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Confident Trump and anxious Washington wait for AG Barr's report on Mueller's key findings

Justice Department sources tell Fox News that Attorney General William Barr is working to quickly release the primary conclusions of Special Counsel Robert Mueller's recently concluded Russia investigation. That information, however, wasn't expected to emerge on Saturday.

For Washington insiders, the waiting game isn't easy. Speculation about the hotly anticipated report's contents has been rampant.

Still, in a show of confidence, President Trump waved and flashed two thumbs up to supporters as he returned to his Florida Mar-a-Lago estate on Saturday.

The president's demeanor signaled the administration's strong belief that Mueller's long-awaited final report contained good news. Among other things, the special counsel is not recommending any further indictments as part of his inquiry, which effectively ended Friday, according to a senior Justice Department official.

Further, Mueller did not charge any Americans with illegally conspiring with Russians on any matter, including election interference -- a foundational reason for the launch of the high-profile Mueller probe nearly two years ago.

Even as Trump remained in Florida, Barr was working "hand in hand" on Saturday with Deputy Attorney General Rod Rosenstein in reviewing the Mueller report at the DOJ, the senior official said.

Multiple sources familiar with the process had told Fox News earlier Saturday that Barr's report on Mueller's findings was imminent. But hours later, a senior Justice Department official told Fox News that Barr would not send a letter to Captiol Hill until Sunday at the earliest.

“The attorney general wants to get this out tonight," the source said Saturday, noting that some procedural hurdles could delay Barr's release. “It will hit what is on everyone’s minds — no parsing of words, no games."

A separate source had also told Fox News that Barr was likely to report on Mueller's primary conclusions Saturday afternoon. Fox News is told that Barr may run the conclusions past White House Counsel Pat Cipollone and Emmett Flood, who were in Mar-a-Lago, before they are released -- but that Trump's personal attorneys are unlikely to be notified.

Attorney General William Barr leaves his home in McLean, Va., on Friday. Special Counsel Robert Mueller is expected to present a report to the Justice Department any day now outlining the findings of his nearly two-year investigation into Russian election meddling, possible collusion with Trump campaign officials and possible obstruction of justice by Trump.

Attorney General William Barr leaves his home in McLean, Va., on Friday. Special Counsel Robert Mueller is expected to present a report to the Justice Department any day now outlining the findings of his nearly two-year investigation into Russian election meddling, possible collusion with Trump campaign officials and possible obstruction of justice by Trump. (AP)

It will likely take longer for the facts supporting the conclusions to come out, Fox News is told, because there may be materials that are either classified, or subject to executive privilege in the factual material.

WATCH THE MEDIA MELTDOWN: RACHEL MADDOW BECOMES VISIBLY EMOTIONAL AFTER MUELLER REPORT DROPPED, WITH NO NEW INDICTMENTS

Barr notified key congressional leaders in a letter Friday evening that Mueller finished his investigation, adding that a summary of the probe’s findings may be provided to lawmakers as soon as this weekend.

Fox News has also confirmed that House Democrats, meanwhile, began a conference call at approximately 3:10 p.m.E.T. Saturday with “chairs of relevant committees” discussing next steps regarding the Mueller report and messaging. New York Rep. Hakeem Jeffries will host as Caucus Chair, and attendees will include Judiciary Committee Chairman Jerrold Nadler, Oversight Committee Chairman Elijah E. Cummings, and Intelligence Committee Chairman Adam B. Schiff, as well as Committee on Financial Services Chairwoman Maxine Waters.

At the meeting, sources tell Fox News, House Speaker Nancy Pelosi pushed for a public release of the Mueller report, and said she would reject any classified briefing of the report's findings to lawmakers. Any briefing must be unclassified so that members of Congress can talk about it publicly, Pelosi said.

