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India’s top court quashes tough central bank circular on resolving bad debt

A woman checks her mobile phone inside the premises of the Supreme Court in New Delhi
A woman checks her mobile phone inside the premises of the Supreme Court in New Delhi, India, September 28, 2018. REUTERS/Anushree Fadnavis

April 2, 2019

By Suchitra Mohanty and Suvashree Choudhury

NEW DELHI/MUMBAI (Reuters) – India’s Supreme Court on Tuesday quashed a Reserve Bank of India circular on resolving bad debt, providing relief for some major corporate defaulters but throwing India’s nascent bankruptcy regime into question.

The Supreme Court said the RBI’s circular from Feb. 12 last year on how banks should handle defaulters was unconstitutional and “ultra vires”, essentially meaning that the central bank has acted beyond its powers.

A spokesman for the RBI declined to comment, saying it had yet to go see the order.

The circular directed banks unable to agree upon a resolution plan with any defaulter within 180 days to drag the defaulter into a time bound insolvency process.

Several companies had challenged the circular in court arguing the time given by the central bank was insufficient to tackle bad debt.

The ruling gives relief to several companies, especially power companies, who have defaulted on loans due to fuel shortages, or issues tied to power purchase agreements with state governments.

A senior banker and a state-run bank said the ruling would be a positive for banks and companies.

But some bankers fear the ruling may result in increased wrangling between banks and borrowers around soured loans and dent bankruptcy reforms.

“This will once again mean we are back to the old days when banks and companies used to delay debt resolution, with each one trying to buy time,” said one banker handling non-performing accounts at a state-run bank.

(Additional reporting by Aftab Ahmed, Abhirup Roy, Promit Mukherjee, Tanvi Mehta, Sachin Sai and Nidhi Verma; Writing by Euan Rocha and Promit Mukherjee; Editing by Sanjeev Miglani and Nick Macfie)

Source: OANN

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Petrobras sells rights to two fields to Malaysia’s Petronas for $1.29 billion

FILE PHOTO: The logo of Brazil's state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia
FILE PHOTO: The logo of Brazil's state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. REUTERS/Paulo Whitaker

April 26, 2019

RIO DE JANEIRO (Reuters) – Brazil’s state-run oil company Petroleo Brasileiro said on Thursday it had closed a $1.29 billion deal with Malaysia’s Petronas to sell 50 percent of Petrobas’ exploration and production rights in two of its offshore fields.

The deal related to the Tartaruga Verde field and Module 3 of the Espadarte field.

The deal is part of Petrobras’ divestment program, which seeks to reduce indebtedness. In its statement, the company also announced it had nearly completed the full sale of its TAG pipeline unit to France’s Engie for $8.6 billion.

“Continuous portfolio management contributes to improving the allocation of capital, thereby increasing the generation of value for our shareholders, in addition to enabling the reduction of indebtedness and cost of the company’s capital,” the company’s chief executive, Roberto Castello Branco, said in a statement.

Petrobras said that the total amount of asset divestments so far this year already amounts to $11.3 billion.

Petrobras said the value of the transaction with Petronas will be paid in two installments: $258.7 million on Thursday and $1.03 billion at the close of the transaction.

Petrobras will maintain a 50 percent stake and the operation of the fields, while Petronas will get a bigger toehold in oil production in Brazil, where it already operates in the lubricants segment.

The Tartaruga Verde field began operations on June 22 and currently produces about 103,000 barrels per day of oil and 1.2 million cubic meters per day of gas.

Module 3 is an area of ​​the Espadarte field to be developed in an integrated way with the Tartaruga Verde and is expected to begin producing oil in 2021.

Petrobras also announced the assignment of its total participation in 34 onshore production fields to the company Potiguar E & P S.A., a subsidiary of Petrorecôncavo.

The total value of the transaction is $384.2 million to be paid in three installments.

Petrorecôncavo, which presented the second best offer of the tender process, was selected after the disqualification of the company 3R Petroleum.

