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Turkish Airlines aims to spread its wings at Istanbul’s giant new airport

A Turkish Airlines (THY) Boeing 737-800 aircraft prepares to take off at Ataturk International Airport in Istanbul
A Turkish Airlines (THY) Boeing 737-800 aircraft prepares to take off at Ataturk International Airport in Istanbul, Turkey, April 3, 2019. REUTERS/Murad Sezer

April 4, 2019

By Ceyda Caglayan and Dominic Evans

ISTANBUL (Reuters) – After three false starts and a labor protest over harsh working conditions, Turkey will fully open a new airport in Istanbul this week that will give its fast-growing flagship airline a platform to challenge Gulf rivals for regional dominance.

Authorities plan to shift flights from the city’s Ataturk Airport, on the edge of the Sea of Marmara, to the new airport 30 km (20 miles) north on the Black Sea shores, in a mammoth 45-hour transfer operation starting on Friday.

The $8 billion airport is one of several infrastructure mega-projects championed by President Tayyip Erdogan and will initially be able to handle 90 million passengers a year, a number which Turkey hopes to more than double by 2027.

That would make it the biggest in the world, measured against current airport operations globally.

“Istanbul Airport will rise to second place in terms of passenger numbers it serves in around five years,” Transport Minister Cahit Turhan told reporters in the gleaming departure hall. “When all phases are complete, Istanbul Airport will sit in the leader’s chair.”

The airport is supposed to be fully operational on Sunday after authorities transport 10,000 pieces of equipment, from massive aircraft-towing vehicles to sensitive security sensors, across the city in a complex two-day operation, after which Ataturk Airport will close for passenger flights.

The move should support Turkey’s ambition to make Istanbul a global aviation hub and will offer Turkish Airlines a chance to grow beyond the restrictions of Ataturk airport’s limited size.

After 15 years of rapid growth, the airline flies to more countries than any competitor, helped by its Istanbul base which is close to European, African and Middle Eastern destinations.

That location means many cities are within a 4-5 hour flight radius which can be flown by fuel-efficient, narrow-bodied planes. The relatively low costs helped deliver profit last year of 4.05 billion lira ($716 million).

With more slots available, the airline plans to increase its total fleet from 338 aircraft to 476 over the next four years, and analysts say it will challenge the three big regional competitors: Emirates, Qatar Airways and Etihad.

“It puts them on a level playing field with the Gulf carriers,” aviation expert John Strickland said.

However there are potential risks ahead. The airport is opening just as years of strong economic growth are grinding to a halt in Turkey, and any weakness in the domestic market could prove a drag on Turkish Airlines’ business.

‘HUGE THREAT’

Istanbul’s opening comes a decade ahead of the expansion of Dubai’s Al Maktoum International Airport to handle 130 million passengers a year, which has been pushed back to 2030.

Dubai-based Emirates will one day shift to the airport, which ultimately aims to be able to handle 260 million passengers a year. For now, Dubai plans to focus on Emirates’ current hub Dubai International, which handled nearly 90 million passengers in 2018.

The Gulf airlines already face testing times. Qatar Airways said last month it would report a second consecutive annual loss this year, after losing access to 18 Middle East destinations over a dispute with Gulf neighbors.

Emirates warned in November of tough times after first-half profit fell to its lowest in a decade, and Abu Dhabi has abandoned its goal of becoming a major air travel hub akin to Dubai.

Turkey’s aviation sector has become a “huge threat” to Gulf airlines, a senior executive at one Middle Eastern airport said, and also to rivals in Asia and Europe.

That includes Frankfurt Airport, one analyst said. It is the hub of Lufthansa, one of Europe’s largest airlines, and handled 69.5 million passengers last year. It is a roughly three-hour flight from Istanbul, slightly closer than the Gulf.

Turkish Airlines is not the only emerging rival.

Ethiopia overtook Dubai last year as a conduit for long-haul passengers to Africa, highlighting the success of the state airline’s drive to win back market share on routes to and from Africa which had been dominated by Turkish Airlines and Emirates.

