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Bermuda’s premier confident of removal from EU tax haven blacklist

Bermuda Premier David Burt and Finance Minister Curtis Dickinson issue statements before a group of business leaders shortly after the EU added the island to a tax haven blacklist at the Cabinet Office in Hamilton
Bermuda Premier David Burt and Finance Minister Curtis Dickinson (L) issue statements before a group of business leaders shortly after the EU added the island to a tax haven blacklist at the Cabinet Office in Hamilton, Bermuda March 12, 2019. REUTERS/Emma Farge

March 12, 2019

By Emma Farge

HAMILTON (Reuters) – Bermuda’s Premier David Burt on Tuesday called the European Union’s decision to put the British overseas territory on a list of global tax havens “a setback” but said he was confident it would soon be reversed.

“The news from Brussels this morning is a setback for Bermuda,” a grave-faced Burt told local journalists at a news conference, flanked by business leaders.

“Bermuda is compliant and we are confident that within a matter of weeks that will be accepted by EU member states and Bermuda will be removed from this list,” he added.

The 28-nation EU set up the so-called blacklist in December 2017 after revelations of widespread tax avoidance schemes used by corporations and wealthy individuals to lower tax bills.

EU governments adopted a broadened blacklist of tax havens on Tuesday, adding 10 jurisdictions to the updated list. They are: Bermuda, the Dutch Caribbean island of Aruba, Barbados, Belize, Fiji, the Marshall Islands, Oman, the United Arab Emirates, Vanuatu and Dominica.

Blacklisted jurisdictions face reputational damage and stricter controls on their financial transactions with the EU, although no EU sanctions have yet been agreed by European states.

In an effort to meet an EU deadline, the self-governing island passed legislation in December that obliges companies domiciled in Bermuda to have a “substantial economic presence,” granting some firms a grace period for implementation.

While Britain had pushed other EU states not to include Bermuda on the list, it lifted its objections after the European Commission argued that the island has “been playing games” to dodge EU requirements, according to minutes of a meeting of EU envoys on the matter.

Burt rejected that assertion, saying the impression arose due to a “technical omission which was rectified in good time.”

Jurisdictions are added to the tax haven blacklist if they have shortfalls in their tax rules that could favor tax evasion in other states. They are removed from the blacklist if they commit to reforms by set deadlines.

Bermuda was required to change its tax rules by the end of February, but added new loopholes in revised legislation and did not provide a final text by the deadline, according to the commission.

Burt denied the deadline was missed and said its legislation was perceived by businesses as more stringent than other jurisdictions.

The north Atlantic island, which is also a major reinsurance hub, has far fewer companies on its registry than other British territories like the Cayman Islands and British Virgin Islands which have more than 100,000 each.

But Bermuda made headlines in recent months when documents filed at the Dutch Chamber of Commerce revealed that Google moved 19.9 billion euros ($22.7 billion) through a Dutch shell company to Bermuda in 2017, as part of an arrangement that allows it to reduce its foreign tax bill.

Asked whether Bermuda should consider banning Google, owned by Alphabet Inc, Finance Minister Curtis Dickinson said: “We would like to encourage Google to help us through this by establishing a more substantive presence in Bermuda.”

He added that Bermuda, which has already opened a government office in Brussels, will also send officials to Paris and Berlin in the coming weeks to defend the island’s position.

(Reporting by Emma Farge; writing by Anthony Esposito; Editing by Tom Brown)

Source: OANN

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Florida may send a big message to sanctuary cities

MIAMI — Florida has one of the largest illegal immigrant populations in the country and its new governor wants to make sure they don't have protection from local authorities.

Republican Gov. Ron DeSantis is pushing for a ban on sanctuary cities that refuse to cooperate with federal immigration authorities. Several bills making their way through the state legislature would effectively make it against the law for police departments to refuse to cooperate with federal immigration officials. If a law enforcement official refuses, they could be fined or fired.

“This problem that we have right now, is a problem that has been festering in the United States because it has not been solved by the federal government for the past 40 years,” said Florida Republican Rep. Blaise Ingoglia. “Quite frankly, you know since the last mass amnesty, if you will, in 1986 under Ronald Reagan, we were always promised that we would have some sort of... legal immigration reform and it never came.”

Lawmakers are grappling with fixing what they call America’s broken immigration system

Lawmakers are grappling with fixing what they call America’s broken immigration system

It's all an effort by the Republican-led state lawmakers, buoyed by DeSantis, to toughen the rules on illegal immigration. The sanctuary city ban, which passed the Senate Infrastructure and Security Committee, will be voted on by both chambers before May 3.

