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Jessica Tarlov: Ivanka Trump isn’t a feminist, doesn’t have ‘policy chops’ to run for president

Democratic strategist Jessica Tarlov on Friday said first daughter and presidential adviser Ivanka Trump wasn’t a feminist while reacting to criticism from model Chrissy Teigen.

“We get told all the time conservative women never get to be called feminists. ‘What is that about?’ And being a feminist is about advocating for women,” Tarlov said on “The Story with Martha MacCallum.”

CHRISSY TEIGEN INVITES ALEXANDRIA OCASIO-CORTEZ OVER TO WATCH THE GRAMMYS: 'THERE WILL BE PIZZA'

“The policies that Ivanka Trump supports do not help women, raising the minimum wage, for instance, two-thirds of people in America who are on the minimum wage are women. She's not for raising the federal minimum wage.”

Members of the panel argued with Tarlov over the policy and whether or not or other fiscal policies help women.

Teigen, who was attending a House Democrats conference Thursday, was asked about photos of children being separated from their parents last year at the U.S./Mexico border.
 
"It's a painful thing to see that, and it's a painful thing to see such a complete lack of empathy when it comes from people, like Ivanka,” Teigen said.

Tarlov also reacted to President Trump touting his daughter as a strong presidential contender in an interview Friday.

IVANKA SAYS SHE BACKS MINIMUM WAGE BUT NOT HANDOUTS TO WORK

Tarlov said Ivanka doesn’t have “the policy chops.”

“I have heard that she is very well liked. I don't think that she has the policy chops or experience to be jumping into a presidential race in 2024 or 2028 or 20 anything. And I don't think that she is someone who is going to really rally a lot of support beyond Trumpers.”

Source: Fox News Politics

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The Truth About the ‘ISIS Bride’

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Source: InfoWars

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Mrs Watanabe joins activist investors to shake up Japan Inc

FILE PHOTO: An employees of a foreign exchange trading company work next to monitors displaying Japanese yen's exchange rate against the U.S. dollar and broadcasting second North Korea-U.S. summit in Tokyo
FILE PHOTO: An employees of a foreign exchange trading company works next to monitors displaying Japanese yen's exchange rate against the U.S. dollar and broadcasting a meeting between U.S. President Donald Trump and North Korean leader Kim Jong Un during their second North Korea-U.S. summit in Hanoi, in Tokyo, Japan February 28, 2019. REUTERS/Issei Kato/File Photo

April 2, 2019

By Tomo Uetake

TOKYO (Reuters) – Foreign activist investors who have long complained about Japanese companies’ cash-hoarding and stingy payouts to shareholders may have found an unusual ally — Japanese retail investors.

Market activism has historically been low-key in Japan but a drive by Prime Minister Shinzo Abe to get investors to be more assertive in their demands for shareholder value has slowly changed this.

That push may pick up momentum in May when representatives from some activist funds, both foreign and domestic, meet hundreds of Japanese retail investors in Tokyo at an event organized by an online broker, a month before the peak of Corporate Japan’s annual general meeting (AGM) season.

Such a meeting would have been unheard of in the past, market players say, in a country where offshore activists were seen as “foreign vultures” seeking to pillage precious corporate savings.

“There have always been skeptical views that ‘hostile’ activism can’t be as successful in Japan as it is in the United States,” said Hiroki Tsujimura, chief investment officer (CIO) at Nikko Asset Management. “However, given the rapidly changing environment, we have started to see successful activists’ campaigns recently.”

The country’s retail investors hold about one sixth of domestic shares and are colloquially known as Mrs Watanabe, a reference to the archetypical Japanese housewife and her household investments.

Japan Inc has managed to weather pressure from shareholder activism thanks to still large institutional cross-share holdings. A joint front between foreign activists and domestic retail investors, however, could increase pressure on management.

Already, there are signs of change: the number of companies that had proposals from shareholders at AGMs increased to more than 50 by 2017 from below 30 in 2011, according to Daiwa Institute of Research (DIR).

Those proposals include calls for higher dividend payouts, selling non-core assets, and changing the structures of executive boards.

While such proposals are usually voted down, support for them has increased in recent years, putting pressure on company management, and in some cases, prompting companies to adopt some of the suggestions.

In a recent example, investors in housing products maker Lixil Group last month called for the ouster of top management, citing concerns about corporate governance.

