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New US Consumer Watchdog Chief to Continue Review of Complaints Database, Fair Lending

The new director of the Consumer Financial Protection Bureau will continue with reviews, begun by her predecessor, of its public complaints database and how the agency enforces discriminatory lending laws, she told Reuters.

Speaking to Reuters in her first interview since taking office in December, Kathy Kraninger said the agency was discussing how the public complaints database, a key source of the bureau's investigations, should operate.

"It is on the agenda this year to address what is the public kind of discussion about what the database should be," she said on Wednesday.

The financial industry and consumer advocates have been watching closely to see whether Kraninger would continue with a number of controversial projects begun by Mick Mulvaney, formerly the agency's interim director and now President Donald Trump's chief of staff.

Kraninger acknowledged the database, which went public in 2012 to boost transparency of consumer issues, supported the bureau's mission to protect borrowers, but did not rule out making it private.

Shielding the complaints from the public gaze would mark a major win for the industry, which has lobbied against being publicly named and shamed. However, it would spark opposition from consumer advocates and Democrats who say keeping it public encourages companies to address customer complaints.

Mulvaney, who worked with Kraninger in her previous role at the Office of Management and Budget, had questioned the policy of publishing the complaints.

Kraninger's comments suggest she may continue with Mulvaney's efforts to curtail the bureau's powers, after the administration of President Barack Obama built it into a powerful watchdog.

Created in the wake of the 2008 financial crisis to crack down on predatory lenders, the CFPB sits at the heart of a battle between Democrats and Republicans over the future of consumer financial protections under the business-friendly Trump administration.

Republicans have argued since its creation that the agency was given too much power and was unaccountable. They set about overhauling the agency after taking it over in November 2017, including rolling back rules and reducing enforcement actions.

Democratic lawmakers have accused the administration of bowing to industry lobbyists and warn the changes could sow the seeds of the next financial crisis.

Mulvaney had also begun a review of whether the agency should continue to apply a legal tool known as "disparate impact" when enforcing laws that guard against discriminatory lending.

Disparate impact refers to a legal theory that allows regulators to prosecute practices that adversely affect one group of people compared with others, though the rules applied may on their face be neutral.

It had not been clear whether Kraninger would take on Mulvaney's projects, or chart a new course.

Kraninger said the CFPB would continue to review whether it should build cases using disparate impact, which had served as the basis for discriminatory lending cases brought by the bureau under Democratic control.

"It's controversial, but it need not be if we have a public discourse on what the lay of the land is, try to get the evidence in one conversation, and think of the next steps that are appropriate," said Kraninger, adding the agency would discuss the application of disparate impact during public discussions over the coming months.

Kraninger told Reuters the bureau would focus enforcement efforts on "bad actors" who do not intend to follow the law, in a departure from the agency's aggressive enforcement stance under Democratic control.

"It's not a black and white issue," Kraninger added. "I can tell you that at the end of the spectrum of what is a bad actor clearly those who have no intent to comply with the law."

Source: NewsMax Politics

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Report: Berlin attacker was part of Europe-wide network

German weekly Der Spiegel says the Tunisian man who carried out a deadly truck attack on a Berlin Christmas market in 2016 was part of a Europe-wide network of Islamic extremists.

Spiegel reported Friday that Anis Amri , who died in a shootout with Italian police days after the rampage, had contacts to Islamic State supporters including extremists tied to the 2015 attacks in Paris.

It cited documents from the German Federal Prosecutors Office and federal police drawing on recordings made of prison conversations involving Frenchman Clement Baur, who was arrested in 2017 for planning an attack during the country's presidential election.

According to the report, Baur said Amri was part of a plan to stage simultaneous attacks in Europe and that he was fascinated by the 2016 Nice truck attack.

Source: Fox News World

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Ex-mayor’s son, 18, arrested in violent attack on autistic man: reports

The 18-year-old son of a former Southern California mayor was arrested Thursday in connection with a violent attack on an autistic man that was captured on video last month, authorities said.

Declan Bell-Wilson, of Rolling Hills, the son of former Rolling Hills Mayor Patrick Wilson, was taken into custody on suspicion of, assault, robbery and conspiracy, KABC-TV of Los Angeles reported.