Special Counsel Robert Mueller runs errands in the Georgetown neighborhood of Washington, D.C. on Saturday, after filing his final report on Russian interference in the U.S. election. (Fox News)

Special Counsel Robert Mueller runs errands in the Georgetown neighborhood of Washington, D.C. on Saturday, after filing his final report on Russian interference in the U.S. election. (Fox News)

Delaware Democrat Sen. Chris Coons, a member of the Judiciary Committee, told Fox News on Saturday: "It’s the end of the beginning. But it’s not the beginning of the end."

He added: "We’re spending the weekend in anticipation of what Attorney General Barr may share with Congress," and cautioned that Democrats were "concerned executive privilege could be asserted broadly here" to hide the report's key findings.

CHAFFETZ: HYPOCRITICAL DEMS SUDDENLY CARE ABOUT TRANSPARENCY

Supporters of President Donald Trump are seen from the media van in the motorcade accompanying the president in West Palm Beach, Fla., Saturday, March 23, 2019, en route to Mar-a-Lago in Palm Beach, Fla. (AP Photo/Carolyn Kaster)

Supporters of President Donald Trump are seen from the media van in the motorcade accompanying the president in West Palm Beach, Fla., Saturday, March 23, 2019, en route to Mar-a-Lago in Palm Beach, Fla. (AP Photo/Carolyn Kaster)

Some advocacy groups have made clear they aren't keen on waiting. A nonprofit organization on Friday night filed the first known Freedom of Information Act (FOIA) lawsuit seeking the immediate and total public disclosure of Mueller's completed report and all related documents, echoing bipartisan calls for transparency following his nearly two-year probe into whether the Trump campaign illegally colluded with Russia.

The Electronic Privacy Information Center (EPIC) wrote in an emergency complaint filed in a Washington, D.C., federal district court that the "public has a right to know the full scope of Russian interference in the 2016 United States presidential election and whether the president of the United States played any role in such interference."

The delivery of the Mueller report, which a DOJ official called "comprehensive," does mean the investigation has concluded without any public charges of a criminal conspiracy between the campaign and Russia or of obstruction by the president.

That's good news for a handful of Trump associates and family members dogged by speculation of possible wrongdoing. They include Donald Trump Jr., who had a role in arranging a Trump Tower meeting at the height of the 2016 election campaign with a Kremlin-linked lawyer, and Trump's son-in-law, Jared Kushner, who was interviewed at least twice by Mueller's prosecutors.  Still, some key details remain unanswered, EPIC said, prompting its litigation.

House Democrats, meanwhile, have somewhat downplayed the Mueller probe and suggested that the left-leaning lawmakers themselves might take on the job of trying to prove collusion, not ruling out the possibility of Mueller being asked or subpoenaed to testify before congressional committees.

Special Counsel Robert Mueller arrives at his office building, Thursday, March 21, 2019, in Washington. Mueller has concluded his investigation into Russian election interference and possible coordination with associates of President Donald Trump. (AP Photo/Andrew Harnik)

Special Counsel Robert Mueller arrives at his office building, Thursday, March 21, 2019, in Washington. Mueller has concluded his investigation into Russian election interference and possible coordination with associates of President Donald Trump. (AP Photo/Andrew Harnik)

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“If the Justice Department doesn't release the whole report or tries to keep parts of it secret, we will certainly subpoena the parts of the report and we will reserve the right to call Mueller to testify before the committee or to subpoena him,” House Judiciary Committee Chairman Jerry Nadler, D-N.Y., said in a statement.

While the Mueller probe’s conclusions are not yet known, the investigation already has led to indictments, convictions or guilty pleas for nearly three dozen people and three companies. All told, Mueller charged 34 people, including the president's former campaign chairman, Paul Manafort; his first national security adviser, Michael Flynn; and three Russian companies.

Twenty-five Russians were indicted on charges related to election interference, accused either of hacking Democratic email accounts during the campaign or of orchestrating a social media campaign that spread disinformation on the internet.