(Reporting by Gabriel Stargardter; Editing by Cynthia Osterman)

Source: OANN

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Germany: 2 arrested on suspicion of making child porn

Police in southern Germany say they have arrested two people suspected of making and spreading child porn following raids at several locations, including a child care center.

Police and prosecutors said the raids in the Bavarian city of Wuerzburg were carried out on Wednesday. They said Thursday that the two suspects are suspected of spreading the material, showing young boys, on the darknet, a part of the web accessible only with specialized identity-cloaking tools.

Investigators said one of the suspects had ties to the child care center, but didn't elaborate.

Source: Fox News World

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O'Rourke Vows to Stop Using F-Word on Campaign Trail

Democratic presidential candidate Beto O'Rourke says he's never taken the illegal drug LSD and there's "nothing" he hasn't already revealed about his past that could hurt his candidacy.

O'Rourke also committed Sunday during a stop in Madison, Wisconsin, to stop using the F-word while campaigning, a profanity he used frequently while running for the U.S. Senate in Texas and while exploring his presidential bid.

O'Rourke was asked about his past drug use after signing a person's skateboard. Another voter asked O'Rourke if he was going to "clean up his act" and stop using profanities, especially in front of his children.

O'Rourke says "great point, and I don't intend to use the F-word going forward. Point taken, and very strongly made. ... We're going to keep it clean."

Source: NewsMax Politics

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Iraq parliament votes to sack official after ferry sinking

Iraq's parliament deputy speaker says the house's majority has voted to sack a provincial official following the tragic sinking of a ferry in the Tigris River that killed nearly 100 people.

Hassan al-Kaabi told The Associated Press Sunday that the majority of the house's 329 members voted to sack the governor of Nineveh province and his two deputies.

Angry residents of Mosul have protested against Nofal al-Akoub, demanding his firing. The ferry loaded with holidaymakers celebrating the Kurdish and Persian new year, sank on Thursday.

Police official Mazen Abdullah said 97 were killed and 67 remain missing. Abdullah said 55 were rescued.

Iraqi Prime Minister Adel Abdul-Mahdi ordered an investigation into the incident, which residents blamed on corruption and lack of rescue means. He also called for the governor's sacking.

Source: Fox News World

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Russia relaxes rules for companies wanting to raise funds in China

FILE PHOTO: A Russian flag flies over Russian Central Bank headquarters in Moscow
FILE PHOTO: A Russian flag flies over Russian Central Bank headquarters in Moscow, Russia December 3, 2018. REUTERS/Maxim Shemetov/File Photo

April 2, 2019

MOSCOW (Reuters) – Russia has relaxed rules for companies that want to raise funds in China at a time when access to Western markets is limited by U.S. sanctions, a central bank official said on Tuesday.

Russian companies had been able to borrow cheaply abroad but have faced handicaps in raising money in the West since 2014 when Europe and the United States imposed sanctions against Moscow over its role in the Ukrainian crisis.

Elena Kuritsyna, Director of the Corporate Relations Department at the central bank, said that after talks with Chinese regulators, Russia in late 2018 amended its securities markets laws to help companies raise funds in China to compensate for the lack of access to European debt markets.

“We wanted to make debt raising an easier exercise for Russian companies,” Kuritsyna told reporters, presenting the changes that the central bank had made.

The changes allow Russian companies to issue Eurobonds, or bonds denominated in currencies other than the rouble, outside Russia without the need to get permission from the Bank of Russia, Kuritsyna said.

“We see interest in this instrument, especially … given the current geopolitical situation,” Kuritsyna said, without giving any information on the possible amount of funds that Russian companies can or want to borrow in China.

