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TSMC books steepest quarterly profit drop in over seven years

FILE PHOTO: A logo of Taiwan Semiconductor Manufacturing Co (TSMC) is seen at its headquarters in Hsinchu
FILE PHOTO: A logo of Taiwan Semiconductor Manufacturing Co (TSMC) is seen at its headquarters in Hsinchu, Taiwan August 31, 2018. REUTERS/Tyrone Siu

April 18, 2019

By Yimou Lee and Roger Tung

TAIPEI (Reuters) – TSMC, the world’s largest contract chipmaker, posted on Thursday its steepest profit decline in over seven years in the first quarter of the year, amid fears about the impact that slowing electronics demand could have on its business.

TSMC, formally Taiwan Semiconductor Manufacturing Co Ltd, posted net profit of T$61.4 billion ($1.99 billion) for January-March, 31.6 percent less than a year earlier, and the steepest fall since the third quarter of 2011.

The result also lagged the T$64.3 billion average of 21 analyst estimates compiled by Refinitiv.

The company, a proxy for global technology demand as its clients include iPhone maker Apple Inc, Qualcomm Inc and Huawei Technologies Co Ltd, forecast second-quarter revenue of $7.55 billion to $7.65 billion. That would be 2.5 percent to 3.8 percent lower than the year earlier.

It also forecast gross margin for the second quarter of 43 percent to 45 percent, while operating margin will be 31 percent to 33 percent, compared with 47.8 percent and 36.2 percent a year earlier, respectively.

The forecast comes as investors fret about a global tech slowdown after chip suppliers including Samsung Electronics Co Ltd recently flagged weak demand.

Slowing global demand for smartphones, as well as concerns over the prolonged U.S.-China trade war, has also taken a toll on Taiwan’s supply chain manufacturers.

Analysts said TSMC would gradually recover from sluggish smartphone sales in coming months and new demand including for devices equipped with fifth-generation (5G) communications technology could help keep full-year revenue at least broadly flat.

“Fortunately 5G should put TSMC back to growth and help it deliver double-digit earnings per share expansion in 2020 and 2021,” Mark Li, an analyst at Sanford C. Bernstein, wrote in a research note prior to the earnings announcement.

Analysts said TSMC could also benefit from Chinese clients stocking up on semiconductor products in case of any adverse outcome from the U.S.-China trade negotiations.

Revenue in U.S. dollar terms fell 16.1 percent to $7.1 billion in the first quarter, versus the company’s previously estimated range of $7.0 billion to $7.1 billion, and compared with the $7.15 billion average of 22 analyst estimates.

Prior to the earnings announcement, shares in TSMC closed up 1.15 percent versus a 0.6 percent fall in the wider market. The stock has risen around 18 percent so far this year.

(Reporting by Yimou Lee and Roger Tung; Editing by Christopher Cushing)

Source: OANN

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Democrats Divided on Hate Debate

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Illinois boy who vanished in 2011 may have been found in Cincinnati area, officials say

An Illinois boy who disappeared in 2011 mayhave been found in Ohio eight years after he vanished, officials said Wednesday.

Timmothy Pitzen was 6 years old when he vanished. Investigators believe his mother, 43-year-old Amy Fry-Pitzen, picked him up from school in May 2011 and took the boy to the zoo and a water park in Wisconsin before she apparently killed herself in a hotel room in Illinois.

TEXAS BOY, 9, MISSING SINCE 2017 FOUND IN FLORIDA

The FBI Louisville field office confirmed on Twitter Wednesday that they were working with several law enforcement agencies — including the Cincinnati field office, the Hamilton County Sheriff's Office in Ohio and police in Aurora, Illinois, Newport, Kentucky and Cincinatti, Ohio — on a missing child investigation.

Aurora Police Sgt. Bill Rowley told The Associated Press that the boy "disappeared ten years ago and we've probably had thousands of tips of him popping up in different areas."

"We have no idea what we're driving down there for," he said. "It could be Pitzen. It could be a hoax."

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The department said they know there's a boy involved but don't know who he is, or if he has any connection to Pitzen, Rowley said, adding the force is sending two detectives to Cincinnati to investigate.

Pitzen, according to the National Center for Missing & Exploited Children, might go by the name "Tim" or "Timmy." He's a white male, with brown eyes and brown hair.

The Associated Press contributed to this report.