Florida is home to 775,000 illegal immigrants out of 10.7 million present in the United States, ranking the state third among all states.

Latest estimates show Florida’s illegal immigrant population at 775,000

Latest estimates show Florida’s illegal immigrant population at 775,000 (Elina Shirazi/Fox News)

Nine states have enacted state laws requiring law enforcement to comply with Immigration and Customs Enforcement. They are Alabama, Arizona, Georgia, Iowa, North Carolina, Mississippi, Missouri, Tennessee and Texas.

Groups who oppose the anti-sanctuary city bill targeting these illegal immigrants say it's unnecessary because the state doesn't even have sanctuary cities.

Groups who oppose the bill dispute that Florida has sanctuary cities

Groups who oppose the bill dispute that Florida has sanctuary cities

“Anyone who says that there is a sanctuary city in the state of Florida, especially if they're a policymaker, that would be very concerning to me because it simply does not exist,” said Melissa Taveras, spokesperson for the Florida Immigrant Coalition.

Republican lawmakers don’t agree. They call a handful of cities — including Orlando and West Palm Beach — “pseudo-sanctuary” cities, because they prevent law enforcement officials from asking about immigration status when they make arrests. The City of Miami Police Chief Jorge Colina also criticized the bill, going so far as saying he might quit if he had to check someone’s legal status before helping them.

“There are still people here in the state of Florida, police chiefs that are just refusing to contact ICE, refusing to detain somebody that they know is here illegally. So while the actual county municipality doesn't have an actual adopted policy, they still have people in power within their sheriff's department or police department that refuse to do it anyway,” said Ingoglia.

Critics also say the bill would make municipalities lose their autonomy.

“This set of bills reverses some of these traditional principles and says federal government should have primacy over state and local governments and that state and local governments need to cooperate with the federal government even if they disagree,” Touchton said.

Some lawmakers claim the bill is pro-law-enforcement. Those against the bill disagree.

“Federal immigration agents should be doing the work of federal immigration agents. Local police should be tasked with securing public safety,” said Taveras.

The Miami-Dade Police Department said it considered the issue a federal matter, not a local one.

“We remind the community that the enforcement of immigration laws is the responsibility of the federal government and those specific federal agencies, such as Immigration and Customs Enforcement, which are delegated such authority,” the department said in a statement to Fox News.

The Miami-Dade police department gave a statement to Fox News in response to the anti-sanctuary city bill

The Miami-Dade police department gave a statement to Fox News in response to the anti-sanctuary city bill

Taveras said the bills will cause people to be afraid of reporting crimes, causing public safety issues.

“The fear with passage of a bill that requires cooperation with ICE is that many community members will feel absolutely desperate when they finally come into contact with law enforcement, and they'll be fearful to integrate into the community or to report crimes to call for help to testify as a witness, and that the intention of making the state more law abiding with regard to undocumented immigrants, will make it more lawless as large portions of communities hide themselves.

Regardless of how people feel about the bills, both sides said there is a need to fix a broken system.

“I think the message that we could send to the nation is that we really require comprehensive immigration reform be what we're seeing happening at the state level is really not going to help frankly from our immigrant communities and it's happening to help the public at large. You really need comprehensive immigration reform at this point,” said Taveras.

Source: Fox News Politics

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Neutrons used to examine priceless Harvard gold specimen

Scientists at a premier U.S. laboratory have helped to unravel some of the mysteries about a rare gold specimen discovered at a Colorado mine more than 130 years ago.

Officials at Harvard University's mineral museum were anxious for Los Alamos National Laboratory's assistance in understanding more about the structure of the specimen of wire gold, which looks as if it were formed by twisting together a bunch of thin strands of gold.

The 263-gram specimen is named the Ram's Horn, and Harvard officials have said it is the finest known example of its kind.

No scientific studies previously had been published on the internal nature of the specimen. Its density rendered low-energy X-rays and other diagnostics ineffective, and scientists were prevented from using invasive methods like slicing into the specimen because that would have damaged it.

That's where the half-mile-long (0.8-kilometer-long) particle accelerator at Los Alamos came in. Scientists used neutrons provided by the machine to examine the sample's texture and crystalline structure.

They determined it's very different from more commonly found wire silver, in which a single wire can be made up of hundreds to thousands of crystals.

"The gold appears to be composed of only a few single crystals," said John Rakovan, a professor at Miami University in Ohio who was involved in the work. "Furthermore, we discovered that these samples are not pure gold, but rather gold-silver alloys with as much as 30 percent silver substituting for gold in the atomic structure."