Turkish Airlines has targeted fast-growing Asian economies, signing a code share agreement with India’s largest domestic carrier Indigo on December, and setting up a joint venture with China’s ZTO to extend its cargo operations.

“The upside of the new airport … is its potential to tap Chinese, Indian and other emerging Asian markets,” said Erdem Kayli, senior analyst at TEB Investment/BNP Paribas.

POLITICAL RISKS

The project has been plagued by delays and a protest last year over conditions for workers, after the government said 27 workers had died since construction started in 2015.

Full operations at the new airport have already been held up three times. Formally opened by Erdogan in October, it has handled fewer than 20 daily flights as the full opening was pushed back first to January, then March and now April.

The opening comes at a time when Turkey’s ties with the United States and Europe have frequently been strained. This presents another potential risk for Turkish Airlines – as Qatar’s dispute with other Arab states has shown, politics can damage a country’s carrier.

“There is uncertainty about Turkey’s relationships with other parts of the world, not least the United States,” Strickland said. “That gives uncertainty.”

The airport is one of the showcase projects of a 16-year construction boom under Erdogan, who has overseen the building of bridges, ports and railways that have transformed the country.

Some of the biggest schemes, including a planned 40-km shipping canal parallel to the Bosphorus, have been criticized as ill-conceived and wasteful.

Some analysts question whether the airport’s ultimate target of 200 million passengers a year is feasible, given the presence of a second international airport, Sabiha Gokcen, on Istanbul’s Asian side.

“It seems unrealistic to expect to reach such passenger numbers, because of airspace constraints,” said an aviation analyst at an international brokerage company who asked not to be named. “The city has another airport, and there’s a question mark whether total passenger numbers of the two airports can exceed 150 million.”

(Additional reporting by Alexander Cornwell in Dubai; Editing by Pravin Char)

Source: OANN

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Detailed and public, Kim Jong Nam murder may never be solved

The murder of North Korean leader Kim Jong Un's estranged half brother at an airport in Malaysia was brazen, intricately orchestrated and, thanks to scores of security cameras, witnessed by millions around the world.

The real masterminds behind the killing, however, may never be brought to justice.

The murder charge was dropped against an Indonesian woman, who was freed last month. Her co-defendant, a Vietnamese woman who is the only suspect in custody, pleaded guilty — not to murder, but to the lesser charge of using a deadly weapon to cause injury — and will be freed as early as next month.

Her guilty plea and sentencing on Monday concluded more than two years of legal proceedings. But it cleared up none of the mystery.

Here's a look back at the crime, the missing masterminds and the ending.

___

THE CRIME

On Feb. 13, 2017, when Kim Jong Nam appeared at a check-in counter at a Kuala Lumpur airport terminal, he was jumped by two women who smeared something on his face. He soon began to feel ill, found his way to a medical station and was taken by ambulance to a hospital. He was dead within a matter of hours.

The women — Indonesian Siti Aisyah and Doan Thi Huong of Vietnam — were arrested soon afterward.

Huong was seen on security video wearing a T-shirt emblazoned with "LOL" across the chest. The video, and video of the chubby, blue jean-clad victim staggering around before his death, went viral.

From the start, this was obviously no ordinary crime.

Aisyah and Huong were accused of using VX nerve agent, a poison developed for military use, and the victim was the eldest son of the late North Korean leader Kim Jong Il, and half brother of current leader Kim Jong Un.

For a time, Kim Jong Nam had been seen, at least by outside experts, as a potential heir to the country's leadership. But he was caught, and humiliated, trying to enter Japan in 1998 to visit Tokyo Disneyland. He ended up in de facto exile, spending most of his time in Macau, a Chinese territory famous for its casinos.

By the time of his death, he wasn't part of the North Korean political scene. But his freedom to reside in Macau indicated he had some Chinese support. It's possible he was seen by some as a viable replacement if Kim Jong Un were ever to be removed from power.

