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Aviva, NatWest to join ‘Brexodus’ of business to EU

FILE PHOTO: A man walks past an AVIVA logo outside the company's head office in the city of London
FILE PHOTO: A man walks past an AVIVA logo outside the company's head office in the city of London March 5, 2009. REUTERS/Stephen Hird/File Photo

February 19, 2019

By Huw Jones, Simon Jessop and Carolyn Cohn

LONDON (Reuters) – England’s High Court on Tuesday gave Aviva, Britain’s second largest insurer, approval to transfer around 9 billion pounds ($11.69 billion) in assets to a new Irish company just before the starting gun is fired on Brexit.

The move, timed for 2259 GMT on March 29, is part of a wider withdrawal of business and money by financial companies seeking to keep contracts and policies within the European Union even after Britain departs. Brexit formally takes effect at 2300 GMT on March 29.

London has yet to agree a divorce settlement with the bloc but banks and insurers are shifting hundreds of billions of pounds in assets regardless of the form Brexit takes, reversing decades of European financial market integration and chipping away at the City of London’s dominance of it.

The High Court in London approved the transfer of policies after a hearing on Aviva’s application last week to move life insurance assets. It had previously secured court approval to move around 1 billion pounds in general insurance assets.

“The current state of extreme and intensifying uncertainty regarding the terms of United Kingdom’s departure from the European Union renders the need for certainty of provision all the more pressing,” Martin Moore, Aviva’s counsel, told the court.

On Friday, NatWest, part of Royal Bank of Scotland, is due to ask a court in Edinburgh to approve its application to move 6 billion pounds in assets and 7 billion pounds in liabilities from Britain to its Dutch hub.

Aviva and NatWest are moving assets under a legal process known as Part VII transfers, taking up to 18 months and now coming to conclusion.

“Insurers have set up their European insurers and have transferred or are transferring their European business,” said Ashley Prebble, an insurance partner at Clifford Chance law firm.

“These are not transfers that will be reversed in the event that a transition period is agreed; this is the new environment.”

So far, the amount of business being moved is a small part of the UK financial sector, where total premium income was 224.5 billion pounds in 2016, with banking assets totaling 8.1 trillion pounds in 2018, according to TheCityUK.

Consultancy EY has estimated that 800 billion pounds in assets are being moved from Britain to EU hubs ahead of Brexit.

Most of the policies being moved by Aviva were written in branches across Europe, with just 100 million pounds or so of policies written in Britain.

Aviva said it would move an additional 303 million euros in capital to Dublin as part of the transfer of assets, to cover its life insurance policies, and 89 million pounds to cover those for general insurance.

MONEY MOVES FASTER

For now, money is moving quicker than jobs. A Reuters survey published earlier this month found only around 2,000 jobs in financial services are expected to be moved or created in other EU cities to deal with Brexit.

But the quiet shift of money means less business will be processed in Britain and less tax will be raised by the country’s financial sector, currently the biggest source of corporate tax revenue.

Trading in euro-denominated stocks and bonds, along with clearing in euro repurchase agreements, will move to the continent next month.

The Association of British Insurers said insurers operating from Britain have made 36 Part VII applications representing 20 million contracts, using figures from the Bank of England.

Among banks, Britain’s Barclays secured court approval last month to move 190 billion euros in assets to a Dublin subsidiary.

Bank of America Merrill Lynch has transferred $44 billion in assets to its Dublin based subsidiary, while UBS has secured approval to shift 32 billion euros from London to its German unit.

Japan’s Nomura said it would re-allocate $300 million in capital from its London-based subsidiary to other members of its group, while Credit Suisse said it had moved $200 million of assets and liabilities to its German unit.

Most of the largest international banks are keeping their asset and capital transfer plans confidential, with JP Morgan, Goldman Sachs, Morgan Stanley and Citi all eschewing Part VII applications in favor of repapering contracts client by client.

Aviva was among the last of the big insurers to secure court approval for shifting chunks of life, general, property, casualty and motor insurance policies to EU hubs.

Prudential and AIG were among the first out of the block, the former moving 76 million pounds in assets to Dublin, and the latter shifting 5.6 billion pounds in assets to a Luxembourg hub last year.