President Donald Trump talks with reporters before boarding Marine One on the South Lawn of the White House, Friday, March 22, 2019, in Washington. Special counsel Robert Mueller on Friday turned over his long-awaited final report on the contentious Russia investigation, ending a probe that has cast a dark shadow over Donald Trump's presidency with no new charges but launching a fresh wave of political battles over the still-confidential findings. 

President Donald Trump talks with reporters before boarding Marine One on the South Lawn of the White House, Friday, March 22, 2019, in Washington. Special counsel Robert Mueller on Friday turned over his long-awaited final report on the contentious Russia investigation, ending a probe that has cast a dark shadow over Donald Trump's presidency with no new charges but launching a fresh wave of political battles over the still-confidential findings.  (AP)

Five Trump aides pleaded guilty and agreed to cooperate with Mueller, and a sixth, longtime confidant Roger Stone, is awaiting trial on charges that he lied to Congress and engaged in witness tampering.

OPINION: WHY ALL AMERICANS SHOULD REJECT THE MUELLER REPORT

Despite all that prosecutorial activity, though, Americans were not implicated in criminally colluding with Russia to influence the election. In a series of posts on Twitter on Friday, journalist Glenn Greenwald -- who also called for the release of the Mueller report -- repeatedly emphasized that point, and condemned pundits for hyping the Mueller report irresponsibly for nearly two years.

"It's truly fascinating to watch Dems grapple with the fact that Mueller finished his work without indicting a single American for conspiring with Russia over the election: everything from "nobody has read his report!" (irrelevant to that fact) to 'sealed indictments!' (unhinged)." Greenwald wrote.

In another post, he criticized media outlets for promoting the anti-Trump rhetoric of partisan commentators like ex-CIA Director John Brennan -- an Obama appointee whose security clearance was revoked last year because, the Trump administration said, he was using it to lend credence to political attacks.

"You can't blame MSNBC viewers for being confused," Greenwald continued. "They largely kept dissenters from their Trump/Russia spy tale off the air for 2 years. As recently as 2 weeks ago, they had @JohnBrennan strongly suggesting Mueller would indict Trump family members on collusion as his last act. ... Oh gosh - turns out that if you hire ex-CIA Directors to be 'news analysts,' they'll abuse our airwaves to disseminate self-serving disinformation."

A copy of a letter from Attorney General William Barr advising Congress that Special Counsel Robert Mueller has concluded his investigation, is shown Friday, March 22, 2019 in Washington. Robert Mueller on Friday turned over his long-awaited final report on the contentious Russia investigation that has cast a dark shadow over Donald Trump's presidency, entangled Trump's family and resulted in criminal charges against some of the president's closest associates. 

A copy of a letter from Attorney General William Barr advising Congress that Special Counsel Robert Mueller has concluded his investigation, is shown Friday, March 22, 2019 in Washington. Robert Mueller on Friday turned over his long-awaited final report on the contentious Russia investigation that has cast a dark shadow over Donald Trump's presidency, entangled Trump's family and resulted in criminal charges against some of the president's closest associates.  (AP)

He concluded: "How - if you're an MSNBC viewer (or consumer of similar online content) - can you not be angry & disoriented having been fed utter [bulls--t] like this for 2 straight years with basically no dissent allowed? Just listen to what they were telling you to believe & how false it was."

JEROME CORSI CELEBRATES END OF RUSSIA PROBE, SAYS HE'S VINDICATED IN DECISION TO RESIST MUELLER BULLYING

Meanwhile, House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer declared it "imperative" to make the full report public, a call echoed by several Democrats vying to challenge Trump in 2020.

"The American people have a right to the truth," Schumer and Pelosi said in a joint statement.

Democrats also expressed concern that Trump would try to get a "sneak preview" of the findings.

"The White House must not be allowed to interfere in decisions about what parts of those findings or evidence are made public," they said in a joint statement.

A presidential helicopter takes off in a practice run as the White House is reflected in a puddle, Friday March 22, 2019, in Washington, amid news that special counsel Robert Mueller has concluded his investigation into Russian election interference and possible coordination with associates of President Donald Trump. 