Foreign funds hope the May 19 meeting, hosted by securities broker Monex Group, will help promote the needs of retail investors, who collectively own 1,830 trillion yen ($16.5 trillion) of assets, including 96 trillion yen in listed Japanese stocks.

“The best scenario is that retail shareholders increasingly vote for good shareholder proposals that add value to companies, and increase corporate values across the board,” said Seth Fischer, founder and CIO of Hong Kong-based Oasis Management, who plans to take part in the meeting.

Fischer sees the meeting as a good opportunity to discuss ideas with retail investors.

Zuhair Khan, head of Japan research at Jefferies, thinks activism can help boost the value of Japanese shares, which currently trade at just 1.1-1.2 times their book value.

He expects even modest success in corporate reforms could boost shares to 2-times their book value.

“The upside to the Japanese stock market of improved governance is huge,” Khan said.

Monex Group, the organizer of the meeting, said the response from international activist funds has so far been promising.

Oki Matsumoto, founder and chairman of Monex, said increased co-operation could be a win-win for both retail investors and institutional activists.

“I hope the meeting will have some positive impact on voting at AGMs this year,” Matsumoto said.

(Reporting by Tomo Uetake; Editing by Hideyuki Sano and Sam Holmes)

Source: OANN

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Canada’s Barrick Gold considers hostile $19 billion bid for Newmont Mining: media

Mark Bristow, chief executive officer of Barrick Gold, speaks during an interview at the Investing in African Mining Indaba conference in Cape Town
FILE PHOTO: Mark Bristow, chief executive officer of Barrick Gold, speaks during an interview at the Investing in African Mining Indaba conference in Cape Town, South Africa February 5, 2019. REUTERS/Mike Hutchings

February 22, 2019

By Melanie Burton

MELBOURNE (Reuters) – Canada’s Barrick Gold Corp is considering a hostile bid for Newmont Mining Corp for about $19 billion in stock, in what would potentially be one of the largest-ever mining deals, the country’s Globe and Mail newspaper reported.

The paper, which also reported that Barrick would flip some of Newmont’s assets to Australia’s Newcrest Mining, cited industry sources familiar with the situation.

Under the potential terms, Barrick would keep Newmont’s Nevada and African mines, while Newcrest was considering taking over its Australian operations, according to the report.

Barrick, which spent $6.1 billion on buying rival Randgold Resources last month, has formed new management teams and cut administrative costs as part of new Chief Executive Mark Bristow’s plan to set the combined company firmly apart from peers.

Bristow had said on a post-earnings call that Barrick Gold would continue to look at opportunities for mergers or acquisitions.

Barrick and U.S. company Newmont have long been touted as a potential match, as they have plenty of overlap around their North American operations, said an Australia-based banker.

“(But) there’s a danger that Barrick is biting off more than it can chew (by making another large acquisition),” he said, declining to be identified due to the sensitivity of the issue.

Without such a deal, Barrick could cede its crown as the world’s largest gold producer to Newmont, which is due to close its $10 billion buyout of smaller rival Goldcorp Inc next quarter.

If Barrick were to be successful, the merger between Newmont and Goldcorp would not go ahead, and Barrick would be liable for a $650 million break fee, the newspaper reported.

Bloomberg reported on Thursday that Barrick had studied a bid for Newmont as it looks for ways to boost production, citing people familiar with the matter.

Newmont declined a request from Reuters for comment, while Barrick did not immediately respond to request for comment.

A Newcrest spokesperson said the firm did not comment on M&A speculation. Goldcorp was not immediately available for comment.

AUSTRALIAN FIT?

Newmont has three gold mines in Australia, which have a net present value of $4.5 billion according to AME Group, but none of those are seen as the kind of large ‘tier one’ developments that Newcrest has said are a prerequisite for any major buys.

“Newcrest has a production hole in a couple of years’ time with Cadia going offline,” said one fund source based in Melbourne, referring to one of Australia’s largest gold mines.

“It makes sense that they would be looking, but I would question the ‘tier one’ nature of the asset.”

Any deal for the assets would hinge on price and the manner of payment, two other bankers and a fund manager said.

“I wouldn’t care if they are not ‘tier one’ assets,” said Simon Mawhinney of Allan Gray in Melbourne, which is the top shareholder in Newcrest with a stake of around 9 percent.

