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Lord Mayor of London: Brexit a 'short-term' issue

The Lord Mayor of London is touting the city's attractiveness for business even with the looming threat of Britain leaving the European Union without a deal.

On a visit to Hong Kong on Tuesday, Peter Estlin called Brexit a "short-term frustrating issue" that will be overcome in time.

He said despite the uncertainty, businesses in the financial center are "by and large, prepared for any outcome."

Estlin's largely ceremonial position representing the capital's financial industry is separate from that of the much more powerful elected mayor of London.

Estlin said Britain's focus on future industries such as electric vehicles and companies offering online financial products were driving a surge in foreign direct investment, which hit an all-time high last year.

Brexit is scheduled to take place on March 29.

Source: Fox News World

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Family of boy thrown from Mall of America balcony won’t comment on child’s injuries despite ‘miracle’ claim

The family of the 5-year-old boy who was thrown off a third-floor balcony at the Mall of America earlier this month won’t comment on a pastor’s statement that the child miraculously showed “zero evidence” of a brain injury.

Stephen Tillett, an attorney for relatives of Landen Hoffman, said during a news conference Tuesday he was not authorized to confirm or deny comments made by Pastor Mac Hammond in a video posted to Facebook, the Star Tribune reported.

FAMILY OF BOY THROWN FROM MALL OF AMERICA BALCONY THANKS SUPPORTERS FOR PRAYERS

Hammond, pastor of the Living World Christian Center in Brooklyn Park, Minn., where the boy’s grandparents attend services, said the boy’s grandfather told him an MRI indicated no brain damage, spinal cord injury, nerve damage or other life-threatening internal injuries.

Landen Hoffman, the 5-year-old boy who was thrown nearly 40 feet from the third story balcony at the Mall of America, is said to be making a miraculous recovery.

Landen Hoffman, the 5-year-old boy who was thrown nearly 40 feet from the third story balcony at the Mall of America, is said to be making a miraculous recovery. (Christian Broadcasting Service)

According to Hammond, the grandfather told him one of the attending physicians said, “This is truly a miracle. It’s like he fell off a bicycle instead of off the third floor of the mall.”

Tillitt said he couldn't confirm or deny Hammond’s comments, as it would invade the Hoffmans' privacy, but he clarified that the bicycle remark referred to the boy’s facial injuries, not his overall condition.

MINNESOTA TODDLER TOSSED FROM BALCONY HAVING MIRACULOUS RECOVERY, PASTOR SAYS

“The family is in a position where any comment to confirm or deny would be intruding on the realm of the privacy they want,” Tillitt said. "To start going into details of any kind, confirming or denying, means that the privacy has been intruded upon.

“This is a young child whose health is now becoming public, and the family realizes that what’s public today will be public in 20 years.”

This undated photo provided by the Bloomington, Minn., Police Department, shows Emmanuel Deshawn Aranda, who was arrested in connection with an incident at the Mall of America where a 5-year-old boy plummeted three floors Friday, April 12, 2019, after being pushed or thrown from a balcony. 

This undated photo provided by the Bloomington, Minn., Police Department, shows Emmanuel Deshawn Aranda, who was arrested in connection with an incident at the Mall of America where a 5-year-old boy plummeted three floors Friday, April 12, 2019, after being pushed or thrown from a balcony.  (Bloomington Police Department via AP)

Landen remains under sedation in intensive care, with more testing to come, Tillitt said.

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A GoFundMe page created by a friend of the Hoffman family has raised nearly $1 million for Landen’s healing process.

Emmanuel Deshawn Aranda, 24, of Minneapolis, has been charged with attempted premeditated first-degree murder for the April 12 incident. He is being held in lieu of $2 million bail at the Hennepin County Jail.

Fox News' Danielle Wallace contributed to this report.

Source: Fox News National

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Afghan official: Taliban strike checkpoints in north, kill 5

An Afghan official says the Taliban stormed two checkpoints in northern Sari Pul province, killing at least five members of the security forces and setting of an hours-long gunbattle.

Zabihullah Amani, spokesman for the provincial governor, say the attack in the province's Sozma Qala district started late on Sunday night. The fighting lasted until Monday morning and also left two troops wounded.

Amani says the insurgents captured six soldiers before fleeing the scene. Their fate remains unknown. The checkpoints were retaken and the area was brought under control once reinforcements arrived.

