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Cash-hoarding Japanese firms please investors as share buybacks hit record

A man walks past in front of a stock quotation board showing the price of the SoftBank Corp. and Nikkei share average outside a brokerage in Tokyo
A man walks past in front of a stock quotation board showing the price of the SoftBank Corp. and Nikkei share average outside a brokerage in Tokyo, Japan December 19, 2018. REUTERS/Issei Kato

February 18, 2019

By Ayai Tomisawa and Alun John

TOKYO/HONG KONG (Reuters) – Japanese share buybacks have hit a record this fiscal year and are set to maintain the booming growth as cash-rich companies bow to pressure from investors and the government to boost returns and improve governance.

In recent weeks, SoftBank Group Corp, Sony, Itochu Corp and other companies have announced plans to buy back shares worth more than 1.3 trillion yen, bringing the total value of buybacks flagged since April 1 to over 6.5 trillion yen ($58.92 billion).

That is already the most for any fiscal year since 2003 when the current buyback rules were introduced, according to financial data service firm I-N Information Systems.

(GRAPHIC: Japan Buyback – https://tmsnrt.rs/2E9ABPV)

Investors have long criticized Japanese companies for hoarding cash rather than investing it or returning it to shareholders, pushing down their returns on equity (ROE), a measure of the amount of profit a company generates from the money invested in it.

Buying back shares reduces a company’s equity base, boosting its ROE.

“This past month has seen a lot of very positive shareholder-friendly activity from a wide array of Japanese companies,” said Seth Fischer, founder and chief investment officer of Oasis Management, citing actions by SoftBank, Sony, Haseko, Tokyo Tatemono and Toppan Printing.

“To attract foreign investors, companies should continue this path of increasing shareholder returns, while continuing to improve their corporate governance.”

Activist investor Oasis, among others, has been vocal in urging Japanese companies to boost returns. In December, Oasis failed to block the sale of Alpine Electronics to its larger affiliate Alps Electric, but Alps did announce a 45 billion yen buyback in January, the third largest buyback that month.

Japan Inc is under pressure to appease foreign investors after they sold 13 trillion yen of Japanese stocks in 2018, more than four times the net sales in 2015 and 2016, and a sharp reversal of the net 1.9 trillion yen bought in 2017.

“Recently, the global economy is weak and the Japanese market has fallen as foreign fast money has been selling aggressively,” said Archibald Ciganer, co-head of Japanese equity at money manager T.Rowe Price.

“But those Japanese companies that have good governance are taking advantage of cheaper stock prices and putting a floor under their stock price through buybacks.”

Share buybacks have had political pushback elsewhere. In the United States, Senator Marco Rubio last week announced plans to tax buybacks in an effort to encourage companies to reinvest spare cash instead of returning it to shareholders.

In Japan, though, policy makers have been urging companies to pay more attention to the wishes of investors, most notably through the country’s corporate governance and stakeholders codes. Guidelines released last year urged firms to focus on their financial management policies, including the amount of cash they had on hand.

According to Ministry of Finance data, Japanese companies had internal reserves worth a record 446.5 trillion yen at the end of their latest fiscal year.

Japanese companies’ ROEs are expected to fall below 10 percent this fiscal year for their first decline in three years, according to Nomura Securities.

“Many Japanese companies simply have too much cash on their balance sheets weighing down their ROEs. Better capital structure management is definitely needed,” said Kin Chan, chief investment officer of Argyle Street Management.

(GRAPHIC: Foreign investors outflow – https://tmsnrt.rs/2BMtYl1)

A revision to Japan’s corporate governance code last year, designed to push companies to sell stakes in other companies, is also driving buybacks.

“Dissolving cross shareholdings, and increasing dividends and buybacks are two ways to make Japanese companies more attractive to foreign investors,” said Patrick Moonen, principal multi asset strategist at Netherlands-based NN Investment Partners.

Further buybacks are expected. Analysts at Goldman Sachs predict that buybacks will reach 7.8 trillion yen for the 12 months to the end of March 2020.

Currently, 56 percent of Japanese non-financial companies in the benchmark Topix index sit on net cash – meaning they have funds left over even if they paid all debts tomorrow. That compares with less than 20 percent in the United States or Europe, according to figures from brokerage CLSA.

