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Game of thrones: Board battle at toilet maker Lixil a test for Japan Inc

FILE PHOTO: Logo of Lixil Group Corp at the company headquarters in Tokyo
FILE PHOTO: The logo of Lixil Group Corp. is displayed at the company headquarters in Tokyo September 26, 2013. REUTERS/Issei Kato/File Photo

April 23, 2019

By Junko Fujita

TOKYO (Reuters) – A simmering boardroom battle at toilet maker Lixil Group has emerged as a test case for whether minority shareholders can improve corporate governance in Japan, the man at the center of the tussle told Reuters.

Kinya Seto, whose abrupt resignation as Lixil’s CEO in 2018 prompted a revolt by minority shareholders, said the company is controlled by an old guard of management “kingmakers” who prioritize their interests over shareholders’.

“In Japan even fairly big companies have these kingmakers who are in power for a decade or two and even the chief executive can’t oppose them,” Seto said.

“Their opinions do not necessarily represent shareholders’ opinions. Companies may prioritize kingmakers’ opinions and as a result Japanese companies do not function properly.”

The current CEO and chairman of Lixil’s board, Yoichiro Ushioda, hails from one of the company’s founding families. His prompt appointment after Seto’s departure had raised concerns about corporate governance and led to calls for him to resign.

Ushioda bowed to investor pressure and said last week he would step down in May – but not before publicly putting the blame on Seto for Lixil’s bleak financial performance.

Activist investors have been gaining momentum in Japan and have complained about what they see as poor performance as well as returns from cash-hoarding firms, with Prime Minister Shinzo Abe advocating strengthening corporate governance.

But companies are often able to ignore minority investors given the longstanding practice of cross-shareholding, where firms hold stakes in each other to cement business ties.

“If the governance of Japanese companies changes, then corporate management will improve,” said Seto, who remains a director at Lixil and is seeking to take back the CEO post.

He and another director have said they will propose a new slate of board members.

“I need to win. If I fail, that becomes a bad example of Japanese corporate governance,” Seto told Reuters this week.

KINGMAKER

Lixil was created in 2011 through a merger of five Japanese building materials and housing firms, including Tostem and Inax. It is well known in Japan for its high-tech, luxury toilets, while its overseas brands include American Standard and Grohe.

It has been roiled by the boardroom drama, which has been unusually fractious by the standards of corporate Japan, since Seto’s resignation in October.

According to a report from a group of independent lawyers commissioned by Lixil, Ushioda last year “engaged in behavior giving the false impression that Mr Seto had a concrete and clear intention to resign as CEO”.

The February report also cites a company director as saying: “No one could object to Mr. Ushioda, a member of a founding family, saying he will become CEO”.

Ushioda, when announcing his resignation, said he was doing so to take responsibility for previously appointing Seto.

“The appointment of Seto as CEO was my biggest mistake,” Ushioda told a news conference, saying Seto was responsible for the loss at Lixil’s Italian subsidiary, which forced the company to warn of a full-year net loss.

Seto, in turn, has accused Ushioda of being a “kingmaker” who wields power from the sidelines of companies and ultimately damages them. Ushioda’s willingness to stay on as adviser points to his desire to hold sway over the company, Seto added.

A Lixil spokesman, however, pointed out that Ushioda had said he would resign from the board and management.

“Lixil has been and will try to strengthen corporate governance in order to boost corporate value sustainably.”

(Reporting by Junko Fujita; Editing by David Dolan and Himani Sarkar)

Source: OANN

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Dershowitz: Legality of Trump Emergency Order 'Very Questionable'

The legal standing behind President Donald Trump's national emergency declaration about the border is "very questionable," and Congress has the right to vote against it, Harvard Law professor emeritus Alan Dershowitz argued Monday.

"Emergency generally means something that happens so quickly that there isn't time for Congress to act," Dershowitz told Fox News' "America's Newsroom." "I don't think an emergency includes a failure by the branch of government that is authorized to expend funds, namely the House of Representatives and Congress, to authorize the funds the president wants to see authorized, and they refuse to do it. I don't think that's an emergency."

