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Brexit’s impact on UK economy intensifying as exit process drags on: Goldman Sachs

FILE PHOTO: The logo of Dow Jones Industrial Average stock market index listed company Goldman Sachs (GS) is seen on the clothing of a trader working at the Goldman Sachs stall on the floor of the New York Stock Exchange
FILE PHOTO: The logo of Dow Jones Industrial Average stock market index listed company Goldman Sachs (GS) is seen on the clothing of a trader working at the Goldman Sachs stall on the floor of the New York Stock Exchange, United States April 16, 2012. REUTERS/Brendan McDermid/File Photo

April 26, 2019

LONDON (Reuters) – The protracted process of Britain’s exit from the European Union has caused side-effects on the domestic economy to intensify, Goldman Sachs said on Friday, pointing to dwindling company investment.

Capital expenditure by businesses has been particularly subdued, the bank said, and strong employment figures mask a misallocation of UK company resources to labor rather than capital which will ultimately hurt productivity.

Since the referendum, firms have hired workers rather than invest in capital, Goldman Sachs economists said.

“The misallocation of resources looks to have deepened.”

An increasingly tight labor market – with unemployment at its lowest since early 1975 and pay growing at its joint fastest pace in over a decade – could thus be a sign of strain rather than resilience.

“The balance between weaker demand for workers and a shorter supply of workers bears the hallmarks of a Brexit-induced labor market shock,” the economists said.

Low investment combined with a tight labor market are likely to “accentuate the chronic underperformance of UK productivity,” they added.

Goldman Sachs maintained its view that Britain is likely to leave the EU with a modified version of the current withdrawal agreement, but said that until Brexit is resolved it is hard to see a strong rebound in growth.

Next year could see a pick-up in activity as uncertainty fades, the bank added, but “the persistence of the structural headwinds facing the UK economy is likely to take longer to address.”

(Reporting by Helen Reid; Editing by Thyagaraju Adinarayan)

Source: OANN

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Not too late to get ‘real change’ to Brexit deal: Britain’s Johnson

Former British Foreign Secretary Boris Johnson speaks in Parliament in London
Former British Foreign Secretary Boris Johnson speaks in Parliament in London, Britain, March 12, 2019, in this screen grab taken from video. Reuters TV via REUTERS

March 17, 2019

LONDON (Reuters) – Former British Foreign Minister Boris Johnson said on Sunday it was not too late for the government to get “real change” to Prime Minister Theresa May’s Brexit deal and cautioned against holding another parliamentary vote on the agreement this week.

Johnson, who was a figurehead of a campaign for Britain to leave the European Union in a 2016 referendum and might influence other lawmakers on which way to vote over May’s deal, asked in his column in the Telegraph newspaper whether there was a way forward to break the impasse of Brexit in parliament.

“Perhaps,” he answered. “There is an EU summit this week. It is not too late to get real change to the backstop. It would be absurd to hold the vote before that has even been attempted.”

He also said May should outline her strategy for talks on the future relationship with the EU to “reassure … understandably doubtful MPs (members of parliament) by answering some basic questions”.

May is expected to hold the third vote on her Brexit deal this week after suffering heavy defeats, and she is hoping to win over lawmakers, many of whom like Johnson fear the so-called Northern Irish backstop could trap Britain in the EU’s sphere.

The backstop is an insurance policy to stop any return of a border controls between the British province of Northern Ireland and EU member Ireland if a future trading deal fails to remove the need for them.

(Reporting by Elizabeth Piper; Editing by Cynthia Osterman)

Source: OANN

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Indiana active-shooter training to give teachers option of getting shot with projectiles, lawmakers say

Lawmakers in Indiana discussed a proposal on Wednesday that would allow teachers to choose whether or not they are shot with projectiles during active-shooter drills.

The proposal follows an incident in January where teachers participating in the training said they were shot with plastic pellets, without warning or consent, and were left with bruises. State lawmakers barred the practice completely last week, but now the committee has said it will allow the use of projectiles if teachers first agree to it.

INDIANA TEACHERS HIT WITH PLASTIC PELLETS DURING ACTIVE SHOOTER DRILL: 'IT HURT SO BAD'

"It's got to do with reality and making sure they experience the emotions and adrenaline and everything that happens in the training," Republican State Sen. Jeff Raatz told WISH-TV. "But, it's not required for anybody to participate. Again, it would only be if the teacher, as you mentioned, if a teacher would desire to be part of the training first of all."

The Indiana State Teachers Association had originally asked for language that would prevent the use of projectiles, the Indianapolis Star reported. A teacher's labor union official called the new proposal a step in the right direction.