A presidential helicopter takes off in a practice run as the White House is reflected in a puddle, Friday March 22, 2019, in Washington, amid news that special counsel Robert Mueller has concluded his investigation into Russian election interference and possible coordination with associates of President Donald Trump.  (AP)

It was not clear whether Trump would have early access to Mueller's findings. Spokeswoman Sarah Sanders suggested the White House would not interfere, saying, "We look forward to the process taking its course." But Trump's personal attorney, Rudy Giuliani, told The Associated Press Friday that the legal team would seek to get "an early look" before they were made public.

Giuliani said it was "appropriate" for the White House to be able "to review matters of executive privilege." He said had received no assurances from the Department of Justice on that front. He later softened his stance, saying the decision was "up to DOJ and we are confident it will be handled properly."

The White House did receive a brief heads-up on the report's arrival Friday. Barr's chief of staff called White House Counsel Emmet Flood Friday about 20 minutes before sending the letter went to the Republican and Democratic leaders of the Senate and House Judiciary committees.

Fox News' Ed Henry, Mike Emanuel, Brooke Singman, Chad Pergram, Jake Gibson, and The Associated Press contributed to this report.

Source: Fox News Politics

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GE shares fall as J.P. Morgan analyst downgrades, lowers PT further

FILE PHOTO: The logo of US conglomerate General Electric is pictured at the company's site of its energy branch in Belfort
FILE PHOTO: The logo of U.S. conglomerate General Electric is pictured at the company's site of its energy branch in Belfort, France, February 5, 2019. REUTERS/Vincent Kessler/File Photo

April 8, 2019

(Reuters) – Shares of General Electric Co fell about 6 percent on Monday after J.P. Morgan’s Stephen Tusa, a top-rated analyst on the stock, downgraded and further cut his target price to a Street-low of $5.

Tusa, a long-time bear on the stock, cited significant liabilities and little free cash flow to support the company’s ongoing reset and cut his rating to “underweight” from “neutral”, an about-turn from his upgrade in December.

“Investors are underestimating severity of challenges and underlying risks at GE and overestimating value of small positives,” Tusa wrote in a note.

Tusa said investors are “significantly over projecting” the bounce in free cash flow and sees weakness in the company’s power and renewables unit.

He also expected GE Capital Services unit to likely consume cash for the foreseeable future, while aviation fundamentals were weaker than what meets the eye.

GE’s new Chief Executive Officer Larry Culp in March called 2019 a “reset year” and said free cash flow at GE Power would turn positive only in 2021.

On Monday, European Union antitrust regulators fined the company 52 million euros ($58.4 million) for providing misleading information related to the takeover of Danish rotor blade maker LM Wind two years ago.

GE’s shares were down at $9.45 in early trading and have lost about two-thirds of their value since late 2016.

(Reporting by Rachit Vats in Bengaluru; Editing by Sriraj Kalluvila)

Source: OANN

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Japan’s telcos get 5G nod from regulators

FILE PHOTO: A staff holds a smart phone which being tested for Rakuten's under-construction mobile network at its network facility in Tokyo
FILE PHOTO: A staff holds a smart phone which being tested for Rakuten's under-construction mobile network at its network facility in Tokyo, Japan, February 20, 2019. REUTERS/Kim Kyung-hoon/File Photo

April 10, 2019

TOKYO (Reuters) – Japan’s telcos were formally allocated 5G spectrum by regulators on Wednesday, a major milestone ahead of the launch of high-speed wireless services next spring.

The three big carriers – NTT Docomo, KDDI and SoftBank Corp – along with new entrant Rakuten Inc all received spectrum from the telecoms ministry.

The technology, which can provide data speeds at least 20 times faster than 4G, is seen as essential for emerging technologies from self-driving cars and augmented reality to smart cities and artificial intelligence.