Soon after Kin Jong Nam's murder, his son, Kim Han Sol, appeared in a YouTube video in which he claimed he, his mother and sister were under the protective care of a group calling itself "Cheollima Civil Defense."

The same group is believed to be behind an attack on the North Korean Embassy in Madrid last month in which 10 people allegedly shackled and gagged embassy staff before escaping with computers, hard drives and documents.

___

THE MISSING MASTERMINDS

Malaysian officials have never officially accused North Korea of involvement in Kim's death. North Korea has denied any involvement.

But prosecutors made it clear throughout the trial they suspected a North Korean connection.

Four North Korean suspects were seen on airport security video discarding their belongings and changing their clothing after the attack. The North Korean Embassy has also been implicated, with an embassy official helping obtain flights out of Malaysia for the four men, and using the name of one of its citizens to buy a car that took the suspects to the airport.

At Malaysia's request, Interpol issued a "red notice" for the four North Koreans wanted in connection with the killing.

Investigators said the North Korean suspects met the women at the airport and were believed to have provided them with the VX nerve agent used in the murder.

The North Koreans are suspected of scouting and training the women, who say they thought they were taking part in a candid camera-style prank show for television. Malaysian police believe the North Korean suspects flew out of the country the day of the killing and returned to Pyongyang.

Investigations into Kim's death led to a diplomatic spat between Malaysia and North Korea. Malaysia scrapped visa-free entry for North Koreans and expelled North Korean Ambassador Kang Chol after he rejected Malaysia's investigation and insisted the victim was an ordinary citizen who died of a heart attack. Kang Chol also accused Kuala Lumpur of colluding with outside forces to defame North Korea.

North Korea then banned Malaysians in its country from leaving, entrapping three diplomats and six of their family members. The nine Malaysians were only allowed to fly back after Malaysia released Kim's body to North Korea and allowed the North Koreans to leave, including an embassy official and a North Korean Air Koryo employee wanted by police for questioning over Kim's death.

Following last year's summit between President Donald Trump and Kim Jong Un in Singapore, Malaysia's government has said it may re-establish ties with North Korea and reopen its embassy in Pyongyang.

___

THE ENDING

With the North Korean suspects missing, the two women were left to face the charges.

After some high-level lobbying by Indonesia's government, the Malaysian attorney general decided to drop the murder case against Aisyah on March 11.

Aisyah, 26, cried and hugged her Vietnamese co-defendant before leaving the courtroom. She was driven away in an Indonesian Embassy car and then flown back to Jakarta, where she thanked the president and other officials for their help.

"I feel happy, very happy that I cannot express in words," she told reporters at Jakarta's airport. "After this I just want to gather with my family."

Huong, 30, also sought to be released after Aisyah was freed, but prosecutors rejected her request.

Both had faced a murder charge that carried the death penalty if they were convicted. Prosecutors on Monday said they were offering Huong a reduced charge, and High Court judge Azmi Ariffin sentenced her to three years and four months from the day she was arrested, telling her she was "very, very lucky" and wishing her "all the best."

Vietnamese officials in the courtroom cheered when the decision was announced.

Her lawyer, Hisyam Teh Poh Teik, said she is expected to be freed by the first week of May, after a one-third reduction in her sentence for good behavior. He said four North Korean suspects still at large were the "real assassins."

As she was being escorted out of the court building, Huong shouted to reporters: "It's very good. I love you." She told reporters earlier that she wants to "sing and act" when she returns to Vietnam.

___

Talmadge, the AP's Pyongyang bureau chief, contributed to this report from Tokyo.

Source: Fox News World

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NASA probe records first likely ‘marsquake’ detected on red planet

FILE PHOTO: A life-size model of NASA's Insight spacecraft at JPL
FILE PHOTO: A life-size model of the spaceship Insight, NASA's first robotic lander dedicated to studying the deep interior of Mars, is shown at Jet Propulsion Laboratory (JPL) in Pasadena, California, U.S. November 26, 2018. REUTERS/Mike Blake/File Photo

April 23, 2019

(Reuters) – NASA’s robotic probe InSight has detected and measured what scientists believe to be a “marsquake,” marking the first time a likely seismological tremor has been recorded on another planet, the Jet Propulsion Laboratory in California reported on Tuesday.