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"Allowing the pellets, as an opt-in or opt-out ...or projectiles ... that's probably better than not having language at all about that," Sally Sloan, executive director of the American Federation of Teachers, Indiana, told the WISH.

The bill is headed to the State Senate floor for a vote.

Source: Fox News National

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Brian Kilmeade: Trump was ‘right’ to appear angry after Mueller’s appointment

Fox & Friends” co-host Brian Kilmeade said Thursday President Trump was “right” to appear angry after Special Counsel Robert Mueller’s appointment, adding “It’s been two years of hell for him.”

Kilmeade made the statement while joining Fox News chief national correspondent Ed Henry on “The Daily Briefing with Dana Perino” and in response to an excerpt in the Mueller report that Perino said could be “misinterpreted” by some of President Trump’s opponents.

According to the excerpt, which was released to the public on Thursday morning, Trump said his presidency was finished, going so far as to state he was “f---ed”, after being told of Mueller’s appointment by then-Attorney General Jeff Sessions.

TRUMP THOUGHT PRESIDENCY WAS OVER WHEN TOLD OF MUELLER'S APPOINTMENT: 'THIS IS THE END... I'M F---ED'

“According to notes written by (Sessions' chief of staff Jody) Hunt, when Sessions told the President that a Special Counsel had been appointed, the President slumped back in his chair, and said, ‘Oh my God.  This is terrible. This is the end of my Presidency. I'm f……’,” the report reads.

“The President became angry and lambasted the Attorney General for his decision to recuse from the investigation, stating, ‘How could you let this happen, Jeff?’

“I think the critics are going to pounce on this,” said Henry, adding that the excerpt could be misinterpreted to mean that it was at this point the President knew he was in trouble because “he did criminally bad things and he’s going to get caught.”

MUELLER REPORT SHOWS PROBE DID NOT FIND COLLUSION EVIDENCE, REVEALS TRUMP EFFORTS TO SIDELINE KEY PLAYERS

Henry added, “That’s not what the President was saying based on the rest of the report in the full context. In fact, there are other lines right after that that suggest what we're saying, that the president knew politically, this is going to be so damaging and he couldn't believe that Jeff Sessions had recused himself.”

“By the way, he (President Trump) was right. It’s been two years of hell for him,” Kilmeade said.

“Two years of wasted parts of his presidency,” said Henry in agreement. “Meanwhile the economy is still doing pretty well. He’s still trying to crack down on immigration.”

Henry then brought up what the president said at a news event on Thursday, shortly after Barr held a press conference discussing the Mueller report.

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“He (President Trump) talked about the acting defense secretary and wiping out ISIS. All of that has been going on while Washington and others have been consumed by this (the Mueller investigation) which turns out to be a whole lot of nothing,” said Henry.

“I don’t want to say nothing all together, there’s some troubling information about alleged obstruction. But we’ve been told for two years by Adam Schiff and others, there’s evidence, not allegations, evidence of collusion and there’s not.”

Source: Fox News Politics

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Exclusive: India government asked banks to save Jet, avoid bankruptcy – sources

FILE PHOTO: A Jet Airways plane is parked as another moves to the runway at the Chhatrapati Shivaji International airport in Mumbai
FILE PHOTO: A Jet Airways plane is parked as another moves to the runway at the Chhatrapati Shivaji International airport in Mumbai, India, February 14, 2018. REUTERS/Danish Siddiqui/File Photo

March 19, 2019

By Aftab Ahmed and Aditi Shah

NEW DELHI (Reuters) – India’s government has asked state-run banks to rescue privately held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration told Reuters.

The finance ministry has in the past year sought regular updates from the banks, led by State Bank of India (SBI), on Jet’s financial health, the people said. In recent months, the banks have provided weekly updates about a revival plan and also sought government advice, the people added.

“Top officials at the finance ministry seek regular updates on the issue,” said an official at one of Jet’s lenders, who did not want to be identified as discussions are private.

Details of the discussion between the finance ministry and bankers on bailing out Jet have not been previously reported.

New Delhi has urged state-run banks to convert debt into equity and take a stake in Jet in a rare move in India to use taxpayer money to save a struggling private-sector company from bankruptcy. The two people plus one more source, however, said this would be “transitory” and lenders could sell the stakes once Jet revives.

The government has also nudged its 49 percent-owned National Investment and Infrastructure Fund (NIIF) – created to invest in stalled and new infrastructure projects – to buy a stake in Jet, a separate government source said.

Saddled with more than 1 billion dollars of debt, Jet is struggling to stay aloft. It has delayed payments to banks, suppliers, employees and aircraft lessors – some of which have begun terminating lease deals.