“I tell investors that the presents are still under the Christmas tree,” said Nicholas Smith, CLSA’s Japan strategist.

(Reporting by Ayai Tomisawa in Tokyo and Alun John in Hong Kong; Editing by Muralikumar Anantharaman)

Source: OANN

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The Latest: DA to seek death penalty in 1999 slayings

The Latest on an arrest in the 1999 killings of two Alabama teenagers (all times local):

10:35 a.m.

A prosecutor says he'll seek the death penalty against a man charged in the slayings of two Alabama teenagers nearly 20 years ago.

District Attorney Kirke Adams says 45-year-old Coley McCraney can be prosecuted for capital murder in the killings of 17-year-olds Tracie Hawlett and J.B. Beasley.

Adams told a news conference Monday that one of the multiple capital counts against the man includes a charge that one of the victims was sexually assaulted during her slaying in 1999.

Authorities say they used DNA matching to confirm that evidence from the killings was tied to McCraney.

The prosecutor says he decided years ago to pursue the slayings as a death-penalty case.

McCraney was arrested Saturday. A defense lawyer says the man is cooperating with authorities.

___

9:35 a.m.

The lawyer for a suspect in the 1999 deaths of two Alabama teenagers says he's an outstanding member of the community and is cooperating with law enforcement.

Investigators in Alabama say a DNA match found through a genealogy website led them to arrest 45-year-old Coley McCraney.

McCraney faces rape and capital murder charges in the slayings of 17-year-olds Tracie Hawlett and J.B. Beasley. The girls had left Dothan, Alabama, to attend a party but never arrived. They were later found in the trunk of a car, each with a gunshot wound to the head.

Attorney David Harrison tells The Associated Press it's going to be difficult to find a jury that's not already aware of the case and that he might have to ask for another venue to get a fair trial.

___

1:30 a.m.

Authorities in Alabama say a DNA match found through a genealogy website has led to an arrest in decades-old slaying and rape case.

Al.com reports 45-year-old Coley McCraney, of Dothan, was arrested Saturday and charged with rape and capital murder in the 1999 deaths of 17-year-olds Tracie Hawlett and J.B. Beasley. Ozark police and Dale County sheriff's officials are scheduled to hold a press conference about the case on Monday.

The girls left Dothan the night of July 3, 1999, to attend a party, but they never arrived. The pair was found the next day in the trunk of Beasley's car alongside a road in Ozark, each with a gunshot wound to the head.

A different suspect was cleared after his DNA didn't match that from semen found on Beasley.

Source: Fox News National

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France’s EDF in race to convert Cordemais plant from coal to biomass

The logo of EDF is seen on the French state-controlled utility EDF's headquarters in Paris
FILE PHOTO: The logo of EDF (Electricite de France) is seen on the French state-controlled utility EDF's headquarters in Paris, France, February 15, 2019. REUTERS/Charles Platiau

March 22, 2019

By Bate Felix

CORDEMAIS, France (Reuters) – French utility EDF aims to convert its 1,200-megawatt (MW) Cordemais coal-fired power plant by spring 2022 into one that burns pellet fuel made from discarded wood, giving the unit a new lease of life.

If successful, the process – known as Ecocombust – could be exported and adapted to other coal plants, saving jobs, while Cordemais would boost France’s security of supply in winter.

But EDF must convince the government by autumn that the project is financially and environmentally viable. French grid operator RTE is also expected to determine by April whether the plant is surplus to requirements.

In its long-term energy plan, France has laid out moves to phase out electricity generation from coal by 2022, with the goal of decarbonizing energy production by 2050.

The decision sounded the death knell for the five remaining coal-fired generators in France, with an installed capacity of around 3,000 MW. Three of the generators – Cordemais 4 and 5, and Havre 4 – are operated by state-controlled EDF.

Cordemais in western France was overhauled two years ago to meet new emissions and safety standards at a cost of several million euros, and could keep operating until 2035, EDF says.

France’s two other coal generators, Emile Huchet 6 and Provence 5, with a combined installed capacity of 1,200 MW, are operated by German utility Uniper.

EDF executives said the Ecocombust project, already in an advanced test phase, would burn pellets made from discarded “class B” wood and garden waste, for large-scale power generation. The project is the first of its kind, they say.