Trump could then veto the measure, he conceded, so Congress would need to have a veto-proof majority, and he doesn't know if that will happen.

"Many members of Congress, including Republicans, are upset at what they believe is a presidential power grab over the legitimate power of Congress to authorize expenditures of money for long-term problems, not problems that suddenly appear on the horizon," said Dershowitz.

He added that there will likely be some district courts striking down some parts of Trump's emergency provision and its expenditures, while others will uphold it and it will end up in the Supreme Court, where its fate is not known.

"The real question is what happens in the meantime," said Dershowitz. "If the courts grant a stay, they say there is no emergency. If there is an emergency, you don't grant a stay."

Source: NewsMax Politics

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Trump's ex-Hill chief returning as Pence's chief of staff

President Donald Trump's former chief liaison to Congress is returning to the White House as chief of staff for Vice President Mike Pence.

White House press secretary Sarah Sanders says Marc Short will begin his new role in mid-March.

US VICE PRESIDENT MIKE PENCE MAKES HIS FIRST AUSCHWITZ VISIT

Short left the White House less than a year ago. He had worked for Pence and a group affiliated with the conservative Koch brothers' political operation before entering the White House.

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Pence's chief of staff, Nick Ayers, left the White House at the end of 2018 after turning down an offer to become Trump's chief of staff.

Sanders says Shahira Knight, who succeeded Short as director of legislative affairs, will continue to be Trump's chief emissary to Capitol Hill.

Source: Fox News Politics

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Trump asked why George Washington didn’t name Mount Vernon after himself, report claims

President Trump wondered why George Washington did not name his estate Mount Vernon after himself, a new report claims.

Trump reportedly made the comment during a visit to the historic compound in April 2018, according to Politico. The president visited Mount Vernon in Virginia with first lady Melania Trump, French President Emmanuel Macron and his wife Brigitte Macron.

“If he was smart, he [Washington] would’ve put his name on it,” Trump quipped, according to sources. “You’ve got to put your name on stuff or no one remembers you.”

TRUMP'S REVOLVING DOOR MAY NOT PRODUCE RESULTS, ESPECIALLY ON IMMIGRATION

The tour guide, Doug Bradburn, who’s the CEO and president of Mount Vernon, allegedly told the president that Washington was able to get the nation’s capital named after him. Trump laughed at the fact, the media outlet reported. Before becoming President, Trump the real estate mogul would regularly brand his buildings with his name.

The White House did not immediately respond to Fox News’ request for comment.

The report claims Trump was allegedly disinterested in the history of the first president during the 45-minute tour and described it to associates as “truly bizarre.” Bradburn reportedly said the Macrons were more knowledgeable about the estate than the commander-in-chief. A source told the media outlet Bradburn “was desperately trying to get [Trump] interested in" Mount Vernon.

A source alleged that Trump asked if Washington was "really rich." The first president was believed to be one of the wealthiest people in the country at his time.

NEW YORK GOP CHAIRMAN BLASTS 'OUTRAGEOUS' BID BY HOME-STATE DEMS TO GET TRUMP'S TAX RETURNS

“That is what Trump was really the most excited about,” the source said.

Trump did find something in the house he liked – the bed Washington passed away in 1799.

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"A good bed to die in,” Trump reportedly said.

Source: Fox News Politics

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Canadian crude by rail uneconomic amid output cuts: Suncor executive

FILE PHOTO: A Suncor refinery is seen in Sherwood Park
FILE PHOTO: A Suncor refinery is seen in Sherwood Park, near Edmonton, Alberta, Canada, November 13, 2016. REUTERS/Chris Helgren/File Photo

March 12, 2019

HOUSTON (Reuters) – Canada’s mandated oil production cuts are preventing Suncor Energy Inc, one of Canada’s biggest oil producers, from sending its heavy crude to the U.S. Gulf Coast by rail, a company official said in an interview on Tuesday.

