our country, the kind of things that are happening right now are deeply troubling to me. And I'm also thinking hard about how do we start talking and listening to each other again?" she said. "We've just gotten so polarized. We've gotten into really opposing camps unlike anything I've ever seen in my adult life."

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Clinton has met with numerous Democratic presidential contenders over the last few months, including California Sen. Kamala Harris, Minnesota Sen. Amy Klobuchar and New Jersey Sen. Cory Booker. She also sat down with former Vice President Joe Biden in February, as he mulls entering the Democratic presidential fray.

Other Democrats Clinton has met with about the 2020 race include former Colorado Gov. John Hickenlooper and Los Angeles Mayor Eric Garcetti, an aide said. She has also spoken over the phone with Massachusetts Sen. Elizabeth Warren.

Fox News' Amy Lieu contributed to this report. 

Source: Fox News Politics

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

April 26, 2019

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

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

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

(Reporting by Richard Leong)

Source: OANN

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

April 26, 2019

By Tom Sims

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

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

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

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

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

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

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

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

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

“MARKET PLAY”

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

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

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

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

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

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

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

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

(Writing by Alexander Smith; Editing by Keith Weir)

Source: OANN

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

April 26, 2019

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

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

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

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

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

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

Source: OANN

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

April 26, 2019

By April Joyner

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: OANN

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A former ICE special agent told Fox News that he hopes the case of the Massachusetts judge accused of helping an illegal immigrant flee federal authorities will “send a message to other activist judges that immigration laws aren’t optional.”

Jim Hayes made the comments Friday on ‘Fox & Friends’ a day after Newton District Court Judge Shelley M. Richmond Joseph and court officer Wesley MacGregor were indicted by a federal grand jury for obstruction of justice and three other counts. The pair allegedly helped Jose Medina-Perez get out of the Massachusetts courthouse in 2018 through a back door in order to elude the ICE agent who sought him.

“I think that the judge certainly faces the criminal charges that are pending. I think certainly that bar card is up for grabs at this point, depending on the outcome of that case,” Hayes told ‘Fox & Friends’.

“I think that, hopefully, these charges will send a message to other activist judges that immigration laws aren’t optional,” he added.

District Court Judge Shelley M. Richmond Joseph departs federal court on Thursday in Boston after facing obstruction of justice charges for allegedly helping a man in the country illegally evade immigration officials as he left her Newton, Mass., courthouse after a hearing in 2018. (AP)

District Court Judge Shelley M. Richmond Joseph departs federal court on Thursday in Boston after facing obstruction of justice charges for allegedly helping a man in the country illegally evade immigration officials as he left her Newton, Mass., courthouse after a hearing in 2018. (AP)

MASSACHUSETTS JUDGE WHO ALLEGEDLY HELPED ILLEGAL IMMIGRANT ESCAPE ICE IS INDICTED

Medina-Perez, a twice-deported illegal immigrant with a fugitive warrant for drunken driving in Pennsylvania, had been in Joseph’s courtroom in order to be arraigned on drug charges, the Boston Globe previously reported.

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Joseph, who has been suspended without pay, and MacGregor appeared in court Thursday and pleaded not guilty to all counts. No date has been set for their next court appearance.

“People who serve in the criminal justice system have to have honesty and integrity in order for the system to work and for our system and our justice system to continue,” Hayes said.

Fox News’ Katherine Lam and Nicole Darrah contributed to this report.

Source: Fox News National

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