Although pellets from wood chips and sawdust are widely used for heating, Eric Bret, EDF’s head of thermal power generation, said the process was different because the company would not cut down any trees.

“The pellets are made from … everyday objects such as beams, doors, window frames and furniture, which until now are mostly recycled or buried in landfill,” he said.

SOURCED LOCALLY

Lionel Olivier, director of the Cordemais and Havre power plants, said the pellets would be 70 percent “class B” wood and 30 percent residue from grass, tree branches and garden waste, all sourced within a radius of 150 km (93 miles).

He said EDF was setting up a supply chain that included municipal waste authorities and companies, but would need state aid.

EDF declined to say what the conversion would cost and how much it had invested in the process.

At capacity, it aims to replace around 1.3 million to 2 million tonnes of coal imported annually from Poland, Australia and the United States, with about 700,000 tonnes of biomass.

Tests carried out in August with 80 percent pellet fuel and 20 percent coal to generate electricity for over four hours were successful, Olivier said.

The pellets have 20 percent less energy or caloric value than coal, which could reduce each generator’s output capacity to 530 MW from 600 MW currently, he added.

Cordemais’ production would focus on periods of peak power demand in winter. After the conversion, output would be reduced to 800 hours annually from 4,000 hours, he said.

“Runtime would be five times less than the current production using coal but it will focus on a period when power prices are higher and more profitable,” Olivier said.

He added that the plant would also use five times less coal and emit five times less carbon dioxide.

(Reporting by Bate Felix; Editing by Dale Hudson)

Source: OANN

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Venezuela, China in focus for Trump meeting with Caribbean leaders

Venezuela's President Nicolas Maduro speaks during his visit to the Hydroelectric Generation System on the Caroni River, near Ciudad Guayana
FILE PHOTO: Venezuela's President Nicolas Maduro speaks during his visit to the Hydroelectric Generation System on the Caroni River, near Ciudad Guayana, Bolivar State, Venezuela March 16, 2019. Miraflores Palace/Handout via REUTERS

March 22, 2019

By Roberta Rampton

WASHINGTON (Reuters) – U.S. President Donald Trump is set to meet with five Caribbean leaders on Friday who have sided with the United States and most Western countries in backing Venezuelan opposition leader Juan Guaido as head of state.

Trump will meet with leaders from the Bahamas, Dominican Republic, Haiti, Jamaica and Saint Lucia at his private club in Palm Beach, Florida.

The response to OPEC-member Venezuela’s political crisis has split the members of the Caribbean Community, known as CARICOM.

The organization has officially advocated for talks between Venezuelan President Nicolas Maduro and Guaido. Most of its members have rejected resolutions by the Organization of American States supporting Guaido.

Guaido, who heads Venezuela’s national assembly, invoked the constitution to assume the interim presidency in January, saying Maduro’s election last year was not legitimate. Maduro, who still has the support of Venezuela’s military, has clung to power with the support of Russia, China and Cuba.

The Caribbean region has long relied on oil and gas from Venezuela, which offered cheap financing through a program called Petrocaribe, though shipments have declined in recent years because of production problems at Venezuela’s state-owned oil company PDVSA.

The tensions put at risk regional efforts to try to capitalize on deepwater oil and gas exploration, said Anthony Bryan, a Caribbean energy expert and associate with the Center for Strategic and International Studies in Washington.

“CARICOM is the body that speaks for energy sustainability in the region. But if you start dividing the states – as apparently an attempt is being made to do – then you, in a sense, almost sabotage from the very beginning that unity that is necessary,” Bryan said in an interview.

The region has also been the recipient of a flood of investment from China. The White House said earlier this week that Trump wants to work with leaders to “counter China’s predatory economic practices.”

The meeting is also an opportunity for Trump to try to turn the page on derogatory comments about Haiti that he was reported to have made. At a January 2018 White House meeting about immigration, Trump referred to Haiti and African nations as “shithole countries,” according to a Democratic senator who was there.

Trump on Twitter later denied saying “anything derogatory about Haitians other than Haiti is, obviously, a very poor and troubled country.”