The Canadian oil producer is “interested in rail economics going forward,” but the rise in Canadian heavy crude prices since the December mandated production cuts have made rail shipments “difficult to justify,” said Steve Reynish, a Suncor executive vice president, at CERAWeek conference.

(Reporting by Collin Eaton; Editing by Chizu Nomiyama)

Source: OANN

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Austria Warns EU of “New Massive Migration Movement”

A new migration wave is on the verge of flooding Europe, Austria's interior minister has warned.

In a letter to Brussels obtained by Kronen Zeitung, Interior Minister Herbert Kickl cites Europol statistics indicating that thousands of migrants are already on Europe's southeastern doorstep, and many more can be expected.

"We all still remember the images of the mass immigration of 2015/2016," Kickl says. "It would be irresponsible to twiddle one's thumb and wait until tens of thousands of migrants are on the border."

"A political repair-and-patchwork mentality does not bring us anywhere in the E.U. — only a clear, proactive strategic approach. It's about averting a new crisis rather than waiting for it to erupt."

"Large-scale migration from Turkey to Europe" is kicking into gear as the weather improves, he says, with some 60,000 'asylum seekers' in Greece, and another 5,000 each in Serbia and Bosnia-Herzegovina, respectively.

"5.6 million Syrian refugees in the Middle East show the clear potential of a new massive migration movement," Kickl says.

The interior minister provided the following statistics regarding migrant arrivals and apprehensions to support his case:

  • Greece: around 7850 arrivals (up 5% over the same period last year)
  • Macedonia: around 3380 apprehensions (up 185%)
  • Serbia: about 1400 apprehensions (down 33%)
  • Albania: around 1,460 apprehensions (up 6%)
  • Bosnia-Herzegovina: around 3,700 apprehensions (up 183%)
  • Hungary: around 720 border crossings (up 31%)
  • Slovenia: around 1300 apprehensions (up 120%)

Kickl has vowed that Austria is "determined to take every measure necessary to prevent illegal migration," and is calling upon top EU officials to "coordinate our respective contingency plans for a new mass influx."

Kickl is also requesting cooperation from governments in Turkey and the Western Balkans to hold the line and prevent "the onward journey of refugees and migrants" – a task he says will require substantially more financial support from the EU.

Italy's Matteo Salvini recently said his nationalist party, Lega, is here to stay. Dan Lyman with Infowars Europe joins Owen to discuss the future of Europe and solutions for the migration crisis.

(PHOTO: Nicolas Economou/NurPhoto via Getty Images)

Source: InfoWars

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Prosecutors: Man had more than 56,000 child porn files

A Philadelphia man who worked at a suburban pediatric center has admitted collecting thousands of child pornography videos and images.

Federal prosecutors say 27-year-old Cameron Carlucci pleaded guilty Tuesday to possessing and distributing child porn. He now faces at least five years in prison and could receive a life term when he's sentenced this year.

Prosecutors say that from 2015 until his arrest last year, Carlucci amassed more than 56,000 images and videos of mainly prepubescent boys, including infants, being sexually abused.

During this time, Carlucci worked as a medical technician at a pediatrics center. Prosecutors say he falsified his job application by denying his criminal background, which included a 2011 Pennsylvania conviction for possession of obscene materials.

Source: Fox News National

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Park Yoo-chun, a K-pop idol singer, arrives at the Suwon district court in Suwon
Park Yoo-chun, a K-pop idol singer, arrives at the Suwon district court in Suwon, South Korea, April 26, 2019. REUTERS/Kim Hong-Ji

April 26, 2019

SEOUL (Reuters) – K-pop and drama star Park Yu-chun was arrested on Friday on charges of buying and using illegal drugs, a court said, the latest in a series of scandals to hit the South Korean entertainment business.