The study's results could have implications for scientists who are trying to understand the geochemical processes at play in the formation of gold deposits, according to the lab.

The Ram's Horn will go on display as the centerpiece of an exhibit at the Harvard Museum of Natural History in 2020. The show called "The Rare and the Beautiful" will highlight aspects that make objects valuable and how humanity's appreciation for beauty, rarity and culture has shaped those values.

The 4.7-inch-tall (12-centimeter-tall) specimen is normally kept in a bank vault out of sight.

Last fall, it was hand-delivered to New Mexico so the scientists could do their work using the accelerator. It had to be insured while at the lab, but Harvard has declined to say how much the piece is worth.

Harvard began collecting mineral specimens in the 1850s to better understand their crystalline structure. The Ram's Horn was bequeathed to the university in 1947 as part of the collection of A.C. Burrage, a Harvard-educated attorney and businessman who was in the copper industry.

The specimen was found in 1887 at the Ground Hog Mine in Red Cliff, Colorado.

Raquel Alonso-Perez, curator at the Mineralogical and Geological Museum at Harvard, pointed to an 1893 newspaper article about the specimen's discovery and said even then the spirals of gold were considered unique.

Sven Vogel, a physicist at Los Alamos's neutron science center, said pulses of neutrons from the accelerator usually are used to characterize materials that are relevant to the lab's mission, such as uranium alloys or nuclear fuels.

"These academic collaborations really push the envelope for us," he said. "And of course, it's a lot of fun too to apply these methods and help the universities to gain insight that otherwise they would have no chance to gain."

Source: Fox News National

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Jury convicts Georgia man for role in teacher's 2005 slaying

A jury on Thursday convicted a Georgia man of concealing the death of a teacher whose slaying remained a mystery for more than a decade after her body was burned to ash and bone fragments in a rural pecan orchard.

Bo Dukes was the first of two suspects to stand trial in the 2005 death of Tara Grinstead. The fate of the teacher and former beauty queen didn't come to light until the men were arrested in 2017.

Prosecutors in Wilcox County charged Dukes, 34, with covering up Grinstead's death by lying to police in a 2016 interview about the case. But Dukes' defense attorney said they failed to prove he intentionally lied.

It took the jury less than an hour to convict Dukes on four counts, including two of making a false statement, hindering the apprehension of a criminal and concealing the death of another, news outlets reported. Sentencing for Dukes is scheduled for 9 a.m. Friday.

The charges carry a combined penalty of up to 25 years in prison. He still faces a trial on charges directly related to burning Grinstead's body in a neighboring county.

District Attorney Brad Rigby, during closing arguments, told jurors Dukes inflicted "more pain" when he lied to police a decade later as the woman remained missing.

"He had the opportunity to make the right decision and tell the truth, but he went in a different direction and he abused honor and he abused trust," Rigby said. "He chose to inflict more pain and suffering to the Grinsteads on that day."

Dukes is the first of two suspects to stand trial in the death of Grinstead, whose disappearance in October 2005 stumped her hometown of Ocilla for more than a decade. Her face loomed large on a billboard in the area seeking tips in her disappearance until arrests were made in February 2017.

Defense attorney John Fox argued there was no evidence Dukes intentionally lied to the Georgia Bureau of Investigation agent who interviewed him in 2016. In the 14-minute recorded conversation, Dukes denied the account of an old Army buddy, John McCullough, that a drunken Dukes confessed to him in 2006 that he helped dispose of Grinstead's body.

"Dukes told the GBI that he did not recall having a conversation with John McCullough," Fox said. "He didn't tell them he did not have a conversation with John McCullough."

He added: "Considering how intoxicated he was, based on McCullough's own testimony, does that seem unreasonable to you?"

Dukes later confessed in great detail when investigators interviewed him again a few months later in February 2017. He said his best friend had broken into Grinstead's home and strangled her in her bed, then used a pickup truck he'd borrowed from Dukes to move her body to a pecan orchard owned by Dukes' uncle.

Dukes said his friend took him to Grinstead's body and together they moved it deeper into the woods, built a bonfire atop the corpse and burned it for two days.

Rigby said the men set fire to the remains of a woman who had "a smile that won beauty pageants" and ensured she was "reduced to bits of skull, vertebra and teeth." Investigators in 2017 found the bone fragments buried in the orchard amid ash and household garbage.

Dukes' friend with a similar last name, Ryan Alexander Duke, is charged with murder. He is scheduled to stand trial April 1 in Irwin County, where Grinstead lived.

GBI agent Jason Shoudel testified at a pretrial court hearing that Duke confessed to killing Grinstead and burning her body. He said DNA from both Duke and Grinstead was found on a latex glove recovered outside her home.