No one immediately claimed responsibility for the attack, but Amani blamed the Taliban who are active in the province and have stepped up their attacks against Afghan security forces.

Source: Fox News World

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Office Depot, Support.com pay $35 million to settle FTC allegations

FILE PHOTO: Shopping carts are shown at an Office Depot Inc store in Encinitas
FILE PHOTO: Shopping carts are shown at an Office Depot Inc store in Encinitas, California, U.S., May 8, 2017. REUTERS/Mike Blake

March 27, 2019

WASHINGTON (Reuters) – Retailer Office Depot Inc and software firm Support.com Inc have agreed to pay $35 million to settle U.S. Federal Trade Commission allegations the companies tricked consumers into buying computer repair services, the agency said on Wednesday.

Office Depot, which will pay $25 million, and its software supplier Support.com, which will pay $10 million, allegedly deceived customers by claiming software had found malware symptoms on their computers, the FTC said.

The agency said it intends to use the money to provide refunds to consumers.

(Reporting by Eric Beech; Editing by Mohammad Zargham)

Source: OANN

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Pope Francis kisses shoes of Sudanese leaders in plea for peace

Pope Francis pleaded with South Sudanese government officials and opposition leaders Thursday to encourage the continuation of their fragile peace by getting on his hands and knees in a dramatic gesture and kissing their shoes.

“I’m asking you with my heart,” the pope said to the President Salva Kiir, and opposition leader Riek Machar, during a spiritual retreat at the Vatican in Rome. “Stay in peace.”

HORRORS CONTINUE IN SOUTH SUDAN, DESPITE EFFORTS BY GEORGE CLOONEY, WELL-MEANING ACTIVISTS

South Sudan gained independence from Sudan in 2011 with the backing of many western nations, but a civil war erupted two years later and killed at least 400,000 and displaced millions. The conflict began as a feud between forces loyal to Kiir and Machar, the New York Times reported.

Disease, hunger and human rights abuses by both sides led to the exodus of millions into neighboring countries. The pope’s gesture came hours after the military is neighboring Sudan ousted President Omar al-Bashir after 30 years of authoritarian rule, according to the paper.

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The pope encouraged the two leaders to find common ground before stunning both men by kneeling to kiss their shoes.

“I urge you, then, to seek what unites you, beginning with the fact that you belong to one and the same people, and to overcome all that divides you,” he said. “People are wearied, exhausted by past conflicts: Remember that with war, all is lost!”

Source: Fox News World

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What if Climate Warriors Put their Money Where their Mouths Are?

The other week, the infamous and much-derided Green New Deal was voted down in the Senate and with it the dreams of a Federal spending party for tackling climate change.

But maybe its advocates have been going about this the wrong way, engaged in political solutions and international treaties such as the Paris Agreement. To anybody with insight into political decision-making — or even a healthy skepticism about the miraculous workings of the political apparatus — trying to navigate such a minefield of special interests and entrenched divisions must have seemed like a fool’s errand. Trying to address externalities and global tragedies of the commons through a political prism might not be the best option.

What if climate activists, striking school children, television pundits, New York Time columnists and others — here affectionately referred to as Climate Warriors — joined forces and, on their own, tried to mitigate the harmful consequences of climate change?

Apparently, climate change induced natural disasters will still be with us even if we ceased emissions tomorrow. As such, we require protection — those least able to literally weather the storm most of all. As Climate Warriors’ preferred route for transforming society — i.e., politics — has faced a setback, perhaps there’s a more voluntary and individual way to offer assistance to those facing potential climate-related damages to life and property.

Financial Markets to the Rescue: Catastrophe Bonds

Catastrophe bonds (“Cat bonds”) is a fast-growing segment of the corporate bond market that emerged out of Hurricane Andrew in the 1990s, when property damages bankrupted several insurance companies. Insurance companies of the sort that you and I usually interact with pool risks across many customers so as to afford payouts for the unlucky few that are affected by damages. To protect themselves from worst possible outcomes, they typically transfer off some of their most extreme risks to re insurance companies – essentially, insurance companies’ own insurance policies. You might think about it as “capping” risk exposure at a pre-arranged level by paying reinsurance firms a fee to accept damage claims above a particular level ( Warren Buffet’s Berkshire Hathaway has large such business; other market leaders include Swiss Re, Munich Re and Hannover Re).