The breakthrough came five months after InSight, the first spacecraft designed specifically to study the deep interior of a distant world, touched down on the surface of Mars to begin its two-year seismological mission on the red planet.

The faint rumble characterized by JPL scientists as a likely marsquake was recorded on April 6, the lander’s 128th Martian day, or sol.

Scientists are still examining the data to conclusively determine the precise cause of the signal, but the trembling appeared to have originated from inside the planet, as opposed to being caused by forces above the surface, such as wind, JPL said in a news release.

“We’ve been collecting background noise up until now, but this first event officially kicks off a new field: Martian seismology,” InSight principal investigator Bruce Banerdt said in a statement.

The tremor was so faint that a quake of the same magnitude in Southern California would be virtually lost among the dozens of tiny seismological crackles that occur there every day, JPL said.

The April 6 rumble on Mars stood out because the surface of the red planet is extremely quiet in comparison with Earth.

The size and duration of the marsquake also fit the profile of some of the thousands of moonquakes detected on the lunar surface between 1969 and 1977 by seismometers installed there by NASA’s Apollo missions, said Lori Glaze, planetary science division director at NASA headquarters in Washington.

No estimated Earth-magnitude equivalent was immediately given for the apparent marsquake.

Three other apparent seismic signals were picked up by InSight on March 14, April 10 and April 11 but were even smaller and more ambiguous in origin, leaving scientists less certain they were actual marsquakes.

(Reporting by Joey Roulette in Orlando, Florida, and Steve Gorman in Los Angeles; Editing by Peter Cooney)

Source: OANN

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California Gov. Newsom to sign executive order to halt death penalty executions

Citing his moral conflict with capital punishment, California Gov. Gavin Newsom will sign an executive order Wednesday that places a moratorium on executions of the state's 737 death row inmates.

The order will halt all executions performed at San Quentin State Prison while Newsom, a Democrat, is governor but leaves all convictions intact. A future governor can undo the order.

“The intentional killing of another person is wrong. And as governor, I will not oversee the execution of any individual,” Newsom said in a prepared statement obtained by the Southern California News Group.

“The intentional killing of another person is wrong. And as governor, I will not oversee the execution of any individual.”

— California Gov. Gavin Newsom

Newsom has been a vocal opponent of the death penalty and has argued it is susceptible to human error. Many have criticized the death penalty as being racially biased and too expensive. Since 1973, 164 prisoners nationwide have been wrongly convicted and freed from death row, according to the Los Angeles Times.

NEW JERSEY MANSION MURDERS SPUR CALLS FOR STATE TO REINSTATE DEATH PENALTY

This Sept. 21, 2010, file photo shows the interior of the lethal injection facility at San Quentin State Prison in San Quentin, Calif. Gov. Gavin Newsom is expected to sign a moratorium on the death penalty in California Wednesday, March 13, 2019. (Associated Press)

This Sept. 21, 2010, file photo shows the interior of the lethal injection facility at San Quentin State Prison in San Quentin, Calif. Gov. Gavin Newsom is expected to sign a moratorium on the death penalty in California Wednesday, March 13, 2019. (Associated Press)

Newsom's order comes just weeks after the bloody slaying of Bambi Larson, a 59-year-old San Jose resident who was found stabbed to death in her home. The suspect arrested in connection with Larson's death is a 24-year-old illegal immigrant and gang member, authorities said, according to FOX 2 of the Bay Area.

The governor's order also defies the wishes of California voters, who backed a 2016 measure to speed up executions. The governor previously backed failed measures in 2012 and 2016 to abolish the death penalty in the state. The last execution held in California occurred in 2006 for Clarence Ray Allen, 76, who was convicted of killing three people, the Los Angeles Daily News reported.