Phoenix, a specialist life insurer, will transfer some 18 billion pounds in assets from Britain to Dublin, subject to a hearing in March, representing 582,000 policies.

Lloyd’s of London, the world’s oldest commercial insurance market, looks set to be among the last and probably the biggest of all, saying it won’t complete its coordination of Part VII transfers on behalf of its syndicates until the end of 2020.

($1 = 0.7701 pounds)

(Additional reporting by Sinead Cruise. Editing by Carmel Crimmins)

Source: OANN

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Drugs, mobile phones delivered to UK prison inside dead rats

British officials say dead rats stuffed with drugs and mobile phones have been thrown over prison fences to provide contraband to prisoners.

Officials said Monday that staff had found the rats inside the perimeter fence of a prison in Dorset, 130 miles (210 kilometers) southwest of London.

The staff noticed the bodies appeared to have stitches along their stomachs and opened the rodents.

The three rats contained five mobile phones and chargers, three SIM cards, cigarette papers, marijuana and the drug Spice.

Prisons Minister Rory Stewart said the find "shows the extraordinary lengths to which criminals will go to smuggle drugs into prison.".

Source: Fox News World

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Italy: Migrant Sets Bus Full Of Children on Fire as Part of Pro-Refugee Protest

A Senegalese migrant set a bus full of children on fire in Italy as part of a pro-refugee protest against the deaths of asylum seekers attempting to reach Europe.

The bus was taking a group of school children home after outdoor activities in Crema before the driver, 47-year-old Ousseynou Sy, decided to change course.

After the migrant threatened passengers with a knife, one of the children managed to call their parents, who in turn alerted the police.

Authorities then set up road blocks in an effort to stop the driver, who then proceeded to ram the bus into them.

After losing control of the bus, Sy stopped the vehicle, poured gasoline on it and set it ablaze.

All the passengers were able to escape through the back door and windows, although 12 children subsequently had to be taken to hospital for smoke inhalation.

The migrant said that he wanted to kill himself and potentially others as a protest to “stop deaths in the Mediterranean Sea,” referring to asylum seekers who have drowned in an attempt to illegally enter Europe. He also reportedly threatened to “carry out a massacre”.

Having once been one of the primary entrance points for illegal immigrants entering the continent, Italy has drastically reduced the number of migrants arriving on its shores thanks to populist leader Matteo Salvini’s strong border policy.

At its peak, Italy was receiving around 120,000 illegal immigrants via boat from Libya a year. This number has been slashed to around 23,000, a number that is likely to shrink further as a result of Salvini’s actions.

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Paul Joseph Watson is the editor at large of Infowars.com and Prison Planet.com.

Source: InfoWars

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A look at the candidates in Spain’s general election

A new generation of young and media-savvy political leaders is vying to become Spain's next prime minister in a general election Sunday. They are all men and less than 50.

A deeply divided parliament is expected to emerge from the ballot, and whoever gets the most votes will likely need to sit down and negotiate a complicated governing alliance.

Here's a look at the main candidates vying to take office:

PEDRO SÁNCHEZ

Sánchez, the Socialist party leader and incumbent prime minister, is aiming to pull off yet another unexpected political turnaround.

He was forced to call an early election when his minority government failed to pass a national spending bill in February.

Now, all polls forecast that the Socialists will overtake the conservative Popular Party to garner the most votes on Sunday, but it will be nowhere near a majority.

That would be another surprising victory for the 47-year-old former basketball player who temporarily lost his party leadership in 2016 in an internal spat following two crushing defeats in consecutive national elections.

But rank-and-file party members took back Sánchez as the Socialists' general secretary in mid-2017 and a year later he engineered a stunning maneuver and became prime minister, forcing his predecessor Mariano Rajoy to face a no-confidence vote over corruption cases tainting the Popular Party.

PABLO CASADO

Casado is facing his first election as head of the Popular Party, Spain's dominant conservative political force for the past three decades.

The 38-year-old lawyer, who has made most of his career in politics, took over as party chief in July vowing to clean up party corruption with a zero-tolerance approach.

Casado has been dragging the party toward more conservative ground and calling for a stronger stance on Catalan separatism. The goal is to prevent a flood of votes going to the center-right Citizens party, perceived as tougher on the Catalonia issue, and the far-right Vox.