“But I would care if they were overpaid for, that would be a big issue.”

(Reporting by Sanjana Shivdas in BENGALURU and Melanie Burton in MELBOURNE; Editing by Gopakumar Warrier and Joseph Radford)

Source: OANN

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MSNBC Creating Conspiracy Theory Claiming Deep State Elected Trump

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Wednesday, MSNBC “Morning Joe” host Joe Scarborough questioned former Deputy FBI Director Andrew McCabe over the FBI’s handling of the Hillary Clinton email investigation.

Scarborough asked McCabe what “regrets” he had about former FBI Director Jim Comey’s decision to send Congress a letter that said the Bureau had learned of emails “pertinent” to the probe, adding the “Deep State elected Donald Trump.”

“This is one of the most bizarre things when I hear about the deep state conspiracies about Donald Trump,” Scarborough said. “The ‘Deep State’ elected Donald Trump. If you talked to Donald Trump during that time, he would tell you that letter actually gave him a chance to win the presidency. What regrets do you or Jim Comey have about that letter that you can speak to on Jim Comey … Do you regret that letter was sent 10 days before the election?”

“I didn’t agree with the decision to send that letter at the time,” McCabe replied. “Unfortunately, it wasn’t a decision I had the opportunity to participate in because of all the issues that were swirling around me as a result of The Wall Street Journal reporting and this idea that I would recuse from the case. Jim told me he didn’t want me to participate in that discussion and in that decision.”

Scarborough later said it was “bizarre” to see the “Deep State” working for Donald Trump.

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China Slams Pompeo for Claiming Its Friendship With Latin America is ‘Pretended’

Statements by US Secretary of State Mike Pompeo about Beijing’s allegedly “pretended” friendship with the countries of Latin America are slanders that constitute a deliberate provocation, Chinese Foreign Ministry spokesman Lu Kang said on Monday, adding that China strongly opposed such claims.

“The cooperation between China and Latin America is based on the principles of mutual respect, equality and mutual benefit. It is focused on common development. China has made a significant contribution to the economic development and the improvement of living conditions of peoples of Latin America… State Secretary Pompeo’s statements regarding China’s relations with Latin American countries are baseless slander and deliberate provocation, his statements are meaningless and unfounded. We strongly oppose this,” Lu said at a briefing.


China has been exposed for trying to export electronics to the US that have the ability to spy for the Chinese government. Former NSA whistle blower William Binney joins Alex to discuss the future of 5G technology.

The diplomat stressed that China’s position on the situation in Venezuela remained unchanged and corresponded to the principles of the UN Charter.

During his visit to Chile last week that aimed to boost opposition to the Venezuelan legitimate authorities in the region, Pompeo said that he considered Russia and China to be “pretended friends” of Latin America, claiming that the two countries “spread disorders” on the continent by cooperating with local leaders in exchange for political and economic influence.

(Photo by Gage Skidmore / Wiki)

Russia and China have been among the countries that voiced their support for Nicolas Maduro as Venezuela’s only legitimate president after US-backed opposition leader Juan Guaido illegally declared himself the country’s interim president in January. The United States and many other countries immediately endorsed Guaido and called on Maduro to step down. The Venezuelan president, in turn, accused the United States of trying to orchestrate a coup in order to bring to power Guaido, whom he calls “a US puppet.”


Big Tech is immune to F.O.I.A. requests in certain cases of wrongdoing so the best thing for society is to have employees of Big Tech become whistle-blowers. Dr. Nick Begich hosts and breaks down how whistle-blowing may just save the future of free speech.

Source: InfoWars

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China will fend off cross-border capital flow risks: FX regulator

A vendor selling flowers hands over change to a customer in Kunming
FILE PHOTO: A vendor selling flowers hands over change to a customer in Kunming, Yunnan province, August 19, 2015. REUTERS/Wong Campion

March 29, 2019

BEIJING (Reuters) – China will fend off cross-border capital flow risks and keep the yuan exchange rate basically stable in 2019, the country’s foreign exchange regulator said on Friday.

Cross-border capital flows will be adjusted via “market-based counter cyclical measures”, the State Administration of Foreign Exchange (SAFE) said in a report, without elaborating.