Source: Fox News National

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O'Rourke Open to Restructuring Makeup of Supreme Court

Beto O'Rourke says he is open to the idea of restructuring the Supreme Court.

Speaking at a coffee shop in Iowa, the newly announced presidential candidate said the U.S. is now so polarized it might be time to have five Republican justices and five Democratic justices.

"What if there were five justices selected by Democrats, five justices selected by Republicans and those 10 then pick five more justices independent of those who picked the first 10," O'Rourke said. "I think that's an idea we should explore."

He also suggested adding term limits, "so that there's a more regular rotation through there. We're a country of 320 million people. There's got to be the talent and the wisdom and the perspective and that court should be able to reflect the diversity that we are composed of."

O'Rourke campaigned in Iowa after announced his intention to run for the 2020 presidential nomination.

The former Texas representative also told Gayle King in an interview he believes there was "at least the effort to collude with a foreign power, beyond the shadow of a doubt that if there was not obstruction of justice, there certainly was the effort to obstruct justice."

O'Rourke's interview with King will air Friday on "CBS This Morning."

Source: NewsMax America

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Wife of Nissan ex-exec Ghosn to be questioned in Tokyo court

The wife of Nissan's former Chairman Carlos Ghosn will be questioned Thursday by Japanese prosecutors in a Tokyo court.

A person familiar with the situation has told The Associated Press that Carole Ghosn will be questioned voluntarily with Ghosn's legal team present and she was not a suspect. The person spoke on condition of anonymity because of the sensitivity of the matter.

Carlos Ghosn was arrested in November and charged with falsifying financial documents and breach of trust while leading the Japanese automaker. He says he is innocent. He was released on bail last month but rearrested last week.

Source: Fox News World

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Actress Laverne Cox to discuss gender equity at Harvard

Transgender actress and activist Laverne Cox will be visiting Harvard University to talk about gender equity and stereotyping.

The "Orange is the New Black" star is scheduled to headline a campus discussion Tuesday alongside fashion designer Christian Siriano and other panelists.

It's part of Harvard's "2019 Summit for Gender Equity." The event is being hosted as Harvard prepares to participate in a national survey on campus sexual assault and misconduct.

Cox and other panelists will be asked to talk about gender equity and gender stereotyping in the realms of pop culture, advertising and consumerism.

In 2014, Cox became the first openly transgender person to be nominated for a Primetime Emmy Award.

Harvard joins more than 30 universities participating in a campus climate survey conducted by the American Association for Universities.

Source: Fox News National

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Taiwan condemns Beijing after Chinese jets cross maritime line

FILE PHOTO: Taiwan President Tsai Ing-wen speaks during
FILE PHOTO: Taiwan President Tsai Ing-wen speaks during "A Civil Society Dialogue on Securing Religious Freedom in the Indo-Pacific Region" forum in Taipei, Taiwan March 11, 2019. REUTERS/Tyrone Siu

March 31, 2019

TAIPEI (Reuters) – Taiwan on Sunday condemned what it called a “provocative” move by China after two Chinese fighter jets crossed a maritime border separating the two sides amid growing friction between Taipei and Beijing.

Earlier on Sunday Taiwan scrambled aircraft to drive away the two Chinese planes, the self-ruled island’s defence ministry said.

China’s move had “seriously impacted regional safety and stability”, the ministry said in a statement.

There was no immediate reaction from Beijing, which views Taiwan as a renegade Chinese province.

Huang Chung-yen, a spokesman for Taiwan’s Presidential Office, said Beijing “should stop behaviour of this sort, which endangers regional peace, and not be an international troublemaker”.

President Tsai Ing-wen had urged the army “to complete all tasks on war preparation”, he added.

China has repeatedly sent military aircraft and ships to circle Taiwan during drills in recent years and worked to isolate the island internationally, whittling down its few remaining diplomatic allies.

The United States last week sent Navy and Coast Guard ships through the Taiwan Strait, as part of an increase in the frequency of movement through the strategic waterway despite opposition from China.

Taiwan is one of a growing number of flashpoints in the U.S.-China relationship, which also include a trade war and China’s increasingly muscular military posture in the South China Sea.

China has never renounced the use of force to bring Taiwan under its control.

(Reporting by Yimou Lee in TAIPEI and Ben Blanchard in BEIJING; Editing by Dale Hudson and Emelia Sithole-Matarise)

Source: OANN

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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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