Japan is lagging other countries such as South Korea and the United States that have already begun rolling out 5G services.

The four companies will cumulatively spend just under 1.7 trillion yen ($15.29 billion) over five years building their networks. That is seen as a conservative estimate likely to rise over time.

The financial burden on the telcos comes as they face government pressure to lower carrier fees, with the start of 4G services by Rakuten in October expected to increase price competition.

(Reporting by Sam Nussey and Yoshiyasu Shida; Editing by Sherry Jacob-Phillips)

Source: OANN

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Satire offers new ground for silenced Pakistani journalists

Journalists and social activists chant slogans during a rally protest which they say is against layoffs and the non-payment of salaries, in Karachi
Journalists and social activists chant slogans during a rally protest which they say is against layoffs and the non-payment of salaries, in Karachi, Pakistan February 8, 2019. Picture taken February 8, 2019. REUTERS/Akhtar Soomro

March 28, 2019

By Asif Shahzad

ISLAMABAD (Reuters) – An army boot and a sandal discuss what to do with fallen former Pakistani Prime Minister Nawaz Sharif in a satirical social media video that highlights the way journalists shut out from the country’s mainstream media are turning to the Internet.

The 70-second video, which has been seen more than 58,000 times, is the latest product of Matitullah Jan, a former television anchor at local Waqt TV, who says he was forced out of his job by Pakistan’s powerful military due to his criticism of the generals’ interference in politics shortly before the station closed last year.

Jan, a gray-haired 50-year-old, is among around 3,000 journalists and media workers laid off in recent months amid a crackdown that started in the run-up to a July general election that brought Prime Minister Imran Khan to power.

Like media organizations the world over, Pakistani newspapers and television stations are feeling the squeeze from social media companies such as Facebook that are eating into their advertising revenues.

But some journalists also say Khan’s government and the military establishment that looms over Pakistani politics have deliberately sought to push out critical voices, forcing them to seek alternative outlets by squeezing media companies financially and through burdensome new regulations.

“We don’t have to play with the words to say that the military establishment was pro-active in getting rid of pro-democracy journalists,” said Jan.

Pakistan’s military regularly denies undermining press freedom. Its media wing declined to comment in response to written questions submitted by Reuters. A government spokesman said job losses and declining business for some media was due to digital competition, not official pressure.

If they are no longer seen on television, however, at least some of those laid off have been able to find alternative outlets, in Jan’s case a YouTube channel and a satirical social media video series called “Funny Gala” – a play on Bani Gala, the Islamabad suburb where Khan has a palatial hilltop home.

In his video, “Boot Talk”, a play on a slang term used for the army, the sandal talks in the voice of the prime minister, meekly seeking orders from the military, who insist nonetheless that they are not interfering.

“It might be your decision, we don’t mind,” says the boot, as the two discuss exiling Khan’s predecessor Nawaz Sharif, who fell out with the military and is currently serving a 10-year jail sentence for corruption.

When the sandal voices fears that their joint efforts might go in vain, the boot laughs: “You might lose, we will never.”

PRESS FREEDOM

Behind the satire, is what many media workers say is an increasingly difficult environment for them in Pakistan. While journalists have rarely been jailed, writers and bloggers say several cases of reporters being abducted and beaten during the past year have created a climate in which they self-censor.

The military and government have denied state agencies have been involved in any of those incidents.

A report released by the U.S.-based Committee to Protect Journalists (CPJ) last year alleged that Pakistan’s military was using fear and intimidation to stifle the media and undermine press freedom. The military did not respond to requests for comment on the report at the time.

“Press freedom is at stake – probably the worst it’s been in the history of Pakistan,” Rana Jawad, news director for Geo TV, a leading local station that has seen its advertising revenues halved by a government crackdown on media spending.

The government has proposed a new draft law bringing regulation of all types of media under a single body, the Pakistan Media Regulatory Authority (PMRA).