Suwon District Court approved the arrest warrant for Park, 32, due to concerns over possible destruction of evidence and flight risk, a court spokesman told Reuters.

Park is suspected of having bought about 1.5 grams of methamphetamine with his former girlfriend earlier this year and using the drug around five times, an official at the Gyeonggi Nambu Provincial Police Agency said.

Park has denied wrongdoing, saying he had never taken drugs, and he again denied the charges in court, Yonhap news agency said.

Park’s contract with his management agency had been canceled and he would leave the entertainment industry, Park’s management agency, C-JeS Entertainment, said on Wednesday.

Park was a member of boyband TVXQ between 2003 and 2009 before leaving the group with two other members, forming the group JYJ.

A scandal involving sex tapes, prostitutes and secret chat about rape led at least four other K-pop stars to quit the industry earlier this year.

The cases sparked a nationwide drugs bust and investigations into tax evasion and police collusion at night clubs and other nightlife spots.

(Reporting by Joyce Lee; Additional reporting by Heekyong Yang; Editing by Nick Macfie)

Source: OANN

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FILE PHOTO: An American Airlines Boeing 737 MAX 8 flight taxis after landing at Reagan National Airport in Washington
FILE PHOTO: An American Airlines Boeing 737 MAX 8 flight from Los Angeles taxis after landing at Reagan National Airport shortly after an announcement was made by the FAA that the planes were being grounded by the United States over safety issues in Washington, U.S. March 13, 2019. REUTERS/Joshua Roberts/File Photo

April 26, 2019

(Reuters) – American Airlines Group Inc cut its 2019 profit forecast on Friday, saying it expected to take a $350 million hit from the grounding of Boeing’s 737 MAX planes after cancelling 1,200 flights in the first quarter.

The company said it now expects its 2019 adjusted profit to be between $4.00 per share and $6.00 per share.

Analysts on average had expected 2019 earnings of $5.63 per share, according to Refinitiv data.

The No. 1 U.S. airline by passenger traffic said net income rose to $185 million, or 41 cents per share, in the first quarter ended March 31, from $159 million, or 34 cents per share, a year earlier.

Total operating revenue rose 2 percent to $10.58 billion.

(Reporting by Sanjana Shivdas in Bengaluru)

Source: OANN

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2020 Democratic presidential candidate Pete Buttigieg speaks at a campaign event in Des Moines, Iowa
2020 Democratic presidential candidate Pete Buttigieg speaks at a campaign event in Des Moines, Iowa, U.S., April 16, 2019. REUTERS/Elijah Nouvelage

April 26, 2019

By James Oliphant

MARSHALLTOWN, Iowa (Reuters) – Four years ago, Donald Trump campaigned in small towns like Marshalltown, Iowa, vowing to restore economic prosperity to the U.S. heartland.

In his bid to replace Trump in the White House, Pete Buttigieg is taking a similar tack. The difference, he says, is that he can point to a model of success: South Bend, Indiana, the revitalized city where he has been mayor since 2012.

The Democratic presidential contender has vaulted to the congested field’s top tier in recent weeks, drawing media and donor attention for his youth, history-making status as the first openly gay major presidential candidate and a resume that includes military service in Afghanistan.

But Buttigieg’s main argument for his candidacy is that he is a turnaround artist in the mold of Trump, although the Democrat does not expressly invoke the comparison with the Republican president.

“I’m not going around saying we’ve fixed every problem we’ve got,” Buttigieg, 37, said after a house party with voters in Marshalltown. “But I’m proud of what we have done together, and I think it’s a very powerful story.”

Critics argue improving the fortunes of a Midwestern city of 100,000 people does not qualify Buttigieg, who has never held national office, for the presidency of a country of 330 million. Others say South Bend still has pockets of despair and that minorities, in particular, have failed to benefit from its growth.

Buttigieg has told crowds in Iowa and elsewhere that his experience in reviving a struggling Rust Belt community allows him to make a case to voters that other Democratic candidates cannot. That may give him the means to win back some of the disaffected Democratic voters who turned their backs on Hillary Clinton in 2016 to vote for Trump.