The Association of Deputy District Attorneys slammed the move, saying Newson was "usurping" the will of the voters.

“Governor Newsom, who supported the failed initiative to end the death penalty in 2006, is usurping the express will of California voters and substituting his personal preferences via this hasty and ill-considered moratorium on the death penalty,” said a statement by association president Michele Hanisee.

In this Aug. 16, 2016, file photo a condemned inmate is led out of his east block cell on death row at San Quentin State Prison, in San Quentin, Calif. Gov. Gavin Newsom is expected to sign a moratorium on the death penalty in California Wednesday, March 13, 2019. (Associated Press)

In this Aug. 16, 2016, file photo a condemned inmate is led out of his east block cell on death row at San Quentin State Prison, in San Quentin, Calif. Gov. Gavin Newsom is expected to sign a moratorium on the death penalty in California Wednesday, March 13, 2019. (Associated Press)

2 CALIFORNIA DEATH ROW INMATES FOUND DEAD INSIDE THEIR CELLS IN POSSIBLE SUICIDES

Kent Scheidegger, legal director of the pro-death penalty Criminal Justice Legal Foundation, told the Times Newsom’s actions are “an abuse of power” and that “he’s following in the footsteps of other governors who abused this power because they were frustrated by a law that they just personally disagreed with.”

Not everyone viewed Newsom's pending actions as a negative. Kim Kardashian West praised the move in a series of tweets Tuesday.

"I have met with and am very supportive of Governor Newsom and his decision to help bring an end to the California Death Penalty. Racial bias and unfairness run deep throughout the justice system but especially when it comes to the death penalty," she wrote.

Kardashian West has become an advocate for criminal justice reform in recent years, meeting with President Trump to discuss the issue and agreeing to pay the rent for a Tennessee inmate released from prison after federal sentencing reforms were put in place for five years.

CLICK HERE TO GET THE FOX NEWS APP

California has executed 13 inmates since the U.S. Supreme Court reinstated the death penalty in 1976. In the decades since, 79 death row inmates have died of natural causes and 26 by suicide, according to the Times. The state has the most people on death row. Twenty-five inmates have exhausted their appeals, the Daily News reported.

“I do not believe that a civilized society can claim to be a leader in the world as long as its government continues to sanction the premeditated and discriminatory execution of its people,” Newsom said.

Source: Fox News National

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Report: Former Dolphins DE Wake to join Titans

NFL: Jacksonville Jaguars at Miami Dolphins
FILE PHOTO: Dec 23, 2018; Miami Gardens, FL, USA; Miami Dolphins defensive end Cameron Wake (91) prior to a game before the Jacksonville Jaguars at Hard Rock Stadium. Mandatory Credit: Steve Mitchell-USA TODAY Sports

March 13, 2019

After spending his entire 10-year career with the Miami Dolphins, defensive end Cameron Wake is set to join the Tennessee Titans, according to Tom Pelissero of the NFL Network.

Wake, 37, is reportedly receiving a three-year, $23 million deal with $10 million guaranteed.

The former Penn State product began his career with two seasons in the Canadian Football League before joining the Dolphins in 2009.

He became a breakout star in his second season in Miami, starting all 16 games and racking up 14 sacks.

Through his time in Miami, Wake played in 146 games and amassed 98 sacks, 360 tackles and 22 forced fumbles.

In 2018, however, Wake was limited to six sacks — the lowest total since his rookie season.

Defensive end Jurrell Casey (7) and linebacker Jayon Brown (6) led the Titans in sacks last season.

–Field Level Media

Source: OANN

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2020 candidates, journalists pushed tweet falsely claiming Trump called asylum seekers ‘animals’

A tweet that has since been deleted went viral over the weekend for claiming that President Trump referred to asylum seekers trying to gain entry into the U.S. as “animals.”

At issue was Trump’s comments during a May 2018 listening session about immigration, when he responded to remarks about MS-13 gang members by referring to them as “animals.” Many at the time took his comment out of context to suggest he was referring to all immigrants.