Since 2016, China has imposed stringent curbs to prevent capital flight, a move made in the aftermath of a spectacular stock market collapse during the last economic downturn. Regulators will continue to crack down on illegal foreign exchange activities, SAFE added.

While China’s economy has continued to cool, analysts believe the risk of strong capital outflows has greatly diminished in recent months, as the yuan regained its footing and foreign investors piled back into battered Chinese stock markets.

On March 24, central bank governor Yi Gang said China has basically exited from regular interventions in the foreign exchange market, and that Beijing will push for reforms which enhance the yuan’s exchange rate flexibility.

China will push forward capital account convertibility in an orderly way this year, with further opening-up in its equity and stock markets, SAFE said on Friday.

“(We will) increase the depth of the foreign exchange market, expand trading entities, increase trading tools, expand trading scope, promote market opening, and meet the risk-hedging needs of different entities,” the regulator said.

China’s current account is expected to be “basically balanced” in 2019 as physical goods imports and exports are both likely to rebound and stabilize, maintaining a surplus, it said.

For 2018, China’s final current account surplus came in at $49.1 billion, equivalent to 0.4 percent of gross domestic product (GDP) last year.

China had a final current account surplus of $54.6 billion for the fourth quarter, compared to the $23.3 billion surplus in the July-September, according to SAFE.

(Reporting by Beijing Monitoring Desk and Yawen Chen; Editing by Richard Borsuk)

Source: OANN

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FILE PHOTO - A worker sits on a ship carrying containers at Mundra Port in the western Indian state of Gujarat
FILE PHOTO: A worker sits on a ship carrying containers at Mundra Port in the western Indian state of Gujarat April 1, 2014. REUTERS/Amit Dave/File Photo

April 26, 2019

(Reuters) – India has once again delayed the implementation of higher tariffs on some goods imported from the United States to May 15, a government official said on Friday.

The new tariff structure was to come into force from May 2, the spokeswoman said without citing reasons for the delay.

Angered by Washington’s refusal to exempt it from new steel and aluminum tariffs, New Delhi decided in June last year to raise the import tax from Aug. 4 on some U.S. products including almonds, walnuts and apples.

But since then, New Delhi has repeatedly delayed the implementation of the new tariff.

Trade friction between India and the U.S. has escalated after U.S. President Donald Trump announced plans earlier this year to end preferential trade treatment for India that allows duty-free entry for up to $5.6 billion worth of its exports to the United States.

In a further blow, U.S. on Monday demanded buyers of Iranian oil stop purchases by May or face sanctions, ending six months of waivers which allowed Iran’s eight biggest buyers including India to continue importing limited volumes.

(Reporting by Manoj Kumar in New Delhi and Kanishka Singh in Bengaluru; Editing by Anil D’Silva and Raissa Kasolowsky)

Source: OANN

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One of Joe Biden’s newly-hired senior advisers has seemingly had a very recent change of heart.

Symone Sanders, a prominent Democratic strategist and Sen. Bernie Sanders, I-Vt., staffer in 2016, was announced as one of the big-name members of Team Biden on Thursday.

But Sanders, who has also served as a CNN contributor, is seen in resurfaced footage from November 2016 expressing her opposition to a white person leading her party after Donald Trump’s election.

“In my opinion, we don’t need white people leading the Democratic party right now,” Sanders told host Brianna Keilar during a discussion on Howard Dean potentially becoming DNC chairman.

BIDEN HIRES FORMER BERNIE SANDERS’ SPOKESPERSON AS SENIOR ADVISER

“The Democratic party is diverse, and it should be reflected as so in leadership and throughout the staff, at the highest levels. From the vice chairs to the secretaries all the way down to the people working in the offices at the DNC,” she said.

Sanders wrapped up her remarks by saying: “I want to hear more from everybody. I want to hear from the millennials and the brown folks.”

Footage of the interview was resurfaced by RealClearPolitics.

After news of her hiring broke on Thursday, Sanders backed her new boss on Twitter.

TRUMP ASSESSES 2020 DEMS; TAKES SWIPES AT BIDEN, SANDERS; DISMISSES HARRIS, O’ROURKE; SAYS HE’S ROOTING FOR BUTTIGIEG

“@JoeBiden & @DrBiden are a class act. Over the course of this campaign, Vice President Biden is going to make his case to the American ppl. He won’t always be perfect, but I believe he will get it right,” she wrote.