(Reporting by Roberta Rampton; editing by Grant McCool)

Source: OANN

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Oil rises on OPEC-led supply cuts, report of falling U.S. crude inventories

An oil pumpjack is seen in Velma, Oklahoma
FILE PHOTO: An oil pumpjack is seen in Velma, Oklahoma U.S. April 7, 2016. REUTERS/Luc Cohen

February 27, 2019

By Henning Gloystein

SINGAPORE (Reuters) – Oil prices rose on Wednesday after a report of declining crude inventories in the country and as producer club OPEC seemed to stick to its supply cuts despite pressure from U.S. President Donald Trump.

U.S. West Texas Intermediate (WTI) crude oil futures were at $56.02 per barrel at 0100 GMT, up 52 cents, or 0.9 percent, from their last settlement.

International Brent crude futures were at $65.55 per barrel, up 34 cents, or 0.5 percent from their last close.

U.S. crude oil inventories fell by 4.2 million barrels in the week to Feb. 22, to 444.3 million barrels, the American Petroleum Institute (API) estimated in a weekly report on Tuesday.

Official data will be released by the U.S. Energy Information Administration (EIA) after 1800 GMT.

Oil markets have generally received support this year from supply curbs by the Organization of the Petroleum Exporting Countries (OPEC), which together with some non-affiliated producers like Russia, known as OPEC+, agreed late last year to cut output by 1.2 million barrels per day (bpd) to prop up prices.

And the group has indicated it will continue to withhold supply despite pressure from U.S. President Donald Trump this week to stop artificially tightening markets.

“Crude oil has been rising lately, not due to strong growth and rising demand but primarily due to a politically orchestrated cut in production from OPEC and friends,” said Ole Hansen, head of commodity strategy at Denmark’s Saxo Bank.

Despite this, oil remains in ample supply as U.S. crude oil production has risen by more than 2 million bpd over the past year, to a record 12 million bpd, and because demand growth is low because of a global economic slowdown and improving energy efficiency across industries.

“The OPEC+ production cuts have … so far failed to create the tightness needed to support a continued rally,” Hansen said.

(Reporting by Henning Gloystein; Editing by Joseph Radford)

Source: OANN

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Five Algerian billionaires arrested as part of antigraft investigation: State TV

FILE PHOTO: Demonstrators hold flags and banners as they return to the streets to press demands for wholesale democratic change well beyond former president Abdelaziz Bouteflika's resignation in Algiers
FILE PHOTO: Demonstrators hold flags and banners as they return to the streets to press demands for wholesale democratic change well beyond former president Abdelaziz Bouteflika's resignation in Algiers, Algeria April 19, 2019. REUTERS/Ramzi Boudina should/File Photo

April 22, 2019

ALGIERS (Reuters) – Five Algerian billionaires, some of them close to former president Abdelaziz Bouteflika who quit over mass protests, have been arrested as part of an anti-graft investigation, Algerian state TV said on Monday.

The five are Issad Rebrab, considered the richest businessman in the energy-rich north African nation, and four brothers from the Kouninef family, it said.

The move came after Algeria’s army chief, Lieutenant General Gaid Salah, said last week he expected members of the ruling elite in the major oil and natural gas-producing country to be prosecuted for corruption.

An Algerian court has already summoned former prime minister Ahmed Ouyahia and current Finance Minister Mohamed Loukal, two close associates of Bouteflika, in a investigation into suspected misuse of public money, state TV said on Saturday.

Bouteflika stepped down two weeks ago after 20 years in power, bowing to pressure from the army and weeks of demonstrations by mainly younger Algerians seeking change.

But the protests, which began on Feb. 22 and have been largely peaceful, have continued as many want the removal of an entire elite that has governed Algeria since independence from France in 1962. They also want the prosecution of people they see as corrupt.

Bouteflika has been replaced by Abdelkader Bensalah, head of the upper house of parliament, as interim president for 90 days until a presidential election is held on July 4.

Hundreds of thousands protested on Friday to demand the resignation of Bensalah and other top officials.

(Reporting Lamine Chikhli and Hamid Ould Ahmed, writing by Maher Chmaytelli and Ulf Laessing; Editing by Gareth Jones)

Source: OANN

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Trump Signs Executive Order to Protect Free Speech on College Campuses

President Trump on Thursday signed an Executive Order protecting Free Speech on college campuses.