Cat bonds provide the same service as this traditional reinsurance business through publicly traded financial markets instead. Much like securitization in other areas, a Cat bond complements this firm-to-firm reinsurance business by allowing insurance companies to sell off risk straight to financial markets. Investors, similarly, have recently been much more willing to buy them since a Cat bond’s value and interest rate payouts vary with natural disasters rather than business cycles or financial crashes. Indeed, a standard basket of Cat bonds have delivered remarkably stable returns, even outperforming the S&P500 since 2006 (measured very opportunistically). Their two prime virtues from an investment point of view are that they are virtually uncorrelated with other kinds of investment risk (stocks, bonds, FX), and their volatility is microscopic.

Specifically, this is how a Cat bond works:

1) An insurance company offers up (“Cedes”, “Sponsors”) a well-specified risk for a section of its claimants, packaged into a bond with a face value of, say, $100m.

2) A group of investors (through an investment bank or other vehicle) puts up $100m in a Special Purpose Vehicle that holds nothing but the Cat bond funds (usually invested in short-term CDs or government bonds to ensure some minimum real return).

3) The ceding insurance company then pays regular premiums into the SPV for the insurance protection it now receives from the bond.

4) For the duration of the Cat bond — typically 3-5 years — the SPV sends its investors regular interest payments if no event takes place. Should the “Trigger event” (the event specified in the contract, such as earthquakes floods or droughts of a certain severity) occur, the losses are deducted primarily from the set-aside funds and made instantly available to the insurance company to pay for their clients’ damages.

The great benefit for the insurance company is that the money is set aside, ring-fenced, and instantly available should the terms of the contract be fulfilled (i.e. damages of a certain kind and magnitude). For investors, the construction offers a diversifiable income stream, uncorrelated with other markets, and typically yields a few percentage points above market rates of similar duration.

Even the huge storm damages in 2017 from Hurricanes Harvey and Irma did nothing to dissipate this emergent market. A recent article in Bloomberg reported that the Cat bond market have kept growing rapidly as climate change is believed to cause even more extreme weather in the future.

How Can Cat Bonds Mitigate Climate Change Damage?

The similarities between damages from extreme weather phenomena and climate change should be fairly obvious. In both cases we are talking about out-of-the-ordinary events, with damages and consequences that many communities are typically not set up to protect against. Dealing with the costs of climate change that Climate Warriors and scientists say will inevitably come, could thus be conveniently done through the Cat bond market. And the best thing? It requires no political negotiation, no global haggling of rights or responsibilities and no expansive packages navigated through Congress. It requires Climate Warriors to simply put their money where their mouths are — and start buying Cat bonds.

This is how it could work.

AOC, Paul Krugman, Naomi Klein and Elizabeth Warren create the “CW Cat Non-Profit” and invite all their staff and supporters and the parents of the striking European school children to join. There could be membership fees and grand events filled with eloquent speeches, but the key point is to amass lots of funds through donations, and start buying Cat bonds like crazy. The purposes are twofold: assist the growth of the Cat bond market and become a large enough player so that they can start setting terms from their “upstream” partners in the insurance and reinsurance business.

If these activists and pundits truly fear the outcome for which they are protesting, and if they truly believe the grand and sharp slogans of their banners, it shouldn’t be a big problem to start pooling money to fund inevitable damages from the very thing they detest.

Quick back-of-the-envelope calculations also ensure that they could quickly reach a large share of the Cat bond market. Currently, there are Cat bonds outstanding worth $37.9 billions with new issues of some $10bn per year (some of which is simply re-investment of old bonds). Adding up a 25%-salary contribution by the hundred or so politicians who have publicly backed the Green New Deal, a one-off $200 contribution by the 2m or so participants of the last month’s #FridaysForFuture (double it to include non-attending friends, relatives and families) and add a one-time 25% wealth transfer by outspoken and well-off proponents of the Green New Deal scheme such as Maher, Krugman, Warren, Gore, Harris (naturally, they wouldn’t object…?), we’re already at a billion dollars – enough to entirely buy out the March issue of Cat bonds . With some extra cash from the $12 billion that environmental charities raise every year, and the generous support of the very vocal supporters of the Green New Deal, the “CW Cat Non-Profit” is soon on track to become the largest player in this business.