An alleged accomplice, identified as Korey Streeter, 18, of Palos Verdes Estates, also was arrested, the report said.

ATTORNEYS: DODGER STADIUM ATTACK SIMILAR TO 2011 ASSAULT

A video of the attack was shot March 22 inside a parking garage at the Promenade on the Peninsula shopping mall in Rolling Hills Estates. The footage shows two assailants beating a man as he lay on the ground before stealing items from his pockets.

One suspect is seen smiling at the camera after pummeling the victim. A voice on the video is heard repeatedly saying "Oh my God" as the victim is punched and kicked.

A second video later obtained by detectives shows the victim shirtless, being ordered to strip to his underwear, KCAL-TV of Los Angeles reported.

Several onlookers were present and were heard mocking the victim, the Los Angeles County Sheriff’s Department said.

"Despite the presence of witnesses around them, the suspects did not stop their attack; they mocked the victim and made light of the shocking incident," a department spokesperson told Patch. "A second recording of the incident depicted the victim standing shirtless, being ordered to strip down to his underwear in front of others."

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The man suffered several bruises and scrapes and had two cellphones stolen from him, the department said. Authorities became aware of the alleged attack days later after video of the beating was posted to social media.

The victim told investigators the beating was over a girl, the news station reported. He never reported the alleged attack or told his parents, sheriff's officials said.

Wilson and Streeter were being held on $80,000 bail. Several juveniles present at the time of the alleged assault were identified and detained. Mayor Wilson did not immediately respond Friday night to a Fox News request for comment.

Rolling Hills is a city of about 1,800 residents, about 27 miles south of Los Angeles.

Source: Fox News National

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U.S. slaps more charges on parents in college admissions cheating scandal

FILE PHOTO: Actor Lori Loughlin and her husband Mossimo Giannulli leave the federal courthouse in Boston
FILE PHOTO: Actor Lori Loughlin, and her husband, fashion designer Mossimo Giannulli, leave the federal courthouse after facing charges in a nationwide college admissions cheating scheme, in Boston, Massachusetts, U.S., April 3, 2019. REUTERS/Brian Snyder/File Photo

April 9, 2019

BOSTON (Reuters) – U.S. prosecutors filed fresh conspiracy and money laundering charges on Tuesday against 16 parents charged with paying bribes to secure their children seats in elite universities in the largest college admissions scam uncovered in U.S. history.

Parents including “Full House” actor Lori Loughlin and her fashion designer husband Mossimo Giannulli had already been charged with racketeering conspiracy for their alleged role in the scheme, in which parents paid some $25 million in bribes to secure their offspring places at universities including Yale, Georgetown and the University of Southern California.

Fourteen parents, including “Desperate Housewives” star Felicity Huffman, on Monday pleaded guilty to taking part in the scam, masterminded by California college admissions consultant William “Rick” Singer.

Singer last month pleaded guilty to facilitating the cheating scam and bribing coaches to present the parents’ children as fake athletic recruits.

Prosecutors have not yet charged any applicants and said that in some cases the parents involved took steps to try to prevent their children from realizing they were benefiting from fraud.

Colleges have begun revoking the admissions and pursuing expulsion of students who obtained their seats as a result of the fraud.

(Reporting by Scott Malone, Editing by Rosalba O’Brien)

Source: OANN

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Bank of England keeps rates on hold as businesses brace for no-deal Brexit

FILE PHOTO: File photo of city workers walking past the Bank of England in the City of London
FILE PHOTO: City workers walk past the Bank of England in the City of London, Britain, March 29, 2016. REUTERS/Toby Melville

March 21, 2019

By Andy Bruce and David Milliken

LONDON, March 21 – The Bank of England kept interest rates steady on Thursday and said most businesses felt as ready as they could be for a no-deal Brexit that would likely hammer economic growth and jobs.

The BoE said its nine rate-setters voted unanimously to keep interest rates on hold at 0.75 percent, just days before the world’s fifth-biggest economy could leave the European Union without a deal to smooth its way.