Watching Buttigieg at a union hall in Des Moines last week, Rick Ryan, 45, a member of the United Steelworkers, lamented how many of his fellow union workers voted for Trump. The president turned in the best performance by a Republican among union households since Ronald Reagan in 1984.

Ryan said he hoped someone like Buttigieg could return them to the Democratic fold.

“He’s aware of the decline in the labor force in America, not just in Indiana or Des Moines or anywhere else,” Ryan said. “Jobs are going overseas. We need a find to way to bring that back.”

Randy Tucker, 56, of Pleasant Hill, Iowa, a member of the International Brotherhood of Electrical Workers, said Trump appealed to union members “desperate for somebody to reach out to them, to help them, to listen to their voice.”

Buttigieg could do the same, he said. “In my heart right now, he’s No. 1.”

PAST VS. FUTURE

Buttigieg stresses a key difference in his and Trump’s approaches.

Trump, he tells crowds, is mired in the past, promising to rebuild the 20th century industrial economy. Buttigieg argues the pledge is misleading and unrealistic.

Buttigieg says his focus is on the future, and he often talks about what the country might look like decades from now.

“The only way that we can cultivate what makes America great is to look to the future and not be afraid of it,” Buttigieg said in Marshalltown.

Buttigieg knows his sexual preference may be a barrier to winning some blue-collar voters. But he notes that after he came out as gay in 2015, he won a second term as mayor with 80 percent of the vote in conservative Indiana.

Earlier this month, he announced his presidential bid at the hulking plant in South Bend that stopped making Studebaker autos more than 50 years ago. After lying dormant for decades, the building is being transformed into a high-tech hub after Buttigieg and other city leaders realized it would never again attract a large-scale industrial company.

“That building sat as a powerful reminder. We hoped we would get back that major employer that would fix our economy,” said Jeff Rea, president of the regional Chamber of Commerce.

Buttigieg is praised locally for spurring more than $100 million in downtown investment. During his two terms, unemployment has fallen to 4.1 percent from 11.8 percent.

But a study released in 2017 by the nonprofit group Prosperity Now said not all of the city’s residents had shared in its rebound. The median income for African-Americans remained half that of whites, while the unemployment rate for blacks was double.

Regina Williams-Preston, a city councilor running to replace Buttigieg as mayor, credits him for the revitalized downtown. But she said he had a “blind spot” when it came to focusing on troubled neighborhoods like the one she represents and only grew more engaged after community pressure.

“He understands it now,” she said. “The next step is figuring out how to open the doors of opportunity for everyone.”

‘ONE OF US’

Trump touts the fact that the United States added almost 300,000 manufacturing jobs last year as evidence he made good on his promise to restore the industrial sector. But that growth still left the country with fewer manufacturing jobs than in 2008.

The robust U.S. economy is likely the president’s greatest asset in his re-election bid, particularly in states he carried in 2016 such as Iowa, Wisconsin, Michigan and Pennsylvania. He won Buttigieg’s home state by 19 points over Clinton in 2016.

Sean Bagniewski, chairman of the Democratic Party in Polk County, Iowa, said Buttigieg would be well positioned to compete with Trump in the Midwest.

“People love the fact that he’s a mayor,” said Bagniewski, who has not endorsed a candidate in the nominating contest. “If you can talk about a positive future, and if you actually have experience that can do it, that’s a compelling vision in Iowa.”

Nan Whaley, the mayor of Dayton, Ohio, which faces many of the same challenges as South Bend, agreed.

“He’s one of us,” Whaley said. “That helps.”

