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Iran announces another navy drill in key Strait of Hormuz

Iran's navy says it will hold an annual drill in the strategic Strait of Hormuz as pressure mounts on the country months after the United States re-imposed sanctions on Iran, targeting its vital oil sector.

The strait is located at the mouth of the Persian Gulf and is crucial to global energy supplies, with about a third of all oil traded at sea passing through it.

Iranian Adm. Hossein Khanzadi told state TV on Thursday the 3-day maneuvers will start on Friday and extend as far as the Sea of Oman and the fringes of the Indian Ocean.

He said submarines, warships, helicopters and surveillance planes will participate in the drill, dubbed as "Velayat-97." The exercise will include missile launches from the vessels.

Iran regularly holds maneuvers in the strait.

Source: Fox News World

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Keep calm and carry on? We’re struggling, say German firms in UK

Storm clouds are seen above Canary Wharf financial district in London
Storm clouds are seen above the Canary Wharf financial district in London, Britain, August 3, 2010. REUTERS/Greg Bos/File Photo

March 28, 2019

BERLIN (Reuters) – Almost half of German firms doing business in Britain are unprepared for Brexit because they don’t know what form Britain’s planned departure from the European Union will take, a survey showed on Thursday.

British Prime Minister Theresa May failed to sway hardline opponents of her EU divorce deal on Wednesday with an offer to quit, but parliament’s bid to agree an alternative fell short, leaving the Brexit process as deadlocked as ever.

“Our motto, ‘stay cool, calm and collected’ is being sorely tested at the moment,” Michael Schmidt, president of the British Chamber of Commerce in Germany (BCCG), told reporters in Berlin.

A BCCG poll of 101 German firms doing business in Britain, and British companies with activity in Germany, showed 47 percent were unprepared for Brexit.

“That’s scary, certainly. It reflects the uncertainties because today all scenarios are still on the table, which is difficult for companies to prepare for,” said Andreas Glunz, managing partner at KPMG, which conducted the survey with BCCG.

In the event of a no-deal Brexit, 13 percent of the surveyed firms planned to relocate operations from Britain to Germany. A further 10 percent planned to shift business to other countries in continental Europe.

(Writing by Paul Carrel; Editing by Catherine Evans)

Source: OANN

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French retailer Casino sells assets to Apollo Global

FILE PHOTO: A logo of French retailer Casino is pictured outside a Casino supermarket in Nantes
FILE PHOTO: A logo of French retailer Casino is pictured outside a Casino supermarket in Nantes, France, July 20, 2017. REUTERS/Stephane Mahe/File Photo

April 22, 2019

PARIS (Reuters) – French retailer Casino said on Monday it agreed to sell a portfolio of 12 Casino hypermarkets and 20 supermarkets to U.S. asset management firm Apollo Global Management in a deal worth up to 470 million euros ($529.03 million).

Casino said the proposed transaction was to take place by the end of July, with 80 percent of the value of the assets expected to be paid for by then.

The company is in the process of selling assets in order to help cut its debts and ease concerns over the financial position of both Casino and its parent holding company Rallye.

Along with domestic peers such as Carrefour and Auchan, Casino faces intense price competition in its home market as well as challenges from online players such as Amazon.

Last month Casino raised its goal for the disposal of non-strategic assets to at least 2.5 billion euros by the first quarter of 2020.

(Reporting by Matthias Blamont, editing by Louise Heavens)

Source: OANN

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Lockheed unveils new F-21 fighter jet configured for India

FILE PHOTO - Trade visitors are seen walking over a road crossing covered with Lockheed Martin branding at Farnborough International Airshow in Farnborough, Britain
FILE PHOTO - Trade visitors are seen walking over a road crossing covered with Lockheed Martin branding at Farnborough International Airshow in Farnborough, Britain, July 17, 2018. REUTERS/Toby Melville/File Photo

February 20, 2019

NEW DELHI (Reuters) – Lockheed Martin offered India a new combat jet, F-21, on Wednesday to be made locally, in a bid to win a large military order worth over $15 billion.

The U.S. defence firm had earlier offered its F-16 fighter used by countries around the world for the Indian air force’s ongoing competition for 114 planes to be made in India.

But Lockheed, unveiling the plan at an airshow in the southern city of Bengaluru, said it was offering India a new plane configured for its needs.

“The F-21 is different, inside and out,” Vivek Lall, vice president of Strategy and Business Development for Lockheed Martin Aeronautics, said in a statement.