“The economic outlook will continue to depend significantly on the nature and timing of EU withdrawal,” the BoE said.

The central bank again said rates could move in either direction if there is a no-deal Brexit, as a sharp fall in the value of the pound could generate inflation pressure in addition to the broader economic shock.

Separately, the BoE published a survey of just under 300 companies that showed around 80 percent feel they are “ready” for a no-deal, no-transition Brexit — up from 50 percent in January.

A disorderly Brexit on March 29 remains possible as Prime Minister Theresa May waits to hear from Brussels on her request to delay Britain’s departure from the European Union by three months, to allow her to get her deal though parliament.

Many companies reported that there were “limits to the degree of readiness” that were possible in advance of a possible no-deal scenario, the BoE said.

“Indeed, the March survey also showed that respondents – even those that felt ‘ready’ – still expected output, employment and investment over the next 12 months to be significantly weaker under a ‘no deal, no transition’ Brexit,” the BoE said.

The minutes from the March meeting of the Monetary Policy Committee (MPC) showed little change in tone since the central bank published its latest economic outlook in February.

Brexit uncertainty had created volatility in British asset prices and sterling, and was hurting businesses confidence and investment, the central bank said.

“The news in economic data has been mixed, but the MPC’s February … projections appear on track,” the minutes said.

“The broad-based softening in global GDP and trade growth has continued. Global financial conditions have eased, in part supported by announcements of more accommodative policies in some major economies.”

The U.S. Federal Reserve on Wednesday brought its three-year drive to tighten monetary policy to an abrupt end, abandoning projections for any interest rate hikes this year amid signs of an economic slowdown.

And earlier this month, the European Central Bank announced new stimulus measures to prop up a still-fragile economy, promising to put off raising rates and to give banks access to more multi-year loans.

Last August the BoE raised rates for only the second time since before the global financial crisis.

On Thursday it stuck to plans for a further gradual increases in borrowing costs, but only once it has a clearer idea of what Brexit will mean for the world’s fifth-biggest economy.

Some members of the Monetary Policy Committee, including Governor Mark Carney, have said they would probably vote to cut rates if Britain leaves without a deal.

Most economists polled by Reuters expect rates to rise later this year if Brexit goes smoothly.

Private-sector business surveys suggest the economy has slowed sharply in the run-up to Brexit and as the world economy lost momentum.

Inflation in Britain is running just below the BoE’s 2 percent target but pay growth is running at its highest level in more than 10 years. The BoE said signs of strength in inflation pressure in the labor market were “notable”.

Source: OANN

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U.S.-China trade war rattles agribusinesses, especially Bunge

FILE PHOTO: Workers transport imported soybean products at a port in Nantong
FILE PHOTO: Workers transport imported soybean products at a port in Nantong, Jiangsu province, China April 9, 2018. REUTERS/Stringer/File Photo

February 20, 2019

By Karl Plume

CHICAGO (Reuters) – U.S. President Donald Trump’s trade war with China has roiled agricultural markets and given the world’s top grain merchants the one thing they have long claimed was essential to turn a trading profit: volatility.

And yet, Archer Daniels Midland Co, Bunge Ltd, Cargill Inc and Louis Dreyfus Co, the so-called ABCDs of grain, have not performed as well as expected – and, in some cases, failed to deliver the profit windfall promised by company executives, investors and analysts said.

If anyone should have been a winner in the Trump administration’s sweeping trade war, it should have been the ABCDs, said industry analysts. Investors had expected these international grain traders to benefit from market volatility and shifts in global grain flows resulting from a trade war between the world’s two largest economies.

But as China imposed steep tariffs on a raft of U.S. goods including grain and soybeans in July, the traders have struggled to capitalize on moving goods from areas of surplus to areas in need. The reasons are varied and company-specific, from bad political bets to supply-chain gaffes.

If not for the silver lining of solid soy processing results due to strong global crush margins in 2018, their earnings would have been far worse.

“Benefiting from trading opportunities and arbitrage and dislocations around trade … that, overall, turned out to be a more difficult landscape to navigate, which ultimately hurt these companies,” said Chris Johnson, director and agribusiness lead for Standard & Poor’s.