(Reporting by Elena Fabrichnaya; Writing by Andrey Ostroukh; Editing by Kirsten Donovan)

Source: OANN

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Mexico agrees free trade with Brazil on light vehicles

FILE PHOTO: New Ford vehicles are seen at a parking lot of the Ford factory in Sao Bernardo do Campo
FILE PHOTO: New Ford vehicles are seen at a parking lot of the Ford factory in Sao Bernardo do Campo February 12, 2015. REUTERS/Paulo Whitaker

March 19, 2019

MEXICO CITY (Reuters) – Mexico’s government said on Tuesday it had agreed free auto trade with Brazil on light vehicles, subject to a 40 percent regional content requirement, and that it had renewed auto trade quotas with Argentina for three years, after which there would be free trade.

The Brazil agreement comes into effect from March 19, and the content requirement would be subject to current formulas for calculation, the economy ministry said in a statement. The statement did not provide details on the formula.

(Reporting by Dave Graham; Editing by Frank Jack Daniel)

Source: OANN

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Afghan President Ashraf Ghani speaks during the inauguration of the newly-elected parliament in Kabul
Afghan President Ashraf Ghani speaks during the inauguration of the newly-elected parliament in Kabul, Afghanistan April 26, 2019. REUTERS/Omar Sobhani

April 26, 2019

By Rupam Jain and Hameed Farzad

KABUL (Reuters) – Afghan President Ashraf Ghani encouraged newly-elected lawmakers to participate in the peace process with the Taliban as he opened on Friday the first session of parliament since a controversial election.

Ghani has invited thousands of politicians, religious scholars and rights activists to an assembly known as a loya jirga next week to discuss ways to end the 17-year war.

Several opposition leaders have said they will boycott the four-day assembly in Kabul, saying it was pulled together without their input and is being used by Ghani as he seeks a second term in a September presidential election.

“We have presented the peace plan on a regular basis and we are committed to it,” Ghani said in the first session since parliamentary elections marred by technical problems, militant attacks and accusations of voting fraud last year.

“Based on this plan, there will be no peace deal and negotiation that does not have the green card of the parliament,” he added.

Officials from the United States and the Taliban have held several rounds of talks to end the Afghan war.

U.S. negotiator, Zalmay Khalilzad, has reported some progress toward an accord on a U.S. troop withdrawal and on how the Taliban would prevent extremists from using Afghanistan to launch attacks as al Qaeda did on Sept. 11, 2001.

The insurgents have so far rejected U.S. demands for a ceasefire and talks on the country’s political future that would include Afghan government officials.

The loya jirga, a centuries-old institution used to build consensus among competing tribes, factions and ethnic groups, is an attempt by Ghani to influence the peace talks and cement his position for a second term, Afghan politicians and Western diplomats say.

Amid growing political divisions in Kabul, opposition politicians have demanded that Ghani step down when his mandate ends next month, and give way to an interim government to oversee peace talks with the Taliban. Ghani has ruled that out.

The country’s top court said last week Ghani can stay in office until the presidential election in September.

(Reporting by Hameed Farzad, Rupam Jain, Editing by Darren Schuettler)

Source: OANN

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Deputy Attorney General Rod Rosenstein Thursday defended special counsel Robert Mueller’s investigation while slamming former President Barack Obama’s administration for being slow to take action on Russian interference in U.S. elections and ex-FBI Director James Comey for telling Congress the agency was investigating collusion between the Trump campaign and Russia.

“Our nation is safer, elections are more secure, and citizens are better informed about covert foreign influence schemes,” Rosenstein said in a speech to the Armenian Bar Association, marking his first public remarks after the Mueller report was released, reports CBS News.

He also pointed out that the investigation revealed a pattern of computer hacking and the use of social media to undermine elections as “only the tip of the iceberg of a comprehensive Russian strategy to influence elections, promote social discord, and undermine America, just like they do in many other countries,” reports The Wall Street Journal.

The Obama administration also made “critical decisions,” including choosing not to publicize the full story about Russian hackers and social media trolling, “and how they relate to a broader strategy to undermine America,” said Rosenstein.