The Climate Warrior’s Edge

Now, if this is just a fund-raising attempt, why couldn’t Climate Warriors just as well pour their money into renewables, putting up solar panels or invent smart electricity grids and green car engines?

They could. But here’s the beauty: they have no particular technical or comparative advantages in those fields. As Cat investors, they do. Let me show you:

1) Long time horizon

An obstacle for Cat bonds has been their limited maturity of 3-5 years, after which they fall due and the risks revert back to the insurance companies. One reason for this is that risk-averse investors have been reluctant to commit funds to longer terms than that, partly as the combined Trigger event risk rises very high; the 30-year likelihood of at least one Magnitude 6 earthquake in the San Francisco Bay area is estimated at 98% . By emphasizing longer terms , CW Cat Non-Profit can induce market participant to expand bond durations.

2) Much lower required rate of return

Climate Warriors are excessively concerned with future generations , and losses — in contrast to regular investors — are to be welcomed as a needed redistribution from well-off donors to those literally affected by climate change. They therefore have much lower risk premia and, not running a for-profit, consequently require much lower rates of return for holding climate risk.

3) No Liquidity premium

As long-term investors, not primarily set on earning money for themselves, CW Cat Non-Profit does not value the option of withdrawing the assets for consumption needs, i.e., places no particular price on the liquidity of the Cat instrument. As is the case today, the Cat market is still immensely small and not as liquid as many other financial markets. For ordinary investors, this kind of investment therefore demands a liquidity premium, a higher-than-otherwise interest rate. Not for CW Cat Non-Profit, and they thereby become a better client for bond originators, as CW Cat Non-Profit is willing to take on more risk for less cost.

4) Recycled return

Since the CW Cat Non-Profit has no interest in earning investment return for itself, the revenue streams generated can be fruitfully invested in social projects or infrastructure improvements — or simply re-distributed to those without insurance policies that the organization finds worthy. Indeed, should it become a large enough player on the global Cat market they can likely offer premium reductions in exchange for payouts to refugees of climate change, contingent on, say, UN status.

For Climate Warriors, the defeat of the Green New Deal should not be gloomed over, as it offers its proponents the ability to put their money where their mouths are and start alleviating climate change damages. Provided, that is, that they can overcome their hostility to financial markets.



Matt Bracken gives his take on the social media unpersoning epidemic sweeping across the internet.

Source: InfoWars

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‘Spreading like a poison’: Anti-Semitic acts increase in France

A spate of anti-Semitic incidents has accompanied France’s yellow-vest protests in recent weeks, raising fears that the movement is stirring up hatred in the nation that is home to Europe’s largest Jewish population.

On Saturday, protesters clad in reflective yellow vests were filmed accosting Alain Finkielkraut, a prominent public intellectual, as he walked with his stepmother on the street in Paris, calling him a “dirty Zionist s—” and other insults.

A video of the incident went viral online, prompting condemnation from French President Emmanuel Macron and leaders across the French political spectrum.

“The anti-Semitic insults targeting him are the complete negation of who we are and what makes us a great nation,” Mr. Macron said in a tweet. “We will not tolerate them.”

ANTI-SEMITIC GRAFFITI SPRAYED ON PARIS BAGEL SHOP COMPARED TO SIMILAR ACTS IN NAZI GERMANY

The Paris prosecutor’s office opened an investigation into the incident.

Yellow vest protesters walk through tear gas during a demonstration Saturday, Feb.16, 2019 in Paris.

Yellow vest protesters walk through tear gas during a demonstration Saturday, Feb.16, 2019 in Paris. (AP Photo/Thibault Camus)

Since the yellow vests, or gilets jaunes, took to the streets in November, a dark undercurrent of violence, conspiracy theories and, at times, outright racism has flourished at the margins of the movement. French police have arrested thousands of rioters and looters; dozens have been charged with assaulting police.

FRENCH GOVERNMENT SOUNDS ALARM OVER RISING ANTI-SEMITIC ACTS

Concerns about anti-Semitism mounted after the previous weekend’s protests. Someone spray painted “Juden” on a Bagelstein, a French chain of bagel restaurants. A Nazi swastika was also spray painted on a portrait of Simone Veil, a French Auschwitz survivor who became president of the European Parliament.