Bunge, which reports its fourth-quarter results on Thursday, has arguably fared the worst of all as at least two trade-war-related bets backfired, leading to the removal in December of the company’s chief executive, Soren Schroder.

Bunge had already been conducting a strategic review after pressure from activist investors, and was the target of takeover attempts from ADM and global commodities trader Glencore Plc after an earlier string of weak profits.

BAD BETS

In its first notable trade war misstep, Bunge took long positions in soybean futures, betting on a prompt end to Chinese tariffs on U.S. soybeans in the second quarter of 2018. It led to a $125 million mark-to-market loss in the quarter.

Then, as the trade war dragged on, Bunge increased purchases of Brazilian soybeans to meet accelerated demand from China, only to see their value drop as U.S.-China tensions eased following a trade detente on Dec. 1. That strategy led Bunge to cut full-year earnings for its large agribusiness segment, historically responsible for about 80 percent of company revenue, estimating earnings would come in $90 million to $100 million below the low end of its earlier forecast.

The troubles came after Schroder said in May that “our global footprint is built for this type of environment” and the shifts in trade flows “play to our strengths.”

Fitch Ratings and Moody’s have since both downgraded Bunge’s long-term debt rating to one notch above junk, while S&P Global Ratings revised its outlook for the company to negative from stable.

Bunge’s ill-timed bets frustrated investors.

Bunge shares are down more than 32 percent from a year ago, compared with a 3 percent loss in that time by its publicly traded peer ADM.

“If you can’t control the variables, don’t make big bets,” said Michael Underhill, chief investment officer for Capital Innovations, which holds shares of both Bunge and ADM.

Still, Capital Innovations expanded its position in Bunge in the past quarter, expecting a turnaround at the 200-year-old company. Underhill has a share price target of $70 for the stock, which is currently trading in the low $50s.

Analysts, on average, expect Bunge to report fourth-quarter earnings of 20 cents per share on Thursday, according to Refinitiv Eikon data. That compares with a loss of 48 cents per share a year earlier, which included restructuring charges.

RIVALS STUMBLE

Bunge was not alone in its trade war stumbles.

ADM’s CEO Juan Luciano had been more cautious in its forward-looking statements, calling the trade tensions “manageable in the near term.” The company’s chief financial officer, Ray Young, was more emphatic: “We actually feel very, very confident about our prospects.”

Still, the company’s fourth-quarter net income dropped by more than half to $315 million due to “rapidly changing trade, geopolitical and market conditions,” its worst fourth-quarter result in seven years.

Cargill last month reported a 20 percent drop in fiscal second-quarter profit due partly to global trade war tensions that hurt its global shipping business.

Louis Dreyfus posted lower profits for the first half of 2018, citing a negative $65 million mark-to-market hit from oilseed hedging along with greater unpredictability in markets as the U.S.-China trade war began. The company said a stronger second half would boost full-year earnings.

(Reporting by Karl Plume in Chicago; Additional reporting by Gus Trompiz in Paris; Editing by Leslie Adler)

Source: OANN

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Poland’s “Fort Trump” Almost a Reality

Poland’s push to house a major permanent US military base dubbed last year by Polish President Andrzej Duda as “Fort Trump” is a big step closer to becoming a reality this week after top US defense officials met with Polish counterparts in Warsaw to negotiate an offer.

US Defense Undersecretary for Policy John Rood led a delegation to the former Soviet satellite country and longtime east European defense ally on Wednesday to discuss the US “robust offer” to establish a permanent facility on Polish soil.

The Poles previously vowed to pay $2 billion for a base that could host a division-sized installment of US forces, which the US has called “very generous” — though likely to fall short of the total cost for such a base. “We have come forward with what we think is a very serious robust offer and we’re working out some of the technicalities this very week, when we hope to have a solid foundation to work from having coming out of this meeting,” a spokesperson for Rood’s office informed the House Armed Services Committee on Wednesday.

Though the idea of a permanent US base in Poland has been floated for years, especially after the Russian-Ukraine conflict grew hot, last September’s official visit between Presidents Duda and Trump at the White House gave it real momentum.