ALBERT RIVERA

The 39-year-old Rivera is anything but shy. A university debate champion and water polo player in his youth, Rivera made his debut in politics in 2006 at age 27 by posing nude for a campaign poster.

He has since led Citizens. It began as a tiny party in Barcelona, created to fight the local Catalan secessionist movement, and it has now spread across Spain.

Presenting himself as a champion of free market, Rivera's party has tried to carve out a space in the center of Spanish politics, enticing voters from both the Socialists and the Popular Party.

Citizens' newcomer status is now threatened by the upstart Vox, which is also luring conservative voters.

PABLO IGLESIAS

Iglesias was tipped to lead a leftist takeover of Spain in 2015. Now, the pony-tailed former TV politics commentator is struggling to keep his far-left United We Can party from breaking apart.

United We Can has been wracked by in-fighting among its leaders and the polls show it may pay a heavy price.

After returning from paternity leave to care for his premature twins he had with party No. 2 Irene Montero, the 40-year-old Iglesias is trying to rekindle the indignation of the jobless and those most hurt by austerity measures.

Sánchez may need to rely on Iglesias for support in a coalition.

SANTIAGO ABASCAL

Abascal is the scion of a family targeted by the now-defunct separatist group ETA in his native Basque region.

He made his career as a member of the Popular Party and now hopes he and others from his Vox party will become the first far-right lawmakers to sit in parliament since 1982.

The platform of Vox, which means voice in Latin, is to defend Spain from what it says are the dangers of separatism, Muslim immigration, feminism and liberals.

The 43-year-old Abascal unapologetically defends hunting, bullfighting and traditional and Catholic family values.

He has said that he wants to "reconquer" Spain, a reference to the 15th-century expulsion of Muslims and Jews from Spanish territory.

The pistol-carrying politician has called for dropping strict gun controls.

Source: Fox News World

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NBA roundup: Simmons shoots Sixers past Nets

NBA: Playoffs-Philadelphia 76ers at Brooklyn Nets
Apr 18, 2019; Brooklyn, NY, USA; Brooklyn Nets center Jarrett Allen (31) shoots against Philadelphia 76ers forward Greg Monroe (55) in the third quarter in game three of the first round of the 2019 NBA Playoffs at Barclays Center. Mandatory Credit: Wendell Cruz-USA TODAY Sports

April 19, 2019

Ben Simmons scored a playoff-career-high 31 points and handed out nine assists to lead the visiting Philadelphia 76ers past the Brooklyn Nets 131-115 on Thursday in New York for a 2-1 lead in an Eastern Conference opening-round playoff series.

Simmons, whose wayward shooting was the subject of a “Missing” poster outside of Barclays Center pregame, made 11 of 13 attempts from the field and 9 of 11 from the foul line.

Tobias Harris also scored a playoff-career-high, adding 29 points to go along with 16 rebounds, and JJ Redick added 26 points for Philadelphia.

Sixers center Joel Embiid was scratched before the game due to left knee soreness. Greg Monroe, who signed late in the regular season, received the emergency start in place of Embiid and contributed nine points and 13 boards.

Warriors 132, Clippers 105

Kevin Durant exploded for 38 points, and Golden State never let up after building an early lead, cruising to a win at Los Angeles to take a 2-1 edge in their Western Conference first-round playoff series.

The Warriors, who blew a 31-point, second-half lead in Game 3, ran up 41 first-quarter points, building as much as a 19-point advantage in the first 12 minutes.

Stephen Curry, who battled foul trouble most of the night, complemented Durant with 21 points in 20 minutes for the Warriors. Ivica Zubac had a team-high 18 points to go with a game-high 15 rebounds for the Clippers.

Spurs 118, Nuggets 108

Derrick White poured in a career-high 36 points on 15-of-21 shooting to lift San Antonio to a win over visiting Denver in Game 3 of a Western Conference first-round playoff series.

San Antonio, the seventh seed in the West, grabbed a 2-1 lead in the best-of-seven series. The Spurs led just 89-87 in the first minute of the fourth quarter before they pulled away, forging a 19-4 run that was capped by a White 3-pointer with 5:57 left that gave San Antonio a 108-91 advantage.