“We’re here to take historic action to defend American students and American values,” Trump said, at the White House East Room while joined on stage by student activists. “They’ve been under siege.”

“Under the guise of speech codes and safe spaces and trigger warnings, these universities have tried to restrict free thought, impose total conformity and shut down the voices of great young Americans,” the president explained.

“Even as universities have received billions and billions of dollars from taxpayers, many have become increasingly hostile to free speech and the First Amendment,” Trump said.

“All of that changes starting right now,” he declared to applause. “We’re talking about billions and billions of dollars.”

“Taxpayer dollars should not subsidize anti-First Amendment institutions, and that’s exactly what they are ‘anti-First Amendment,” he added, saying, “Universities that want taxpayer dollars should promote free speech, not silence free speech.”

“To every student and young person here today and watching, don’t let anyone stop you from doing what you know is right, from asking questions, from challenging the powerful, or from speaking your mind, that’s the primary reason we’re here right now,” Trump said. “Never, ever quit. Never give in, and never back down. Keep standing up for your values, for your classmates, and for your country.”

Trump had declared he would address free speech protections on college campuses during his speech at CPAC last month, where he brought conservative student activist Hayden Williams on stage after he was filmed being punched at the University of California-Berkeley.

While protecting the First Amendment at colleges across America is a good first step, it remains to be seen how Trump will address Big Tech censorship on social media.


Tune in to Infowars’ 50-Hour Save the First Amendment Broadcast:

Source: InfoWars

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Traders work on the floor at the NYSE in New York
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid

April 26, 2019

By Sruthi Shankar and Amy Caren Daniel

(Reuters) – U.S. stock index futures were flat on Friday, as investors paused ahead of GDP data, which is expected to show the world’s largest economy maintained a moderate pace of growth in the first quarter.

Gross domestic product probably increased at a 2% annualized rate in the quarter as a burst in exports, strong inventory stockpiling and government investment in public construction projects offset a slowdown in consumer and business spending, according to a Reuters survey of economists.

The Commerce Department report will be published at 8:30 a.m. ET.

The GDP data comes as investors look for fresh catalysts to push the markets higher. The S&P 500 index is about 0.5% below its record high hit in late September, after surging nearly 17% this year.

First-quarter earnings have been largely upbeat, with nearly 78% of the 178 companies that have reported so far surpassing earnings estimates, according to Refinitiv data.

Wall Street now expects S&P 500 earnings to be in line with the year-ago quarter, a sharp improvement from the 2.3% fall expected at the start of April.

Amazon.com Inc rose 0.9% in premarket trading after the e-commerce giant reported quarterly profit that doubled and beat estimates on soaring demand for its cloud and ad services.

Ford Motor Co shares surged 8.5% after the automaker posted better-than-expected first-quarter earnings largely due to strong pickup truck sales in its core U.S. market.

Mattel Inc jumped 8% after the toymaker beat analysts’ estimates for quarterly revenue, as a more diverse range of Barbie dolls powered sales in the United States.

At 6:52 a.m. ET, Dow e-minis were down 35 points, or 0.13%. S&P 500 e-minis were down 1.5 points, or 0.05% and Nasdaq 100 e-minis were up 10.75 points, or 0.14%.

Among decliners, Intel Corp slumped 7.7% after it cut its full-year revenue forecast and missed quarterly sales estimate for its key data center business.

Rival Advanced Micro Devices declined 0.8%.

Oil majors Exxon Mobil Corp and Chevron Corp are expected to report results later in the day.

(Reporting by Sruthi Shankar and Amy Caren Daniel in Bengaluru; Editing by Anil D’Silva)

Source: OANN

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General view of a destroyed building during World War II is pictured in Warsaw
General view of a destroyed building during World War II is pictured in Warsaw, Poland April 26, 2019. REUTERS/Kacper Pempel

April 26, 2019

By Joanna Plucinska

WARSAW (Reuters) – Germany could owe Poland more than $850 billion in reparations for damages it incurred during World War Two and the brutal Nazi occupation, a senior ruling party lawmaker said.

Some six million Poles, including three million Polish Jews, were killed during the war and Warsaw was razed to the ground following a 1944 uprising in which about 200,000 civilians died.