He noted that the Mueller probe began after Comey disclosed during a hearing before Congress that President Donald Trump “pressured him to close the investigation and the president denied that the conversation occurred.”

Rosenstein said two years ago, when he was confirmed, he was told by a Republican senator that he would be in charge of the probe and that he’d report the results to the American people.

However, he said he didn’t promise to do that, because it is “not our job to render conclusive factual findings. We just decide whether it is appropriate to file criminal charges.”

Source: NewsMax Politics

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FILE PHOTO: The Huawei logo is pictured outside its Huawei's factory campus in Dongguan, Guangdong province
FILE PHOTO: The Huawei logo is pictured outside its Huawei’s factory campus in Dongguan, Guangdong province, China, March 25, 2019. REUTERS/Tyrone Siu/File Photo

April 26, 2019

By Ben Blanchard

BEIJING (Reuters) – Britain must get to the bottom of the leak of confidential discussions during a top-level security meeting about the role of China’s Huawei Technologies in 5G network supply chains, British finance minister Philip Hammond said on Friday.

News that Britain’s National Security Council, attended by senior ministers and spy chiefs, had agreed on Tuesday to bar Huawei from all core parts of the country’s 5G network and restrict its access to non-core elements was leaked to a national newspaper.

The leak of secret discussions has sparked anger in parliament and amongst Britain’s intelligence community. Britain’s most senior civil servant Mark Sedwill has launched an inquiry and written to ministers who were at the meeting.

“My understanding from London (is) that an investigation has been announced into apparent leaks from the NSC meeting earlier this week,” said Hammond, speaking on the sidelines of a summit on China’s Belt and Road initiative in Beijing.

“To my knowledge there has never been a leak from a National Security Council meeting before and therefore I think it is very important that we get to the bottom of what happened here,” he told Reuters in a pooled interview.

British culture minister Jeremy Wright said on Thursday he could not rule out a criminal investigation. The majority of the ministers at the NSC meeting have said they were not involved, according to media reports.

Hammond said he was unaware of any previous leak from a meeting of the NSC.

“It’s not about the substance of what was apparently leaked. It’s not earth-shattering information. But it is important that we protect the principle that nothing that goes on in national security council meetings must ever be repeated outside the room.”

Allowing Huawei a reduced role in building its 5G network puts Britain at odds with the United States which has told allies not to use its technology at all because of fears it could be a vehicle for Chinese spying. Huawei has categorically denied this.

There have been concerns that the NSC’s conclusion, which sources confirmed to Reuters, could upset other allies in the world’s leading intelligence-sharing network – the Five Eyes alliance of the United States, Britain, Australia, Canada and New Zealand.

However, British ministers and intelligence officials have said any final decision on 5G would not put critical national infrastructure at risk. Ciaran Martin, head of the cyber center of Britain’s main eavesdropping agency, GCHQ, played down any threat of a rift in the Five Eyes alliance.

(Writing by Michael Holden; Editing by Mark Heinrich)

Source: OANN

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President Trump on Friday said “no money” was paid to North Korea for Otto Warmbier, after reports that the U.S. received a $2 million hospital bill from Pyongyang for the late American prisoner’s care.

“No money was paid to North Korea for Otto Warmbier, not two Million Dollars, not anything else. This is not the Obama Administration that paid 1.8 Billion Dollars for four hostages, or gave five terroist[sic] hostages plus, who soon went back to battle, for traitor Sgt. Bergdahl!” Trump tweeted Friday.

NORTH KOREA GAVE US $2M HOSPITAL BILL OVER CARE OF AMERICAN OTTO WARMBIER, SOURCES SAY

The Washington Post first reported that North Korean authorities insisted the U.S. envoy sent to retrieve Warmbier, 21, who was a student of the University of Virginia, sign a pledge to pay the bill before allowing Warmbier’s comatose body to return to the United States. Sources confirmed the bill and the amount to Fox News on Thursday.

Sources told the post that the envoy signed an agreement to pay the medical bill on instructions from the president, but a source told Fox News that the U.S. did not ever pay money to North Korea.