The world’s biggest democracy is gearing up for an election next month and its booming aviation sector, which employs close to a million people, has been one of the job-creation success stories that Modi can point to as he seeks a second term.

It is crucial for India that Jet revives as the fall of its second-largest airline could have “disastrous consequences for the investment climate” in the sector, a top government official told Reuters.

The official is concerned that if Jet collapses it could drive up airfare in a fast-growing market, wiping out efforts to bring low-cost air travel to India’s hinterland.

A chaotic end could also make it more difficult for the government to sell a stake in Air India, at least in the short run. Last year, it failed to sell part of its stake in the indebted carrier which currently relies on taxpayer money.

If the government’s plan for Jet succeeds, then state-run banks including SBI and Punjab National Bank (PNB) as well as NIIF would together own at least a third of the airline until they find a new buyer.

Currently, Abu Dhabi’s Etihad Airways is Jet’s largest shareholder with a 24 percent stake.

India’s finance ministry, SBI, PNB and Jet Airways did not respond to requests for comment.

KINGFISHER’S COLLAPSE

Most companies in Jet’s financial condition would be placed by creditors into India’s new bankruptcy process, two bankers said. However, memories of the chaos sparked by Kingfisher Airlines’ demise in 2012 have prompted the government to seek a more sober road to rescue, they said.

Kingfisher’s bankruptcy caused job losses, lessors lost millions of dollars and banks took massive writedowns.

Putting what is essentially a services provider like Jet through the bankruptcy process would diminish its value because it owns no major assets, unlike a manufacturing company, as most of its planes are leased, said another government official.

If it is pushed into bankruptcy and lessors start pulling even more planes out of service, there would be nothing left for any potential investors, the official said. Already 41 planes have been grounded by lessors in the past three months, leading to flight cancellations.

While on the surface Jet’s future still hangs in the balance with its main shareholder Etihad at loggerheads over the final terms of any deal, behind-the-scenes support from the government means there is likely to be a bailout.

But there are no easy options, one of the sources said, adding that the lenders do not have the expertise to run an airline so they have to decide what to do once they convert their debt into equity.

New Delhi is also backing a proposal for Jet’s founder and Chairman Naresh Goyal to step down if it means saving the airline, another official said.

“Saving Jet is not equivalent to saving Goyal,” the official said.

RISING AIRFARE

Jet, with its fleet of 119 planes, once controlled a sixth of India’s domestic aviation market. The 25-year-old airline is also one of only two full-service carriers that flies to international destinations. The other is Air India.

The government ideally wants four to six major airlines to ensure fares are competitive and passengers have greater choice, according to the top government source.

India plans to build 100 new airports costing about $60 billion which would need a steady stream of flights to sustain them, and that is possible only if there are enough airlines, a separate official said.

“The investment in these airports will solely depend on operators willing to have regular flights at affordable prices and one operator going bankrupt does not help,” he said.

(Reporting by Aftab Ahmed and Aditi Shah; Editing by Martin Howell and Christopher Cushing)

Source: OANN

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Schiff Says Trump Impeachment Not Off The Table

Rep. Adam Schiff, D-Calif., on Sunday did not rule out an impeachment of President Donald Trump — but said it would depend on “overwhelming evidence of criminality.”

In an interview on ABC News’ "This Week," Schiff, the chairman of the House Intelligence Committee, qualified his remarks to the San Francisco Chronicle that if there’s no bombshell in the final report of special counsel Robert Mueller report, there’d be no impeachment.

"Not necessarily,” Schiff said Sunday.  “Because… [the Department of Justice]  can't indict the president. That's their policy. And therefore there could be overwhelming evidence on the obstruction issue [in the Mueller report]. And I don't know if that's the case, but if there were overwhelming evidence of criminality on the president's part, then the Congress would need to consider that remedy if indictment is foreclosed."

Schiff also pushed back at GOP claims saying declarations of vindication for Trump in the completed Mueller probe are wrong.

Trump’s allies have “been saying with each indictment that it's a vindication,” he said. “About six people close to the president have been indicted. That hardly looks like vindication to me.”

He also called it a “mistake” for Mueller to have not interviewed the president before ending the investigation.

“It was a mistake to rely on written responses by the president,” he said.That is generally more what the lawyer has to say than what the individual has to say. I can certainly understand why the lawyers like [Rudy] Giuliani were fighting this, because the president is someone who seems pathologically incapable of telling the truth for long periods of time.