The hiring of Sanders has been viewed as another indication of the expected tough fight that Biden and Sanders are in for as the two frontrunners battle a deep Democratic field.

While Sanders himself didn’t torch Biden as he jumped into the race, it’s clear that many of his progressive supporters view the former vice president as a threat.

Biden’s entry into the race – at least in the early going – sets up a battle between himself and Sanders, who thanks to his fierce fight with eventual nominee Hillary Clinton for the 2016 Democratic nomination, enjoys name ID on the level of the former vice president.

BIDEN VOWS THAT ‘AMERICA IS COMING BACK,’ SPARKING ‘MAGA’ COMPARISONS

Justice Democrats — who also called Biden “out-of-touch” – is an increasingly influential group among the left of the party. They’ve championed progressive Rep. Alexandria Ocasio-Cortez of New York as well as Sanders. The group was founded by members of Sanders 2016 presidential campaign.

Biden has pushed back against the perception that he’s a moderate in a party that’s increasingly moving to the left. Earlier this month he described himself as an “Obama-Biden Democrat.”

And Biden said he’d stack his record against “anybody who has run or who is running now or who will run.”

Former Democratic National Committee chair Donna Brazile – a Fox News contributor – highlighted that “Joe Biden can occupy his own lane in large part because he’s earned it. He’s earned the right to call himself whatever.”

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But she emphasized that “elections are not about the past, they’re about the future…I do believe he has the right ingredients. The question is can he find enough people to help him stir the pot.”

Fox News Andrew O’Reilly contributed to this report.

Source: Fox News Politics

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Baltimore Mayor Catherine Pugh, who is facing increased calls for her immediate resignation, remains in poor health and is not “lucid” enough to decide whether to step down, her attorney told reporters late Thursday.

Steve Silverman, speaking outside one of Pugh’s residences which was raided by the FBI and IRS earlier in the day, said the embattled city leader could make a decision as early as next week.

“She is leaning toward making the best decision in the best interest in the citizens of Baltimore City,” he said, adding that Pugh has “several options” to consider.

“She just needs to be physically and mentally sound and lucid enough to make appropriate decisions.”

BALTIMORE MAYOR CATHERINE PUGH, ON LEAVE AMID BOOK PROBE, HAS HOMES AND CITY HALL OFFICE RAIDED BY FEDS

Silverman said Pugh met with a doctor at home Thursday and plans to do so again Friday, the Baltimore Sun reported.

In the latest image-tarnishing scandal for struggling Baltimore, the first-term Democratic mayor faces accusations that she used children’s book deals to cover up kickbacks for favorable treatment as a state lawmaker and city leader that earned her roughly $800,000 over several years.

BALTIMORE’S ACTING MAYOR SAYS HE ‘WOULD HATE TO SEE’ EMBATTLED MAYOR RETURN AFTER BOOK SCANDALS

As a state senator, 69-year-old Pugh sold $500,000 worth of her self-published “Healthy Holly” illustrated paperbacks to the University of Maryland Medical System, a major state employer whose board she sat on for nearly 20 years.

Baltimore police officers stand outside the house of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Pugh and also in City Hall. (AP Photo/Jose Luis Magana)

Baltimore police officers stand outside the house of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Pugh and also in City Hall. (AP Photo/Jose Luis Magana)

UMMS reportedly paid Pugh for 100,000 copies of her books between 2011 and 2018 with the stated intention of distributing the books to schools and day care centers. But some 50,000 copies remain unaccounted for and officials are probing if they were even printed.

Pugh also made $300,000 in bulk sales to other customers including health carriers that did business with the city of Baltimore.

BALTIMORE CITY COUNCIL CALLS ON EMBATTLED MAYOR CATHERINE PUGH TO RESIGN IMMEDIATELY

The politically isolated Pugh slipped out of sight on April 1 after a hastily organized press conference where she called her no-contract book deals a “regrettable mistake.” That same day, Maryland’s governor called on the state prosecutor to investigate allegations of “self-dealing.”

Pugh took an indefinite leave of absence, citing her health deteriorating intensely after a bout with pneumonia.

Federal agents arrive at the Maryland Center for Adult Training in Baltimore. MD, Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall, as well as the office of her lawyer and the home of a top aide.