The company will build the plane in collaboration with Tata Advanced Systems, the firm said.

Lockheed is competing with Boeing’s F/A-18, Saab’s Gripen, Dassault Aviation’s Rafale, the Eurofighter Typhoon and a Russian aircraft for the air force order.

(Reporting by Sanjeev Miglani; Editing by Muralikumar Anantharaman)

Source: OANN

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Principal Financial to buy Wells Fargo’s retirement unit for $1.2 billion

FILE PHOTO: A Wells Fargo ATM machine in Los Angeles California
FILE PHOTO: A Wells Fargo ATM machine is shown in Los Angeles, California, U.S., October 19, 2018. REUTERS/Mike Blake/File Photo

April 9, 2019

(Reuters) – Top U.S. retirement plan administrator Principal Financial Group said on Tuesday it would buy Wells Fargo & Co’s retirement plan services business for $1.2 billion, as it seeks a larger presence in markets serving mid-sized companies.

The agreement includes an earnout of up to $150 million tied to better-than-expected revenue retention, payable two years after closing, likely in the third quarter, Principal Financial said.

“Principal will gain a strong foothold with mid-sized employers as more than two-thirds of Wells Fargo’s institutional retirement assets are in plans ranging from $10 million to $1 billion,” the company said. https://reut.rs/2uRbzQ2

The deal will be financed with cash and debt and will add to net income and adjusted earnings per share in 2020, Principal Financial said.

Wells Fargo has been looking to trim its business ever since it came under regulatory scrutiny following a sales practice scandal. In 2018, the Federal Reserve slapped it with an unprecedented asset cap, citing “widespread consumer abuses and compliance breakdowns”.

The bank is scheduled to announce its first-quarter results on Friday.

Lazard is the financial adviser to Principal, while Debevoise & Plimpton provided legal counsel.

(Reporting By Aparajita Saxena in Bengaluru; Editing by Anil D’Silva and Sriraj Kalluvila)

Source: OANN

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Iran’s parliament labels entire US army as terrorist

Iran's lawmakers have overwhelmingly approved a bill labeling U.S. forces in the Middle East as terrorist, a day after the U.S. terrorism designation for Iran's Revolutionary Guard formally took effect.

State TV says Defense Minister Gen. Amir Hatami introduced the bill authorizing the government to act firmly in response to "terrorist actions" by U.S. forces. It demands authorities use "legal, political and diplomatic" measures to neutralize the American move, without elaborating.

The report said 204 lawmakers approved the bill, out of 207 present at Tuesday's session in the 290-seat chamber. Two lawmakers voted against the bill and one abstained.

The Guard's designation — the first-ever for an entire division of another government — adds another layer of sanctions to the powerful paramilitary force.

Source: Fox News National

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American Airline pilots expect to test 737 MAX software fix in Boeing simulator

FILE PHOTO: An aerial photo shows Boeing 737 MAX airplanes parked at the Boeing Factory in Renton
FILE PHOTO: An aerial photo shows Boeing 737 MAX airplanes parked at the Boeing Factory in Renton, Washington, U.S. March 21, 2019. REUTERS/Lindsey Wasson

March 22, 2019

By Tracy Rucinski

CHICAGO (Reuters) – American Airlines Group Inc pilots expect to test Boeing Co’s 737 MAX software fix on the U.S. manufacturer’s simulators this weekend, officials from the pilots’ union told Reuters on Thursday, a key step in restoring pilots’ confidence in the aircraft after two fatal crashes.

Boeing has been working on a software upgrade for an anti-stall system and pilot displays on its fastest-selling jetliner in the wake of the deadly Lion Air crash in Indonesia in October.

Similarities between the flight path in the Lion Air incident and a fatal Ethiopian Airlines crash on March 10 have raised fresh questions about the system, and pilots want assurances that the update is solid. The two crashes killed everyone aboard both planes, a total of 346 people.

American is the second largest U.S. operator of the MAX, behind Southwest Airlines. United Airlines is the third U.S. carrier to operate the MAX.

“This airplane can be a safe airplane, and there have been great strides on getting a fix in the works, but I’ll have a better feel after we can test it out,” said Mike Michaelis, safety committee chairman of the Allied Pilots Association, or APA, which represent American Airline pilots.