Germany, one of Poland’s biggest trade partners and a fellow member of the European Union and NATO, says all financial claims linked to World War Two have been settled.

The right-wing Law and Justice (PiS) has revived calls for compensation since it took power in 2015 and has made the promotion of Poland’s wartime victimhood a central plank of its appeal to nationalism.

PiS has yet to make an official demand for reparations but its combative stance towards Germany has strained relations.

“Poland lost not only millions of its citizens but it was also destroyed in an unusually brutal way,” Arkadiusz Mularczyk, who heads the Polish parliamentary committee on reparations, told Reuters in an interview.

“Many (victims) are still alive and feel deeply wronged.”

His comments come a month before European Parliament elections in which populist and nationalist parties are expected to do well. Poland will also hold national elections later this year, with PiS still well ahead of its rivals in opinion polls.

EU LARGESSE

Mularczyk said the reparations figure could amount to more than 10 times the estimated 100 billion euros ($111 billion) that Poland has received so far in European Union funds since it joined the bloc in 2004.

Germany is the biggest net donor to the EU budget and some Germans regard its contributions as generous compensation to recipient countries like Poland which suffered under Nazi rule.

In 1953 Poland’s then-communist rulers relinquished all claims to war reparations under pressure from the Soviet Union, which wanted to free East Germany, also a Soviet satellite, from any liabilities. PiS says that agreement is invalid because Poland was unable to negotiate fair compensation.

Mularczyk said his committee hoped to complete its report on the reparations issue by Sept. 1, the 80th anniversary of Hitler’s invasion.

Accusing Berlin of playing “diplomatic games” over the issue, he said: “The matter is being swept under the rug (by Germany) … until it’ll be wiped from the memory, from people’s awareness.”

His comments come after the Greek parliament voted this month to seek billions of euros in German reparations for the Nazi occupation of their country.

(Additional reporting by Anna Wlodarczak-Semczuk, Editing by Justyna Pawlak and Gareth Jones)

Source: OANN

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FILE PHOTO - Otto Frederick Warmbier is taken to North Korea's top court in Pyongyang North Korea
FILE PHOTO – Otto Frederick Warmbier (C), a University of Virginia student who was detained in North Korea since early January, is taken to North Korea’s top court in Pyongyang, North Korea, in this photo released by Kyodo March 16, 2016. Mandatory credit REUTERS/Kyodo/File Photo

April 26, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday said the United States did not pay any money to North Korea as it sought the release of comatose American student Otto Warmbier.

The Washington Post reported on Thursday that Trump had approved payment of a $2 million bill from North Korea to cover its care of the college student, who died shortly after he was returned to the United States after 17 months in a North Korean prison.

(Reporting by Makini Brice and Susan Heavey)

Source: OANN

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Al-Qaida in Yemen is vowing to avenge beheadings carried out by Saudi Arabia this week — an indication that some of the 37 Saudis executed on terrorism-related charges were members of the Sunni militant group.

Al-Qaida in the Arabian Peninsula, as the branch is called, posted a statement on militant-linked websites on Friday, accusing the kingdom of offering the blood of the “noble children of the nation just to appease America.”

The statement says al-Qaida will “never forget about their blood and we will avenge them.”

U.S. ally Saudi Arabia on Tuesday executed 37 suspects convicted on terrorism-related charges. Most were believed to be Shiites but at least one was believed to be a Sunni militant.

His body was pinned to a pole in public as a warning to others.

Source: Fox News World

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For two friends with checkered pasts it was the luck of a lifetime: a 4 million-pound ($5.2 million) lottery win.

But Mark Goodram and Jon-Ross Watson may see their celebrations cut short.

The Sun newspaper reports that Britain’s National Lottery is withholding the payout as it investigates whether the men, who have a string of criminal convictions, used illicit means to buy the winning ticket.

The Sun said neither man has a bank account, leading lottery organizers to investigate how they obtained the bank-issued debit card that paid for the 10 pound ($13) scratch card.

Camelot, which runs the lottery, said Friday it couldn’t confirm details of the story because of winner-anonymity rules. The firm said it holds a “thorough investigation” if there is any doubt about a claim.

Source: Fox News World

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