Federal agents arrive at the Maryland Center for Adult Training in Baltimore. MD, Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall, as well as the office of her lawyer and the home of a top aide. (Loyd Fox/Baltimore Sun via AP)

On Thursday morning, agents with the FBI and IRS searched her two Baltimore homes, her City Hall offices, and a nonprofit organization she once led. The home of at least one of Pugh’s aides was also scoured.

Silverman said federal agents also served a subpoena at his law firm, retrieving Pugh’s original financial records. They did not seek any attorney-client privileged communications, he said.

Pugh’s attorney said she was “emotionally extremely distraught” following the searches by FBI and IRS agents.

“There was nothing incriminating that came out of her home,” Silverman said.

UMMS spokesman Michael Schwartzberg told reporters that the medical system received a grand jury witness subpoena seeking documents and information related to Pugh.

Other probes against Pugh include a review by the city ethics board and the Maryland Insurance Administration.

BALTIMORE MAYOR’S $500G DEAL FOR ‘HEALTHY HOLLY’ CHILDREN’S BOOKS DRAWS SCRUTINY

In recent weeks, the calls for Pugh’s resignation have intensified with the strongest voice coming from Republican Gov. Larry Hogan, who did not mince words after Thursday’s early morning raids.

“Now more than ever, Baltimore City needs strong and responsible leadership. Mayor Pugh has lost the public trust,” he said. “She is clearly not fit to lead. For the good of the city, Mayor Pugh must resign.”

Federal Bureau of Investigation, and Internal Revenue Service agents search the home of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall.

Federal Bureau of Investigation, and Internal Revenue Service agents search the home of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall. (Jerry Jackson/Baltimore Sun via AP)

Many of her fellow Democrats, including those on Baltimore’s demoralized City Council and state lawmakers, are also insisting that Pugh put the citizens’ interests above any attempt to preserve her political career.

City Council member Brandon Scott called the Thursday raids “an embarrassment to the city.”

However, only a conviction can trigger a mayor’s removal from office, according to the city solicitor. Baltimore’s mayor-friendly City Charter currently provides no options for ousting its executive.

Six of Pugh’s staffers joined her on paid leave earlier this month; three of them were fired this week by the acting mayor.

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Pugh came to office in late 2016 after edging out ex-Mayor Sheila Dixon, who had spent much of her tenure fighting corruption charges before being forced to depart office in 2010 as part of a plea deal connected to the misappropriation of about $500 in gift cards meant for needy families.

She would certainly face a bruising 2020 Democratic primary if she were to return and run for reelection. Veteran City Council leader Bernard “Jack” Young, who is serving as acting mayor, said as she went on leave that he would merely be a placeholder. But this week, before the raids, he said “it could be devastating for her” if she tried to return.

The Associated Press contributed to this report.

Source: Fox News National

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FILE PHOTO: Cases of Pepsi are shown for sale at a store in Carlsbad
FILE PHOTO: Cases of Pepsi are shown for sale at a store in Carlsbad, California, U.S., April 22, 2017. REUTERS/Mike Blake/File Photo

April 26, 2019

By Amit Dave and Mayank Bhardwaj

AHMEDABAD/NEW DELHI (Reuters) – PepsiCo Inc has sued four Indian farmers for cultivating a potato variety that the snack food and drinks maker claims infringes its patent, the company and the growers said on Friday.

Pepsi has sued the farmers for cultivating the FC5 potato variety, exclusively grown for its popular Lay’s potato chips. The FC5 variety has a lower moisture content required to make snacks such as potato chips.

PepsiCo is seeking more than 10 million rupees ($142,840.82) each for alleged patent infringement.

The farmers grow potatoes in the western state of Gujarat, a leading producer of India’s most consumed vegetable.

“We have been growing potatoes for a long time and we didn’t face this problem ever, as we’ve mostly been using the seeds saved from one harvest to plant the next year’s crop,” said Bipin Patel, one of the four farmers sued by Pepsi.

Patel did not say how he came by the PepsiCo variety.

A court in Ahmedabad, the business hub of Gujarat, on Friday agreed to hear the case on June 12, said Anand Yagnik, the lawyer for the farmers.

“In this instance, we took judicial recourse against people who were illegally dealing in our registered variety,” A PepsiCo India spokesman said. “This was done to protect our rights and safeguard the larger interest of farmers that are engaged with us and who are using and benefiting from seeds of our registered variety.”