Michaelis said one APA pilot and one pilot from American’s management team would test the software fix in Renton, Washington, where Boeing builds the MAX and has two simulators.

Boeing declined to comment.

The MAX jets were grounded worldwide in the wake of the Ethiopian crash. For the aircraft to fly in the United States again, the Federal Aviation Administration must approve the planned software fix and new training, which pilots must complete.

Boeing also plans to offer as standard a safety feature that might have warned earlier of problems that possibly played a role in the two crashes.

As for training, Boeing has proposed new computer-based training on the software update, followed by a mandatory test.

Jon Weaks, head of Southwest Airline’s pilots’ union, told members on Wednesday that the FAA-mandated training should be enhanced.

MAX simulator training is not required, partly because not many simulators exist.

Southwest and American, which operate 34 and 24 MAX jets, respectively, have said they expect to receive MAX simulators later this year.

Canada’s CAE Inc, the main simulator producer, said it has delivered nine of the simulators, which are now in high demand by airlines but take about a year to build. CAE expects to deliver 20 more in 2019.

“For now we want to get our safety experts in these unicorn simulators to show us what the software fix does,” said Dennis Tajer, a spokesman for the American Airlines pilot union and a 737 pilot. “When it comes to safely issues, it has to be a full-course meal, nothing a la carte.”

(Reporting by Tracy Rucinski; additional reporting by Allison Lampert in Montreal and Eric M. Johnson in Seattle; editing by Leslie Adler)

Source: OANN

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A Chinese woman adjusts a Chinese national flag next to U.S. national flags before a Strategic Dialogue expanded meeting, part of the U.S.-China Strategic and Economic Dialogue (S&ED) in Beijing
A Chinese woman adjusts a Chinese national flag next to U.S. national flags before a Strategic Dialogue expanded meeting, part of the U.S.-China Strategic and Economic Dialogue (S&ED) held at the Diaoyutai State Guesthouse in Beijing, July 10, 2014. REUTERS/Ng Han Guan/Pool (CHINA – Tags: POLITICS BUSINESS)

April 26, 2019

By April Joyner

NEW YORK (Reuters) – Even as the lift from optimism over prospects for U.S.-China trade detente shows signs of wearing off for the wider U.S. stock market, upbeat sentiment around China’s economy could bolster shares of materials companies.

Shares of S&P 500 industrial and technology companies, which were buffeted by last year’s tit-for-tat tariffs as well as slowing global demand, have been very responsive to progress in U.S.-China trade relations and a strengthening Chinese economy. This year, those sectors have outpaced the ascent in the S&P 500, which reached a record closing high on Tuesday.

Materials stocks have not been as sensitive, however, even though they also stand to benefit as a stronger Chinese economy lifts global consumption and industrial output. As China has taken measures to stimulate its economy, its economic data have turned more upbeat. That in turn could aid global growth, which has flagged as a result of China’s cooldown.

“What we’re seeing is China spending more on stimulus: fiscal stimulus and monetary stimulus,” said Kristina Hooper, chief global market strategist at Invesco in New York. “That’s likely to be a positive for materials.”

The People’s Bank of China has cut banks’ reserve requirement ratio five times over the past year and is widely expected to ease policy further to spur lending and reduce borrowing costs. The stimulus appears to have boosted Chinese economic data, with factory activity growing in March for the first time in four months.

Yet so far in 2019, the S&P 500 materials index has underperformed the S&P 500 at large, rising just 11.9% compared with 16.7% for the benchmark index. Moreover, it is among the biggest decliners in the period since the S&P’s previous record closing level on Sept. 20. The materials index has fallen 7% over those seven months, versus a 5.2% gain for technology and a 3% loss for industrials. Only the energy index has dropped more over that period.

A trade agreement could serve as a catalyst for a bump in materials shares as a drag on China’s economy is lifted, some market strategists say. Some commodity prices, including those for copper and oil, have ascended this year as the prospects for the global economy have somewhat brightened.

“It all goes back to the global growth outlook,” said Andrea DiCenso, portfolio manager for alpha strategies at Loomis Sayles in Boston. “With the front run in hard data, we’re beginning to see a pretty significant rally.”

Additionally, a trade agreement is expected to include commitments from China to purchase higher quantities of U.S. products such as soybeans, which could benefit companies that make agricultural chemicals, including DowDuPont Inc and CF Industries Holdings Inc.

CF Industries is scheduled to report quarterly results after the bell on Wednesday, and DowDuPont is scheduled to report before the market open on Thursday.