But Duke's defense attorneys say Duke gave a false confession while he was under the influence of drugs. They have said in court documents that Duke was at home asleep the night Grinstead was killed.

Source: Fox News National

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Air Canada removes Boeing’s 737 MAX from schedule until July

FILE PHOTO: An Air Canada Boeing 737 MAX 8 from San Francisco approaches for landing at Toronto Pearson International Airport over a parked Air Canada Boeing 737 MAX 8 aircraft in Toronto, Ontario, Canada
FILE PHOTO: An Air Canada Boeing 737 MAX 8 from San Francisco approaches for landing at Toronto Pearson International Airport over a parked Air Canada Boeing 737 MAX 8 aircraft in Toronto, Ontario, Canada, March 13, 2019. REUTERS/Chris Helgren/File Photo

April 2, 2019

(Reuters) – Air Canada said on Tuesday it has removed Boeing Co’s 737 MAX planes from flight schedules until July 1, citing uncertainty about when the aircraft would be allowed to return to service.

The carrier said due to Transport Canada’s continued closure of Canadian airspace to the aircraft, it has further adjusted its schedule to May 31.

(Reporting by Sanjana Shivdas in Bengaluru; Editing by Shinjini Ganguli)

Source: OANN

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Ex-students sue, alleging abuse at oldest US reform school

Four former students at the nation's oldest reform school have filed a federal class-action lawsuit alleging that they were abused and denied an education.

The Juvenile Law Center says the suit against Glen Mills Schools in suburban Philadelphia was filed Wednesday.

An investigation by The Philadelphia Inquirer this year detailed decades of alleged abuse and cover-ups at the 193-year-old campus.

The state this week revoked all the school's licenses , weeks after ordering all remaining students be removed from the campus about 25 miles (40 kilometers) west of Philadelphia.

Glen Mills spokeswoman Aimee Tysarczyk says the school wasn't aware of the suit until they heard about it in the media. She says attorneys are evaluating the suit.

The lawsuit asks for compensation and punitive damages for the plaintiffs, legal fees and other relief.

Source: Fox News National

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U.S., McKinsey & Co reach $15 million settlement over bankruptcy case disclosures

The logo of consulting firm McKinsey + Company is seen in Zurich
FILE PHOTO: The logo of consulting firm McKinsey & Company is seen at an office building in Zurich, Switzerland September 22, 2016. REUTERS/Arnd Wiegmann

February 19, 2019

WASHINGTON (Reuters) – The United States and McKinsey & Company have reached a $15 million settlement over allegations that the global consulting company did not make proper disclosures in bankruptcy cases, the U.S. Department of Justice said in a statement on Tuesday.

The department’s U.S. Trustee Program (USTP) alleged that McKinsey “made insufficient disclosures about its clients and investments in certain entities” connected to debtors that had hired the consulting firm for financial advice, the department said in a statement.

(Reporting by Susan Heavey; Editing by David Alexander)

Source: OANN

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The headquarters of Wirecard AG is seen in Aschheim near Munich
FILE PHOTO: The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder

April 26, 2019

BERLIN (Reuters) – Wulf Matthias will not stand for a second term as Wirecard’s chairman in 2020, German daily Handelsblatt said on Friday, citing sources in the financial industry.

For age reasons alone this would not be an option for Matthias, aged 75, Handelsblatt added.

Matthias will keep his mandate until it ends in 2020, the paper quoted a company spokeswoman as saying.

Wirecard was not immediately available for comment when contacted by Reuters.

(Reporting by Tassilo Hummel; Editing by Thomas Seythal)

Source: OANN

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FILE PHOTO: The Credit Suisse logo is pictured on a bank in Geneva
FILE PHOTO: The Credit Suisse logo is pictured on a bank in Geneva, Switzerland, October 17, 2017. REUTERS/Denis Balibouse/File Photo

April 26, 2019

ZURICH (Reuters) – Shareholders approved Credit Suisse’s 2018 compensation report with an 82 percent majority on Friday, overriding frustrations expressed at its annual general meeting over jumps in executive pay during a year its share price plummeted.

Three shareholder advisers had recommended investors vote against Switzerland’s second-biggest bank’s remuneration report, while a fourth backed the report but expressed reservations about whether management pay matched performance.

The approval marked a slight increase over the 80.8 percent support garnered for the bank’s 2017 compensation report.

(Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

Source: OANN

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FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London
FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London, Britain December 7, 2018. REUTERS/Simon Dawson/File Photo

April 26, 2019

By Simon Jessop and Sinead Cruise

LONDON (Reuters) – Activist investor Edward Bramson is likely to fail in his attempt to get a board seat at Barclays’ annual meeting next week, even though shareholders are dissatisfied with performance of the group’s investment bank.

New York-based Bramson’s Sherborne Investors and the board of the British bank have been sparring for months over Barclays’ strategy.

Bramson wants to scale back Barclays’ investment bank to reduce risk and boost shareholder returns. Barclays Chief Executive Jes Staley remains staunchly committed to growing the business out of trouble.

After failing to persuade Staley to change course since he began building a 5.5 percent stake in the bank in March last year, Bramson hopes a board seat will rachet up the pressure.

Both sides have written to shareholders pitching their case and Bramson has courted investors in one-on-one meetings, although none have publicly backed him yet.

Interviews by Reuters with five institutional investors in Barclays suggest Bramson has failed to persuade them.

Sherborne declined to comment.

Mirza Baig, head of investment stewardship at top-40 shareholder Aviva Investors, said Bramson was welcome on the bank’s register but the boardroom was a step too far.

“He has created a lot of value at other businesses, but, generally, when he has come in as executive chair and taken full control. This would be a different case where he would just be one lone voice on the board,” he said.

A second Barclays shareholder said he backed Bramson’s goal of improving returns but via an “evolutionary” approach.

“If you look at banks that have tried to restructure their operations in investment banking – you look at Natwest Markets, Deutsche Bank – I struggle to think of an example where a roughshod restructuring has been accretive to shareholder value.”

A third, top-30 investor said he had been impressed by incoming Chairman Nigel Higgins’ grasp of the challenge in hand, and felt investors would give him time.

“Management know they have to execute and deliver improved returns… [Higgins] will continue to re-shape the board but obviously he didn’t feel that having someone with a diametrically opposed view on it would be helpful.”

A fourth, top-30 investor agreed: “We voted for the chairman to come in and it would be crazy to allow an activist to join the board (at this time).”

Jupiter Fund Management, the 24th largest investor, said it also planned to vote against Bramson.

Barclays has nearly 500 institutional shareholders, Refinitiv data showed.

Since Staley joined Barclays in 2015, the investment bank returns relative to capital invested have increased but are still underperforming the overall business.

Barclays’ first-quarter figures showed the investment bank posted a 6 percent drop in income from its markets business and a 17 percent fall in banking advisory fees.

Returns in the investment bank fell to 9.5 percent from 13.2 percent a year ago.

Famed for successful campaigns against smaller British companies in sectors from chemicals to advertising, Bramson’s board seat pitch has been rebuffed by shareholder advisory firms.

Institutional Shareholder Services, the world’s biggest, said Bramson’s proposal “falls short of what can reasonably be expected from a shareholder trying to address issues at a 28 billion pounds, systemically important bank”.

Glass Lewis also flagged concern about Bramson’s lack of banking experience and “questionable” shareholding structure, referring to Sherborne’s use of derivative contracts to hedge losses should its strategy fail.

Critics said the arrangement meant his interests are not truly aligned with those of other long-term shareholders.

British advisory firm Pirc, however, said it recommended that investors abstain in the vote on Bramson’s proposal as a challenge to the board to do better in the year ahead – or face a similar contest in 2020.

(Editing by Jane Merriman)

Source: OANN

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https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2019/04/918/516/02_2.jpg?ve=1&tl=1

After an over 15-month pregnancy, “Akuti,” a 7-year-old Greater One Horned Indian Rhinoceros, gave birth as a result of induced ovulation and artificial insemination at Zoo Miami, April 23, 2019.

Ron Magill/Zoo Miami

https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2019/04/918/516/02_2.jpg?ve=1&tl=1

Source: Fox News World

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FILE PHOTO: File photo of a Chevron gas station sign in Del Mar, California
FILE PHOTO: A Chevron gas station sign is seen in Del Mar, California, in this April 25, 2013 file photo. REUTERS/Mike Blake/File Photo

April 26, 2019

(Reuters) – U.S. oil and natural gas producer Chevron Corp reported a 27 percent fall in quarterly earnings on Friday, hit by lower crude prices and weaker margins in its refining and chemicals businesses.

Net income attributable to the company fell to $2.65 billion, or $1.39 per share, for the first quarter ended March 31, from $3.64 billion, or $1.90 per share, a year earlier.

Earlier in the day, larger rival Exxon Mobil Corp reported earnings well below analysts’ estimates, as margins in its refining business were hurt by higher Canadian prices and heavy scheduled maintenance.

(Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)

Source: OANN

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