“We want to make PMRA a body which will regulate social media, the electronic media and the one that is our formal print media,” Information Minister Fawad Chaudhry said. “You need a regulator who sits above and regulates these things.”

At the same time, the government has also introduced a new advertising policy for the media, which makes good part of its revenue from public sector advertising, raising rates for some and cutting for others.

It has also refused to honor claims for past advertising spending, offering just 500 million rupees ($3.6 million) to settle claims media companies say amount to 8.5 billion rupees ($61 million).

Chaudhry says the aim of the policy was to stop undue favors extended by previous administrations to select outlets, but media managers and opposition politicians accuse the government of using it to create a compliant media.

“This government is confusing regulation with censorship, perhaps deliberately, in order to enforce a blanket one-party view on vital issues,” said opposition lawmaker Sherry Rehman.

CLOSURES

The media crisis has lately resulted in closures of news channels and newspapers, and leading organizations cutting their staff and salaries by up to 40 percent, correspondence between media groups and their staff seen by Reuters shows.

Geo, which has not paid salaries for the last four months, has long been at odds with Khan and the military.

In the run-up to last year’s election, cable companies stopped distributing Geo’s programming, effectively taking it off the air for most of the country. It was only restored after talks with the military on demands it make changes to its political coverage, according to officials at the channel’s media group.

In such an environment, critical voices in the mainstream media have dwindled.

“You are allowed to say things that the powerful wants you to say but you’re not allowed to say things that may be factual, that are a reality, but which do not sync with the narrative of the so-called state or the government,” Jawad said.

($1 = 139.5000 Pakistani rupees)

(Writing by Asif Shahzad; Editing by Alex Richardson)

Source: OANN

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Trump Backs Off Funding Cuts for Special Olympics

p>President Donald Trump says he is backing off a budget request to cut funding for the Special Olympics, after days of criticism.

Trump told reporters at the White House Thursday, "I've overridden my people for funding the Special Olympics."

The Trump administration's education budget proposal calls for the elimination of $17.6 million in funding for the Special Olympics, roughly 10 percent of the group's overall revenue.

Democrats pressed Education Secretary Betsy DeVos on the topic during a Senate budget hearing Thursday, just days after House Democrats grilled her on the proposal and sparked criticism online.

DeVos said she "wasn't personally involved" in pushing for elimination of the funding, but she defended it as her agency seeks to cut $7 billion from the 2020 budget.

Source: NewsMax America

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The Latest: LA archdiocese apologizes for teen sex abuse

The Latest on an $8 million settlement of a sex-abuse lawsuit against the Archdiocese of Los Angeles (all times local):

4:45 p.m.

The Archdiocese of Los Angeles has apologized for what it calls the "serious harm" done to a 15-year-old girl who was sexually abused by the athletic director at her Catholic high school.

The archdiocese released the statement Tuesday.

Under a settlement approved by a court last week, the archdiocese agreed to pay $8 million to settle a negligence lawsuit involving the girl, who is now 18.

The lawsuit said the archdiocese failed to take action against Juan Barajas despite repeated complaints that he had improper conduct with students at the all-girl San Gabriel Mission High School.

In 2016, he began a sexual relationship with the girl and took her to Las Vegas after his wife discovered the abuse. He was later arrested and sentenced to six years in prison for statutory sexual seduction.

___

11:36 a.m.

The Archdiocese of Los Angeles has agreed to pay $8 million to a teenager who was sexually abused by the athletic director at her Catholic high school.

The Los Angeles Times reports Tuesday the award is the highest individual LA archdiocese settlement in a sex abuse case.

Court documents show Juan Barajas repeatedly abused the 15-year-old girl.

He took her to Las Vegas in 2016 after his wife discovered evidence of the abuse on his cellphone.

After five days on the run, authorities rescued the girl and arrested Barajas. He was a health teacher and athletic director at San Gabriel Mission High School.

Barajas pleaded guilty to felony statutory sexual seduction and was sentenced to six years in prison.