DeMar DeRozan added 25 points, 21 of those in the second half, while LaMarcus Aldridge contributed 18 points and 11 rebounds for the Spurs. Nikola Jokic paced Denver with 22 points, and Malik Beasley added 20.

–Field Level Media

Source: OANN

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Fast-moving fire ravages building in Paris, no known victims

A fast-moving fire has ravaged a residential building on the northern edge of Paris.

Firefighters spokesman Gabriel Plus says there are no known victims in the Saturday night blaze that moved through four floors of the large modern structure. Teams are searching for potential victims.

The spokesman told BFMTV that it is too early to know the origin of the fire. He said it began on both the outside and inside of the building and raged through the third through sixth floors. He did not clarify.

The building has two elevator shafts, which typically can spread flames.

Paris recorded its deadliest fire in a decade earlier this year, when a blaze in a posh western district killed 10 people in February. Arson was suspected.

Source: Fox News World

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Bank Hapoalim CEO Pinto to step down at end of 2019

FILE PHOTO: The logo of Bank Hapoalim, Israel's biggest bank, is seen at their main branch in Tel Aviv, Israel
FILE PHOTO: The logo of Bank Hapoalim, Israel's biggest bank, is seen at their main branch in Tel Aviv, Israel July 18, 2016. REUTERS/Amir Cohen/File Photo

April 15, 2019

TEL AVIV (Reuters) – Bank Hapoalim CEO Arik Pinto will step down when his term is up at the end of the year, Israel’s largest lender said on Monday.

Moroccan-born Pinto will retire after 40 years at the bank, including the last four when he served as CEO.

“I never thought I would work at a bank for 40 straight years and I feel this is the right time for me to look back with pride and satisfaction and fulfill additional dreams and challenges in the future,” Pinto said.

In the past few years Hapoalim has been embroiled in an U.S. tax evasion investigation regarding its clients and has set aside more than $600 million to cover a potential settlement.

“I plan to do everything in my power to bring an end to this and reach a settlement before I finish my term,” said Pinto, who has been dealing with the matter from the beginning of his term as CEO.

Two other banks, Leumi and Mizrahi Tefahot, have reached settlements with U.S. authorities.

Last week Hapoalim sold 65.2 percent of Isracard, the country’s largest credit card company, for 1.8 billion shekels ($506 million) in an initial public offering.

This followed the passing of a law in 2017 requiring Hapoalim and Leumi to sell their credit card units by 2020 in a bid to reduce concentration in the lending market and lower credit costs.

(Reporting by Tova Cohen; Editing by Steven Scheer and Louise Heavens)

Source: OANN

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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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Hundreds of Cuban migrants are reported to be on the run Friday in Mexico after a crowd of more than 1,000 burst out of a troubled immigration detention center on its southern border.

Mexico’s National Immigration Institute said the mass escape Thursday in Tapachula – which the Associated Press called the largest in recent memory — involved around 1,300 Cuban migrants, although 700 of them have since returned voluntarily.

The migrants reportedly streamed out of the compound without any resistance, as the institute said its agents weren’t armed and “there was no confrontation.”

Federal police with riot shields later rushed in to control the situation, as a crowd of angry Cubans whose relatives were being held at the facility gathered outside. The Cubans claimed their relatives reported overcrowding and unsanitary conditions at the facility.

A Federal Police officer stands guard outside an immigration detention center in Tapachula, Chiapas state, Mexico, late Thursday, following a breakout.

A Federal Police officer stands guard outside an immigration detention center in Tapachula, Chiapas state, Mexico, late Thursday, following a breakout. (AP)

BORDER PATROL UNION CHIEF BLASTS CONGRESS OVER MIGRANT CARAVANS: ‘WHAT ARE YOU DOING ABOUT IT’?

“My wife and child have been in there for 27 days in bad conditions,” said Usmoni Velazquez Vallejo, as he waited outside for news. “There is overcrowding, insufficient food and there isn’t even medicine for them.”

Another Cuban detainee told the AFP: “We have many there… we are very tight, we sleep on the floor.”

It’s the third time since October that migrants at the facility staged an uprising, according to the news agency.

The center’s holding capacity is officially listed at less than 1,000 people, but the escape of 1,300 meant it was probably at least at double its capacity, since not everyone being held there escaped. Residents in the area said that sometimes the facility has held as many as 3,000 people, and a Mexican newspaper cited by Reuters said Haitians and Central Americans also are among the large group who still have not been tracked down.