Paul Joseph Watson breaks down how the yellow vest movement has spread from Globalist conquered France into the rest of Europe, including the United Kingdom, Poland, and Italy.

Duda had dropped the surprising proposal during a press briefing, suggesting it could be called “Fort Trump” — to which Trump grinned and appeared to nod in approval.

“I invite you to post more American military troops in Poland,” Duda said, describing US presence in Poland as a “guarantor of security.”

And Trump responded at the time as follows:

“We’re looking at it very seriously, I know Poland likes the idea very much, and it’s something that we are considering, yes,” Trump told reporters during the Sept. 19 press conference, according to CNN.

Duda’s remarks, clearly designed at the time to play on the US president’s ego, came amidst joint statements wherein both leaders agreed that Moscow has “acted aggressively” in the region. Trump said that he shared concerns about Russian encroachment into former Soviet satellite countries.

Poland, a NATO member state since 1999, has long sought to invite closer military relations with the United States, something which Moscow has seen as a serious provocation. President Duda at the time of his visit with Trump had first offered to put more than $2 billion into a proposed permanent American base.

According to Defense One current numbers of US as well as multi-national NATO forces deployed to Poland stand at an annual average of about 4,500 — but varies significantly from month to month.

However, precise details of just what was negotiated in Warsaw this week remains unclear, per Defense One:

Wheelbarger [Rood’s deputy for international affairs] said that if the Polish deputy minister of national defense, Tomasz Szatkowski, accepts Rood’s offer, then the State Department would take over negotiations on the “actual technical agreement.” She suggested that it would take “probably six months to a year” for the agreement to be finalized.

But she offered no details on the specifics of the U.S. offer — including whether it hewed closer to the Polish request for a full division or something smaller and potentially more dispersed. (She also did not comment on whether it calls for a base named after the president.)

What appear to be serious US-Polish discussions over a “Fort Trump” or at least a more expansive US presence comes less that six months ahead of when the Intermediate-Range Nuclear Forces Treaty (INF) between the US and Russia is set to finally terminate in August, after both sides declared they’ve effectively pulled out of the Reagan-era deal.

Perhaps with the sensitivity to a Russian reaction to any “Fort Trump” deal in mind, and out of a desire to keep the plans as secret as possible until a final deal is reached, one defense official privy to the US-Polish negotiations told Defense One: “This is more of a longer-term commitment to the type of presence that’s already in Poland, this is not a new U.S. base as some people think.”


Syrian Girl joins Alex Jones via skype to discuss the clues for motivation given by the killer’s manifesto.

Source: InfoWars

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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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FILE PHOTO: Ford logo is seen at the North American International Auto Show in Detroit, Michigan
FILE PHOTO: The Ford logo is seen at the North American International Auto Show in Detroit, Michigan, U.S., January 15, 2019. REUTERS/Brendan McDermid/File Photo

April 26, 2019

(Reuters) – Ford Motor Co said on Friday the U.S. Department of Justice had opened a criminal investigation into the automaker’s emissions certification process in the United States.

The potential concern does not involve the use of defeat devices, the company said in a regulatory filing. (https://bit.ly/2VqjHpl)

Ford had voluntarily disclosed the matter to the U.S. Environmental Protection Agency and the California Air Resources Board in February.

(Reporting by Ankit Ajmera in Bengaluru; Editing by James Emmanuel)

Source: OANN

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German energy company RWE says it won’t invest in new coal-fired power stations and is scrapping plans for a lignite-fired plant in western Germany.

RWE, which operates several of Europe’s most-polluting power plants, said in a statement Friday that it will now focus on generating electricity from renewable sources. CEO Rolf Martin Schmitz said that “new coal-fired power stations no longer have a place in our future-oriented strategy.”

The company said it canceled plans for a possible lignite-burning plant at Niederaussem, near Cologne. However, RWE said it is “convinced that existing coal-fired power stations will be needed to provide backup capacity” as Germany switches to renewable energy.

A German government-appointed expert panel recently agreed that coal burning should end by 2038. Details of how that will be achieved remain sketchy.

Source: Fox News World

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Associated Press contributed to this report.

Source: Fox News World

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