The archdiocese did not respond Tuesday to a request for comment.

___

Information from: Los Angeles Times, http://www.latimes.com/

Source: Fox News National

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Father, daughter fined for stealing $12.5M lotto ticket: report

A Canadian father and daughter were each fined more than $2 million last week for their role in a lottery scam.

Jun-Chul Chung, 68, a convenience store worker in Burlington, Ontario, was convicted of stealing a Super 7 ticket, worth $12.5 million from a customer in 2003, according to reports. His daughter, Kathleen Chung, 36, who reportedly cashed the ticket for her father, was convicted of possessing stolen property and defrauding the Ontario Lottery and Gaming Corporation.

Justice Douglas Gray, who handed the Chungs their fines of $2.3 million each said last week: “I see no reason why they should not be equally responsible for the outstanding amount.”

Jun-Chul Chung was sentenced to seven years in prison last September while Kathleen Chung was sentenced to a four-year jail term. If they do not pay their fines, they’ll spend another six years in prison, Gray said.

JAMAICAN MAN SENT TO PRISON FOR TRYING TO SCAM FORMER CIA BOSS: REPORT

Authorities have seized nearly $8 million of the stolen $12.5 million lottery ticket, The Toronto Star reported. The $4.6 fine accounts for the remaining balance. The original winner has reportedly received his $12.5 million earnings, plus interest.

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The Chungs are out on bail, pending their appeal, the report said. They will have a seven-year period, beginning when they are paroled, to pay back the fine, according to the report.

Source: Fox News World

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FILE PHOTO: The Credit Suisse logo is pictured on a bank in Geneva
FILE PHOTO: The Credit Suisse logo is pictured on a bank in Geneva, Switzerland, October 17, 2017. REUTERS/Denis Balibouse/File Photo

April 26, 2019

ZURICH (Reuters) – Shareholders approved Credit Suisse’s 2018 compensation report with an 82 percent majority on Friday, overriding frustrations expressed at its annual general meeting over jumps in executive pay during a year its share price plummeted.

Three shareholder advisers had recommended investors vote against Switzerland’s second-biggest bank’s remuneration report, while a fourth backed the report but expressed reservations about whether management pay matched performance.

The approval marked a slight increase over the 80.8 percent support garnered for the bank’s 2017 compensation report.

(Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

Source: OANN

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FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London
FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London, Britain December 7, 2018. REUTERS/Simon Dawson/File Photo

April 26, 2019

By Simon Jessop and Sinead Cruise

LONDON (Reuters) – Activist investor Edward Bramson is likely to fail in his attempt to get a board seat at Barclays’ annual meeting next week, even though shareholders are dissatisfied with performance of the group’s investment bank.

New York-based Bramson’s Sherborne Investors and the board of the British bank have been sparring for months over Barclays’ strategy.

Bramson wants to scale back Barclays’ investment bank to reduce risk and boost shareholder returns. Barclays Chief Executive Jes Staley remains staunchly committed to growing the business out of trouble.

After failing to persuade Staley to change course since he began building a 5.5 percent stake in the bank in March last year, Bramson hopes a board seat will rachet up the pressure.

Both sides have written to shareholders pitching their case and Bramson has courted investors in one-on-one meetings, although none have publicly backed him yet.

Interviews by Reuters with five institutional investors in Barclays suggest Bramson has failed to persuade them.

Sherborne declined to comment.

Mirza Baig, head of investment stewardship at top-40 shareholder Aviva Investors, said Bramson was welcome on the bank’s register but the boardroom was a step too far.

“He has created a lot of value at other businesses, but, generally, when he has come in as executive chair and taken full control. This would be a different case where he would just be one lone voice on the board,” he said.

A second Barclays shareholder said he backed Bramson’s goal of improving returns but via an “evolutionary” approach.

“If you look at banks that have tried to restructure their operations in investment banking – you look at Natwest Markets, Deutsche Bank – I struggle to think of an example where a roughshod restructuring has been accretive to shareholder value.”