PepsiCo, which set up its first potato chips plant in India in 1989, supplies the FC5 potato variety to a group of farmers who in turn sell their produce to the company at a fixed price.

The All India Kisan Sabha, or All India Farmers’ Forum, has asked the Indian government to protect the farmers.

The farmers’ forum has also called for a boycott of PepsiCo’s Lay’s chips and the company’s other products.

The Ministry of Agriculture & Farmers’ Welfare did not immediately respond to an email seeking comment.

PepsiCo is the second major U.S. company in India to face issues over patent infringement.

Stung by a long-standing intellectual property dispute, seed maker Monsanto, which is now owned by German drugmaker Bayer AG, withdrew from some businesses in India over a cotton-seed dispute with farmers, Reuters reported in 2017. (reut.rs/2ncBknn)

(Reporting by Amit Dave in AHMEDABAD and Mayank Bhardwaj in NEW DELHI; Editing by Martin Howell and Louise Heavens)

Source: OANN

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FILE PHOTO: The Archer Daniels Midland Co (ADM) logo is displayed on a screen on the floor of the NYSE in New York
FILE PHOTO: The Archer Daniels Midland Co (ADM) logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid/File Photo

April 26, 2019

By P.J. Huffstutter and Shradha Singh

CHICAGO/BENGALURU (Reuters) – Archer Daniels Midland Co said on Friday it was considering spinning off its ethanol business after slim biofuel margins and Midwestern floods slammed the U.S. grains merchant’s profit, which tumbled 41 percent in the first quarter.

ADM said it was creating an ethanol subsidiary, which will include dry mills in Columbus, Nebraska; Cedar Rapids, Iowa; and Peoria, Illinois.

The ethanol subsidiary will report as an independent segment, the company said, allowing options “which may include, but are not limited to, a potential spin-off of the business to existing ADM shareholders.”

Results were hit by the “bomb cyclone” blizzards that devastated the Midwest and Great Plains this year, causing massive flooding across Nebraska, Iowa and Missouri, washing out rail lines and wreaking havoc in the moving and processing of corn, soybeans and wheat. One-sixth of U.S. ethanol production was halted.

In March, ADM warned Wall Street that flooding and severe winter weather in the U.S. Midwest would reduce its first-quarter operating profit by $50 million to $60 million.

“The first quarter proved more challenging than initially expected,” said Chairman and Chief Executive Officer Juan Luciano, with earnings down in its starches, sweeteners and bioproducts unit. Luciano said impacts of the severe weather ultimately “were on the high side of our initial estimates”.

Ongoing problems in the ethanol industry added to the problems and “limited margins and opportunities” for ADM, Luciano said.

The ethanol industry has been in the midst of a historic downswing due to the U.S.-China trade war, excess domestic supply and weak margins.

ADM, which had been an ethanol pioneer, signaled to Wall Street in 2016 that it was hunting for options and considering sales of its U.S. dry ethanol mills. Luciano told Reuters this year that offers ADM had received for the mills were too low.

In addition, ADM said it planned to repurpose its corn wet mill in Marshall, Minnesota, to produce higher volumes of food and industrial-grade starches.

Other major traders are alsy trying to distance themselves from struggling ethanol businesses. Louis Dreyfus Company BV spun off its Brazilian sugar and ethanol business Biosev in 2013. Rival Bunge sold its sugar book and has sought a buyer for its Brazilian mills since 2013.

ADM, which makes money trading, processing and transporting crops, such as corn, soybeans and wheat, has been looking to strengthen its core business. Last month it said it would seek voluntary early retirements of some North American employees and cut jobs as part of a restructuring effort.

The company expects to lower 2019 capital spending by 10 percent to between $800 million and $900 million.

Net earnings attributable to the company fell to $233 million, or 41 cents per share, in the three months ended March 31, from $393 million, or 70 cents per share, a year earlier.

Revenue fell to $15.30 billion from $15.53 billion. On an adjusted basis, the company earned 46 cents per share, while analysts on average had estimated 60 cents, according to IBES data from Refinitiv.

(Reporting by Shradha Singh in Bengaluru; Editing by Shounak Dasgupta, Chizu Nomiyama and David Gregorio)

Source: OANN

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