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Last week, the government said anti-Semitic incidents in France rose 74% in 2018 compared with the previous year. “Anti-Semitism is spreading like a poison,” said Interior Minister Christophe Castaner.

“You can’t reasonably link that to the gilets jaunes,” Benjamin Griveaux, the French government spokesman, said on Saturday. “But suffice it to say that inside these protests, as a minority, there are elements from the extreme left or extreme right who are anti-Semitic.”

Click here for more from The Wall Street Journal.

Source: Fox News World

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

April 26, 2019

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

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

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

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

Source: OANN

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

April 26, 2019

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

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

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

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

Source: OANN

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Associated Press contributed to this report.

Source: Fox News World

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Logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro
FILE PHOTO: A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes

April 26, 2019

(Reuters) – Exxon Mobil Corp on Friday reported first-quarter profit fell sharply on lower oil and gas prices and weakness in its refining and chemicals businesses that offset modest production gains.

The largest U.S. oil producer’s first quarter earnings fell to $2.35 billion, or 55 cents a share, from $4.65 billion, or $1.09 a share, a year ago.

Analysts had expected Exxon to earn 70 cents per share, according to Refinitiv Eikon estimates.

Shares were trading down about 2.7 percent in premarket trading on Friday.

Exxon’s oil equivalent production rose 2 percent to 4 million barrels per day, up from 3.9 million bpd in the same period the year prior. The company said its output in the Permian Basin, the largest U.S. shale basin, rose 140 percent over a year ago.

(Reporting by Jennifer Hiller; Editing by Chizu Nomiyama)

Source: OANN

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The Washington Post’s media critic went into meltdown after White House Press Secretary Sarah Sanders held a mock press briefing for the children of White House journalists and employees on Take Your Daughters and Sons to Work Day.

Erik Wemple, the newspaper’s chief media critic, slammed Sanders and the White House for organizing a fun day on Thursday for junior would-be journalists, while not holding an actual press conference for the record number of days.

WHITE HOUSE STAFF TO SKIP CORRESPONDENTS’ DINNER AFTER LAST YEAR’S CONTROVERSY

Wemple wrote that Sanders gave to children an important lesson of “the centrality of nonaccountability mechanisms in the affairs of state” after she announced that the mock press briefing was “off the record.”

“When the children head home tonight, perhaps they can pull up archival footage to see how their questions stack up against ye olde press briefings,” he added.

“Accordingly, Sanders was doing more than just providing a fun interlude for the kids; she was headlining a reenactment, anchoring a bona fide historical site.”

— Erik Wemple

“Tuesday, after all, marked a record for number of days without a White House press briefing. Accordingly, Sanders was doing more than just providing a fun interlude for the kids; she was headlining a reenactment, anchoring a bona fide historical site.”

While some correspondents praised the White House for doing “a lot of work to welcome the children and provide “them an excellent experience,” other journalists echoed Wemple’s criticism and pointed out that Sanders hasn’t held a press briefing in over 40 days.

“Kids of WH Press Corps members are getting ready for a briefing with  @PressSec. Their parents have not had one in 45 days,” tweeted CBS News’ White House Correspondent Weijia Jiang.

REPORTER SHOUTS AT SARAH SANDERS AFTER BRIEFING: ‘DO YOUR JOB, SARAH!’

“The irony of it is that they’re pretending that the White House press briefing is a thing, and they’re pretending that this is how the White House operates, but this is not at all how the White House operates … It’s a relic of an earlier time,” another correspondent quoted by the Post said.

“The irony of it is that they’re pretending that the White House press briefing is a thing, and they’re pretending that this is how the White House operates, but this is not at all how the White House operates … It’s a relic of an earlier time.”

— a White HOuse Correspondent

The Post struck a different tune in a column earlier this year, which declared that despite the administration’s criticism of the media, President Trump was “extremely accessible.”

Wemple quoted Martha Joynt Kumar, director of the White House Transition Project, who said that Trump held 338 “short question-and-answer” sessions over his time in office, significantly more than 75 such sessions by former President Barack Obama during his first full two years in office.

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In terms of total instances of access to the media, which include interviews, short sessions, and news conferences, Trump was accessible least 577 times in his first two years in office.

Source: Fox News Politics

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