(Reporting by James Oliphant; Editing by Colleen Jenkins and Peter Cooney)

Source: OANN

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A man looks out at a flooded residential area in Gatineau
A man looks out at a flooded residential area in Gatineau, Quebec, Canada, April 24, 2019. REUTERS/Chris Wattie

April 26, 2019

MONTREAL/OTTAWA (Reuters) – Rising waters were prompting further evacuations in central Canada on Thursday, with the mayor of the country’s capital, Ottawa, declaring a state of emergency and Quebec authorities warning that a hydroelectric dam was at risk of breaking.

Ottawa Mayor Jim Watson declared the emergency in response to rising water levels along the Ottawa River and weather forecasts that called for significant rainfall on Friday.

In a statement on Twitter, Watson asked for help from the Ontario provincial government and the country’s military.

He warned that “flood levels are currently forecasted to exceed the levels that caused significant damage to numerous properties in the city of Ottawa in 2017.”

Spring flooding had killed one person and forced more than 900 people from their homes in Canada’s Quebec province as of 1 p.m. on Thursday, according to a government website.

Ottawa has received 80 requests for service related to potential flooding such as sandbagging, a city spokeswoman said.

The prospect of more rain over the next 24 to 48 hours triggered concerns on Thursday that the hydroelectric dam at Bell Falls in the western part of Quebec could be at risk of failing because of rising water levels.

Quebec’s provincial police said 250 people were protectively removed from homes in the area as of late afternoon in case the dam on the Rouge River breaks.

The dam is now at its full flow capacity of 980 cubic meters per second of water, said Francis Labbé, a spokesman for the province’s state-owned utility, Hydro Quebec. He said Hydro Quebec expected the flow could rise to 1,200 cubic meters per second of water over the next two days.

“We have to take the worst-case scenario into consideration, since we`re already at the maximum capacity,” Labbé said by phone.

The dam is part of a power station that no longer produces electricity, but is regularly inspected by Hydro Quebec, he said.

(Reporting by Allison Lampert in Montreal and David Ljunggren and Julie Gordon in Ottawa; Editing by James Dalgleish and Peter Cooney)

Source: OANN

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FILE PHOTO: Funeral of journalist Lyra McKee in Belfast
FILE PHOTO: Pallbearers carry the coffin of journalist Lyra McKee at her funeral at St. Anne’s Cathedral in Belfast, Northern Ireland, April 24, 2019. REUTERS/Clodagh Kilcoyne/File Photo

April 26, 2019

BELFAST (Reuters) – Detectives investigating the murder of journalist Lyra McKee in Northern Ireland last week suspect the gunman who shot her dead is in his late teens as they made a further appeal to the local community who they believe know his identity.

McKee’s killing by an Irish nationalist militant during a riot in Londonderry has sparked outrage in the province where a 1998 peace deal mostly ended three decades of sectarian violence that cost the lives of some 3,600 people.

The New IRA, one of a small number of groups that oppose the peace accord, has said one of its members shot the 29-year-old reporter dead in the Creggan area of the city on Thursday when opening fire on police during a riot McKee was watching.

The killing, which followed a large car bomb in Londonderry in January that police also blamed on the New IRA, has raised fears that small marginalized militant groups are exploiting a political vacuum in the province and tensions caused by Britain’s decision to leave the European Union.

Police released footage on Friday of immediately before and after the shooting showing three men who were involved in the rioting and identified one as the gunman who they believe is in his late teens. 

“I believe that the information that can help us to bring those responsible for her murder to justice lies within the community. I need the public to tell me who he is,” Detective Superintendent Jason Murphy told reporters.

Murphy said those involved in the disorder on the night were teenagers or in their early 20s, and that about 100 people were on the ground watching the trouble as it unfolded.

He added that police believed the gun used in the attack was of a similar caliber to those used before in paramilitary type attacks in Creggan. 

“I recognize that people living in Creagan may find it’s difficult to come forward to speak to police. Today, I want to provide a personal reassurance that we are able to deal with those issues sensitively,” Murphy said, echoing similar appeals in recent days.

(Reporting by Amanda Ferguson, editing by Padraic Halpin and Toby Chopra)

Source: OANN

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