JUDGE BLOCKS TRUMP'S ASYLUM SEEKER POLICY

Nearly a year later, Twitter user Mark Elliott shared video of those same remarks and tweeted that he referred to asylum seekers as “animals,” suggesting the president’s remarks were made recently.

Elliott deleted the tweet three days later and offered an apology.

“I have learned that Trump's comments were in response to a specific question about MS-13 members and not about asylum seekers more broadly. I have chosen to delete the tweet, but am copying it here. My apologies for not being more accurate,” Elliott tweeted Monday.

OMAR CALLS STEPHEN MILLER 'WHITE NATIONALIST'

But before deleting the tweet, it went viral, sparking 2020 presidential candidates as well as several members of the media to condemn Trump. Many of the reactions were compiled by Washington Free Beacon’s Alex Griswold.

New York Sen. Kirsten Gillibrand declared on Twitter that “no human being is an animal.” South Bend Mayor Pete Buttigieg expressed similar sentiment. Other prominent Democrats like Democratic National Committee Chairman Tom Perez called out such “dehumanizing” language. 

Several journalists peddled the item on Twitter, including MSNBC host Joy Reid and New York Times reporter Glenn Thrush. It was also mentioned on-air by CNN anchor Jim Sciutto as well as MSNBC commentators Neera Tanden and Jonathan Alter of The Daily Beast.

Source: Fox News Politics

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Trump invokes ‘Game of Thrones’ to mock opponents over Mueller report

President Trump on Thursday turned to “Game of Thrones” for inspiration as he mocked his political opponents ahead of the release of the special counsel’s report on the Russia investigation -- declaring that it was “Game Over” for them.

“No collusion, no obstruction. For the haters and the radical left Democrats...GAME OVER,” a graphic Trump tweeted read.

TRUMP BLASTS RUSSIA PROBE AS 'HOAX' AND 'HARASSMENT' AHEAD OF MUELLER REPORT RELEASE

The graphic, showing Trump in a cloud of smoke, used a font used by the hit HBO series “Game of Thrones” -- which aired the first episode of its final season on Sunday evening.

Trump’s cheeky tweet came moments after Attorney General William Barr held a press conference and announced that the redacted report would be released soon, while repeating his statement that the investigation found no evidence of collusion between Russia and Trump campaign officials.

“After nearly two years of investigation, thousands of subpoenas, and hundreds of warrants and witness interviews, the Special Counsel confirmed that the Russian government-sponsored efforts to illegally interfere with the 2016 presidential election but did not find that the Trump campaign or other Americans colluded in those schemes,” he said.

'SANCTIONS ARE COMING': TRUMP INVOKES 'GAME OF THRONES TO ANNOUNCE IRAN CRACKDOWN

As for obstruction, Barr said that the report recounts 10 episodes involving Trump and “discusses potential legal theories for connecting these actions to elements of an obstruction offense.” But he said the White House “fully cooperated” with the investigation, and that he concluded that the evidence is not sufficient to establish an obstruction-of-justice offense by Trump.

Trump has repeatedly claimed the report exonerates him, and earlier Thursday declared the probe “The Greatest Political Hoax of all time!”

It isn’t the first time Trump has turned to “Game of Thrones” for inspiration. In November, as the White House announced sanctions on Iran, he tweeted out a parody poster using the same font that said: “Sanctions are Coming”

Source: Fox News Politics

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The headquarters of Wirecard AG is seen in Aschheim near Munich
FILE PHOTO: The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder

April 26, 2019

BERLIN (Reuters) – Wulf Matthias will not stand for a second term as Wirecard’s chairman in 2020, German daily Handelsblatt said on Friday, citing sources in the financial industry.

For age reasons alone this would not be an option for Matthias, aged 75, Handelsblatt added.

Matthias will keep his mandate until it ends in 2020, the paper quoted a company spokeswoman as saying.

Wirecard was not immediately available for comment when contacted by Reuters.

(Reporting by Tassilo Hummel; Editing by Thomas Seythal)

Source: OANN

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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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