Related Stories:

Source: NewsMax Politics

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US, Russia divided on Venezuela after talks in Rome

Russia and the United States remain split on how to resolve the crisis in Venezuela, officials from both powers said Tuesday after talks in Rome.

Elliott Abrams, the Trump administration's special envoy to Venezuela, met Russian Deputy Foreign Minister Sergei Ryabkov to discuss the situation in the Latin American country.

"We did not come to a meeting of the minds, but the talks were positive in the sense that I think both sides emerged with a better understanding of the other's views," Abrams told reporters after the meeting at a luxury hotel in Rome.

He said it's "perfectly plausible" that the two sides meet again but no date was set.

Russia backs Venezuelan President Nicolas Maduro and has accused Washington of meddling in the country's affairs by pressing him to step down and hand over power to opposition leader Juan Guaido.

Speaking to Russian media, Ryabkov emphasized the need for dialogue with the U.S. but warned Washington against military intervention.

President Donald Trump has said "all options are on the table" regarding Venezuela, which Russia interprets as a refusal to exclude military force, Ryabkov said.

"We have warned the U.S. against that reckless approach," Ryabkov said in remarks that were carried by the state Tass and RIA Novosti news agencies.

Abrams insisted the U.S. will continue to keep its options open but said it has chosen the path of putting political, financial and diplomatic pressure on Maduro's regime.

Earlier, Abrams met government officials from Italy — one of four European Union countries that have not backed Guaido as Venezuela's interim president — and paid a visit to the Vatican. He noted that the Catholic Church enjoys respect and credibility in Venezuela but said it's unclear what role if any the Vatican could play in its political crisis.

Pope Francis has reportedly written to Maduro indicating conditions aren't ripe for the Vatican to step in and help mediate.

___

Vladimir Isachenkov in Moscow contributed to this report.

Source: Fox News World

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A California man who allegedly fatally shot his ex-girlfriend in broad daylight last month before fleeing the country has been returned to the U.S. following his arrest in Mexico on Wednesday, authorities said.

Julio Cesar Rocha, 25, of Montlcair, is accused of shooting his 25-year-old ex-girlfriend Thalia Flores and a second unidentified male victim March 21 around 2:45 p.m. while the two were sitting in a vehicle in the parking lot of a discount store in Chino. Both communities are about 36 miles east of Los Angeles.

ARREST MADE IN DOUBLE HOMICIDE OF EX-PRO HOCKEY PLAYER, COMMUNITY ADVOCATE, POLICE SAY

Julio Cesar Rocha, 25, of Montlcair, Calif. was located in Mexico Wednesday and returned to California where he faces murder and attempted murder charges related to the death of his ex-girlfriend, Thalia Flores.

Julio Cesar Rocha, 25, of Montlcair, Calif. was located in Mexico Wednesday and returned to California where he faces murder and attempted murder charges related to the death of his ex-girlfriend, Thalia Flores. (City of Chino Police Department)

Flores died at the scene. The man, whose name was not released, walked to a nearby hospital where he’s recovering from his gunshot wounds.

Rocha allegedly fled the scene and remained at large for more than a month, the Daily Bulletin reported. He was formally arrested at 4:30 p.m. after arriving at Los Angeles International Airport from Mexico, KTLA-TV reported.

The suspect was booked at the West Valley Detention Center in Rancho Cucamonga on murder and attempted murder charges, the City of Chino Police Department said on Facebook.

Flores ended her seven-year relationship with Rocha just two months before her death and still lived in fear of him until that point, a sister of the victim, Bernice Flores, told the Daily Bulletin.

“He said himself so many times to other people, ‘If I can’t have her, no one will.’ ” Flores said, adding that her sister stayed in the relationship longer that she would have liked in fear that Rocha would hurt her or her family if they broke up.

Rocha was convicted on misdemeanor battery in 2016 and sentenced to 60 days in prison. He was originally charged with misdemeanor assault with a deadly weapon, but the charges were lowered in a plea deal, the Daily Bulletin reported.

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Rocha was convicted of misdemeanor resisting or obstructing a peace officer in 2014. A second charge of misdemeanor battery was dropped in a plea deal, and Rocha was ordered to complete a 26-week anger management course, according to San Bernardino County Superior Court records. Rocha was later arrested and sentenced to 10 days behind bars for failing to complete the course.

Source: Fox News National

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Multiple people died Thursday when a semitrailer plowed into stationary traffic that resulted in explosions and flames on a Colorado freeway, authorities said.

The incident occurred just before 5 p.m. in the Denver suburb of Lakewood when a truck driver lost control while traveling east on Interstate 70, according to a preliminary investigation. The collision started a chain reaction and a diesel fuel spill, Lakewood police spokesman Ty Countryman told the Denver Post.