Migrants wait for their transfer from an immigration detention center in Tapachula, Chiapas state, Mexico, on Thursday.

Migrants wait for their transfer from an immigration detention center in Tapachula, Chiapas state, Mexico, on Thursday. (AP)

CLICK HERE TO GET THE FOX NEWS APP

Earlier in the day, Mexico’s top human rights official toured the facility.

Elsewhere in the country, a new caravan estimated to contain up to 10,000 migrants is making its way to the U.S.-Mexico border.

The Associated Press contributed to this report.

Source: Fox News World

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Logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro
FILE PHOTO: A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes

April 26, 2019

(Reuters) – Exxon Mobil Corp on Friday reported first-quarter profit fell sharply on lower oil and gas prices and weakness in its refining and chemicals businesses that offset modest production gains.

The largest U.S. oil producer’s first quarter earnings fell to $2.35 billion, or 55 cents a share, from $4.65 billion, or $1.09 a share, a year ago.

Analysts had expected Exxon to earn 70 cents per share, according to Refinitiv Eikon estimates.

Shares were trading down about 2.7 percent in premarket trading on Friday.

Exxon’s oil equivalent production rose 2 percent to 4 million barrels per day, up from 3.9 million bpd in the same period the year prior. The company said its output in the Permian Basin, the largest U.S. shale basin, rose 140 percent over a year ago.

(Reporting by Jennifer Hiller; Editing by Chizu Nomiyama)

Source: OANN

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The Washington Post’s media critic went into meltdown after White House Press Secretary Sarah Sanders held a mock press briefing for the children of White House journalists and employees on Take Your Daughters and Sons to Work Day.

Erik Wemple, the newspaper’s chief media critic, slammed Sanders and the White House for organizing a fun day on Thursday for junior would-be journalists, while not holding an actual press conference for the record number of days.

WHITE HOUSE STAFF TO SKIP CORRESPONDENTS’ DINNER AFTER LAST YEAR’S CONTROVERSY

Wemple wrote that Sanders gave to children an important lesson of “the centrality of nonaccountability mechanisms in the affairs of state” after she announced that the mock press briefing was “off the record.”

“When the children head home tonight, perhaps they can pull up archival footage to see how their questions stack up against ye olde press briefings,” he added.

“Accordingly, Sanders was doing more than just providing a fun interlude for the kids; she was headlining a reenactment, anchoring a bona fide historical site.”

— Erik Wemple

“Tuesday, after all, marked a record for number of days without a White House press briefing. Accordingly, Sanders was doing more than just providing a fun interlude for the kids; she was headlining a reenactment, anchoring a bona fide historical site.”

While some correspondents praised the White House for doing “a lot of work to welcome the children and provide “them an excellent experience,” other journalists echoed Wemple’s criticism and pointed out that Sanders hasn’t held a press briefing in over 40 days.

“Kids of WH Press Corps members are getting ready for a briefing with  @PressSec. Their parents have not had one in 45 days,” tweeted CBS News’ White House Correspondent Weijia Jiang.

REPORTER SHOUTS AT SARAH SANDERS AFTER BRIEFING: ‘DO YOUR JOB, SARAH!’

“The irony of it is that they’re pretending that the White House press briefing is a thing, and they’re pretending that this is how the White House operates, but this is not at all how the White House operates … It’s a relic of an earlier time,” another correspondent quoted by the Post said.

“The irony of it is that they’re pretending that the White House press briefing is a thing, and they’re pretending that this is how the White House operates, but this is not at all how the White House operates … It’s a relic of an earlier time.”

— a White HOuse Correspondent

The Post struck a different tune in a column earlier this year, which declared that despite the administration’s criticism of the media, President Trump was “extremely accessible.”

Wemple quoted Martha Joynt Kumar, director of the White House Transition Project, who said that Trump held 338 “short question-and-answer” sessions over his time in office, significantly more than 75 such sessions by former President Barack Obama during his first full two years in office.

CLICK HERE TO GET THE FOX NEWS APP

In terms of total instances of access to the media, which include interviews, short sessions, and news conferences, Trump was accessible least 577 times in his first two years in office.

Source: Fox News Politics

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