A third, top-30 investor said he had been impressed by incoming Chairman Nigel Higgins’ grasp of the challenge in hand, and felt investors would give him time.

“Management know they have to execute and deliver improved returns… [Higgins] will continue to re-shape the board but obviously he didn’t feel that having someone with a diametrically opposed view on it would be helpful.”

A fourth, top-30 investor agreed: “We voted for the chairman to come in and it would be crazy to allow an activist to join the board (at this time).”

Jupiter Fund Management, the 24th largest investor, said it also planned to vote against Bramson.

Barclays has nearly 500 institutional shareholders, Refinitiv data showed.

Since Staley joined Barclays in 2015, the investment bank returns relative to capital invested have increased but are still underperforming the overall business.

Barclays’ first-quarter figures showed the investment bank posted a 6 percent drop in income from its markets business and a 17 percent fall in banking advisory fees.

Returns in the investment bank fell to 9.5 percent from 13.2 percent a year ago.

Famed for successful campaigns against smaller British companies in sectors from chemicals to advertising, Bramson’s board seat pitch has been rebuffed by shareholder advisory firms.

Institutional Shareholder Services, the world’s biggest, said Bramson’s proposal “falls short of what can reasonably be expected from a shareholder trying to address issues at a 28 billion pounds, systemically important bank”.

Glass Lewis also flagged concern about Bramson’s lack of banking experience and “questionable” shareholding structure, referring to Sherborne’s use of derivative contracts to hedge losses should its strategy fail.

Critics said the arrangement meant his interests are not truly aligned with those of other long-term shareholders.

British advisory firm Pirc, however, said it recommended that investors abstain in the vote on Bramson’s proposal as a challenge to the board to do better in the year ahead – or face a similar contest in 2020.

(Editing by Jane Merriman)

Source: OANN

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https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2019/04/918/516/02_2.jpg?ve=1&tl=1

After an over 15-month pregnancy, “Akuti,” a 7-year-old Greater One Horned Indian Rhinoceros, gave birth as a result of induced ovulation and artificial insemination at Zoo Miami, April 23, 2019.

Ron Magill/Zoo Miami

https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2019/04/918/516/02_2.jpg?ve=1&tl=1

Source: Fox News World

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FILE PHOTO: File photo of a Chevron gas station sign in Del Mar, California
FILE PHOTO: A Chevron gas station sign is seen in Del Mar, California, in this April 25, 2013 file photo. REUTERS/Mike Blake/File Photo

April 26, 2019

(Reuters) – U.S. oil and natural gas producer Chevron Corp reported a 27 percent fall in quarterly earnings on Friday, hit by lower crude prices and weaker margins in its refining and chemicals businesses.

Net income attributable to the company fell to $2.65 billion, or $1.39 per share, for the first quarter ended March 31, from $3.64 billion, or $1.90 per share, a year earlier.

Earlier in the day, larger rival Exxon Mobil Corp reported earnings well below analysts’ estimates, as margins in its refining business were hurt by higher Canadian prices and heavy scheduled maintenance.

(Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)

Source: OANN

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FILE PHOTO: Ford logo is seen at the North American International Auto Show in Detroit, Michigan
FILE PHOTO: The Ford logo is seen at the North American International Auto Show in Detroit, Michigan, U.S., January 15, 2019. REUTERS/Brendan McDermid/File Photo

April 26, 2019

(Reuters) – Ford Motor Co said on Friday the U.S. Department of Justice had opened a criminal investigation into the automaker’s emissions certification process in the United States.

The potential concern does not involve the use of defeat devices, the company said in a regulatory filing. (https://bit.ly/2VqjHpl)

Ford had voluntarily disclosed the matter to the U.S. Environmental Protection Agency and the California Air Resources Board in February.

(Reporting by Ankit Ajmera in Bengaluru; Editing by James Emmanuel)

Source: OANN

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