“This is looking to be one of the worst accidents we’ve had here in Lakewood,” he said.

The driver of the runaway truck survived. At least one truck was carrying lumber, another was hauling gravel and the third may have been carrying mattresses, KDVR-TV reported.

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Lakewood police tweeted there were multiple fatalities but did not give a specific number. Six people were taken to a hospital. Their conditions were not released, according to the paper.

Lanes in both directions were closed and expected to remain so into Friday morning.

Source: Fox News National

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President Trump will address members and leaders of the National Rifle Association on Friday at the group’s annual convention in Indiana.

Around 80,000 gun enthusiasts and more than 800 exhibitors are expected to pack the Indiana Convention Center in Indianapolis for the three-day event, the Indianapolis Star reported. It will mark the third straight year that Trump will deliver the keynote address, where he is expected to champion the rights of gun owners.

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes,” Chris Cox, executive director of the NRA’s Institute for Legislative Action (ILA), said in a statement. “President Trump’s Supreme Court appointments ensure that the Second Amendment will be respected for generations to come. Our members are excited to hear him speak and thank him for his support for our Right to Keep and Bear Arms.”

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes.”

— Chris Cox, executive director, NRA’s Institute for Legislative Action

COLORADO ENACTS ‘RED FLAG’ LAW TO SEIZE GUNS FROM THOSE DEEMED DANGEROUS, PROMPTING BACKLASH

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

Trump and Vice President Mike Pence spoke at last year’s convention in Dallas. During his speech, Trump assured gun owners that he would protect their Second Amendment rights, according to the paper.

“Your Second Amendment rights are under siege,” Trump told the cheering audience in Dallas. “But they will never, ever be under siege as long as I am your president.”

Trump has supported some gun control measures in the past. Last year, his administration imposed a ban on bump stocks, attachments that enable semiautomatic rifles to fire in rapid bursts. Although, he most recently threatened to veto two Democratic gun control bills.

This year’s convention comes as the NRA faces outside pressure and internal problems. The group has seen its legislative agenda stall amid a series of mass shootings — including a massacre at a Parkland, Fla., high school in February 2018 that left 17 dead and launched a youth movement against gun violence.

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It’s also grappling with infighting in its ranks, money problems and investigations into whether Russian agents courted officials and funneled money through the group.

“I’ve never seen the NRA this vulnerable,” said John Feinblatt, president of Everytown for Gun Safety, a nonprofit that advocates for gun control measure.

The convention will run through the weekend and conclude Sunday.

The Associated Press contributed to this report.

Source: Fox News Politics

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FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London
FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London, Britain December 15, 2018. REUTERS/Simon Dawson

April 26, 2019

(Reuters) – Ailing British retailer Debenhams said two proposed company voluntary arrangements (CVA) could see all its stores remaining open during 2019, with 22 closures planned for next year, putting about 1,200 jobs at risk.

Debenhams’ lenders took control of the retailer earlier this month in a process designed to keep its shops open at the expense of shareholders.

(Reporting by Noor Zainab Hussain in Bengaluru; editing by Gopakumar Warrier)

Source: OANN

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FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London
FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London, Britain, November 8, 2018. REUTERS/Toby Melville

April 26, 2019

BENGALURU (Reuters) – Chinese brands controlled a record 66 percent of Indian smartphone market in the first quarter, led by Xiaomi Corp, a report showed, with volumes rising 20 percent on the back of popularity for brands like Vivo, RealMe and Oppo.

Xiaomi’s India shipments fell by 2 percent over last year, but the Beijing-based company was still the biggest smartphone brand in the country, followed by Samsung Electronics Co Ltd, according to Hong-Kong based Counterpoint Research.

Shipment volumes for Vivo jumped 119 percent, while those of Oppo rose 28 percent.

“Vivo’s expanding portfolio in the mid-tier range ($100 to $180) drove its growth along with aggressive Indian Premier League cricket campaign,” Counterpoint analysts said.

India is the world’s fastest growing market for smartphones, where affordable pricing coupled with features like “selfie” cameras and big screens have popularized Chinese brands.

Video streaming services like Netflix Inc and Hotstar, as well as heavy usage of messaging apps like Facebook Inc’s WhatsApp have further spurred demand.

“Data consumption is on the rise and users are upgrading their phones faster as compared to other regions,” Counterpoint’s Tarun Pathak said.

“As a result of this, the premium specs are now diffusing faster into the mid-tier price brands. We estimate this trend to continue leading to a competitive mid-tier segment in coming quarters.”

(Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu)

Source: OANN

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