The White House declined to comment when asked on the bill, with Press Secretary Sarah Sanders saying in a statement that: “We do not comment on hostage negotiations, which is why they have been so successful during this administration.”

Meanwhile, the president added: “’President[sic] Donald J. Trump is the greatest hostage negotiator that I know of in the history of the United States. 20 hostages, many in impossible circumstances, have been released in last two years. No money was paid.’ Cheif[sic] Hostage Negotiator, USA!”

Warmbier was on tour in North Korea when he allegedly stole a propaganda sign from a hotel. He was arrested in January 2016 and sentenced to 15 years in prison with hard labor in March 2016. Warmbier, for unknown reasons, fell into a coma while in custody and was held in that condition for an additional 17 months.

North Korean officials did not tell American officials until June 2017 that Warmbier had been unconscious the entire time. He died less than a week after he returned to the U.S. North Korean officials, though, have repeatedly denied accusations that Warmbier was tortured, instead claiming that he had suffered from botulism and then slipped into a coma after taking a sleeping pill.

AMERICAN PRISONERS HELD IN NORTH KOREA ON THEIR WAY HOME AFTER POMPEO VISIT, TRUMP SAYS

Fred and Cindy Warmbier sued North Korea over their son’s death and in December were awarded $501 million in damages – money that the Hermit Kingdom will probably never pay.

While the Warmbiers blamed North Korean leader Kim Jong Un, Trump has said he believes Kim’s claims that he did not know about the student’s treatment.

Trump and Kim have met in two separate summits. The most recent, held in February, ended without an agreement on denuclearization of the Korean Peninsula.

Sen. Rob Portman, R-Ohio, told Fox News: “Otto Warmbier was mistreated by North Korea in so many ways, including his wrongful conviction and harsh sentence, and the fact that for 16 months they refused to tell his family or our country about his dire condition they caused.  No, the United States owes them nothing. They owe the Warmbier family everything.”

Last year, the Trump administration was also able to save three American prisoners held by North Korea. Kim Dong Chul, Tony Kim, and Kim Hak Song were all detained in North Korea. Secretary of State Mike Pompeo brought the three Americans home last May, and said they were all in “good health.”

Fox News’ John Roberts, Rich Edson, Nicholas Kalman, and Mike Emanuel contributed to this report.

Source: Fox News Politics

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Park Yoo-chun, a K-pop idol singer, arrives at the Suwon district court in Suwon
Park Yoo-chun, a K-pop idol singer, arrives at the Suwon district court in Suwon, South Korea, April 26, 2019. REUTERS/Kim Hong-Ji

April 26, 2019

SEOUL (Reuters) – K-pop and drama star Park Yu-chun was arrested on Friday on charges of buying and using illegal drugs, a court said, the latest in a series of scandals to hit the South Korean entertainment business.

Suwon District Court approved the arrest warrant for Park, 32, due to concerns over possible destruction of evidence and flight risk, a court spokesman told Reuters.

Park is suspected of having bought about 1.5 grams of methamphetamine with his former girlfriend earlier this year and using the drug around five times, an official at the Gyeonggi Nambu Provincial Police Agency said.

Park has denied wrongdoing, saying he had never taken drugs, and he again denied the charges in court, Yonhap news agency said.

Park’s contract with his management agency had been canceled and he would leave the entertainment industry, Park’s management agency, C-JeS Entertainment, said on Wednesday.

Park was a member of boyband TVXQ between 2003 and 2009 before leaving the group with two other members, forming the group JYJ.

A scandal involving sex tapes, prostitutes and secret chat about rape led at least four other K-pop stars to quit the industry earlier this year.

The cases sparked a nationwide drugs bust and investigations into tax evasion and police collusion at night clubs and other nightlife spots.

(Reporting by Joyce Lee; Additional reporting by Heekyong Yang; Editing by Nick Macfie)

Source: OANN

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