To be sure, even with a trade agreement, some materials companies could face price pressures. Shares of Freeport-McMoRan Inc fell 10.1% on Thursday after the copper mining company posted a lower-than-expected profit as its production slipped and its costs rose.

A rollback of tariffs on Chinese imports, particularly aluminum and steel, would likely prompt a fall in some commodity prices, which could hurt prospects for certain materials companies, said Gene Goldman, chief investment officer at Cetera Investment Management in El Segundo, California.

Even so, those drawbacks may be outweighed by the support for global demand fostered by a U.S.-China trade agreement.

“You could see a number of companies with lowered expectations bring them back up as they talk favorably about the impact that a trade deal would have on them,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

(Reporting by April Joyner; additional reporting by Sinéad Carew; editing by Jonathan Oatis)

Source: OANN

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Cyprus police on Friday widened their search for more victims of a suspected serial killer after the 35-year-old national guard captain told investigators he killed four more people that he previously admitted to on the small Mediterranean nation.

The count now has climbed to seven.

CYPRUS FEARS POSSIBLE SERIAL KILLER AFTER BODIES OF TWO WOMEN ARE DISCOVERED IN MINESHAFT

Authorities said they are focusing on a military firing range, a man-made lake and an abandoned mine about 20 miles west of the capital Nicosia.

Cypriot President Nicos Anastasiades expressed “deep sorrow and concern” at the slayings and said he shared the public’s revulsion at “murders that appear to have selectively targeted foreign women who are in our country to work.”

“Such instincts are contrary to our culture’s traditions and values,” he said in a statement from China, where he was on an official visit. He urged calm so police can complete their investigation.

The scale of the alleged crimes by a Cypriot National Guard captain has horrified the small nation of over a million people, where multiple killings are rare. Five British law enforcement officials — including a coroner, a psychiatrist and investigators who specialize in multiple homicides — have been dispatched to help with the investigation.

On Thursday, the 35-year-old suspect, who can’t yet be named because he hasn’t been formally charged, told investigators that he had killed four more people than he had previously admitted to. Police said the suspect will appear in court Saturday for another custody hearing.

Cypriot investigators and police officers search a flooded mineshaft where two female bodies were found, outside of Mitsero village, near the capital Nicosia, Cyprus, Monday, April 22, 2019. Police on the east Mediterranean island nation, along with the help of the fire service, are conducting the search Monday in the wake of last week's discovery of the bodies in the abandoned mineshaft and the disappearance of the six-year-old daughter of one of the victims. 

Cypriot investigators and police officers search a flooded mineshaft where two female bodies were found, outside of Mitsero village, near the capital Nicosia, Cyprus, Monday, April 22, 2019. Police on the east Mediterranean island nation, along with the help of the fire service, are conducting the search Monday in the wake of last week’s discovery of the bodies in the abandoned mineshaft and the disappearance of the six-year-old daughter of one of the victims.  (AP)

The victims — all foreigners— include Marry Rose Tiburcio, 38, from the Philippines, whose bound body was found April 14 in a flooded mineshaft. She and her six-year-old daughter had been missing since May of last year.

The girl remains missing and authorities believe she was also slain by the suspect. Divers have entered the reservoir to search for her but have not found her body yet.

CYPRUS: GROUND NOT YET READY FOR PEACE TALKS RESUMPTION 

Authorities tracked down the officer last week by scouring Tiburcio’s online messages.

Six days later, police discovered another body April 20 in the same mineshaft, identified by Cypriot media as 28-year-old Arian Palanas Lozano, also from the Philippines.

A third alleged victim, also of Filipino descent, is 31-year-old Maricar Valtez Arquiola, who had been missing since December 2017. The suspect initially denied killing Arquiola but reversed himself after a court hearing Thursday, a police official said.

The suspect on Thursday also pointed investigators to a military firing range, where they discovered another unidentified body, which according to the suspect belongs to a woman of either Nepalese or Indian descent.

SERIAL KILLER WHO MAY HAVE COMMITTED 90 MURDERS IS LINKED TO YET ANOTHER KILLING 

Cypriot police are also looking for a Romanian mother and daughter. Cypriot media identified them as Livia Florentina Bunea, 36, and eight-year-old Elena Natalia Bunea, who are believed to have been missing since September 2016.

The man-made lake remains off-limits to a manned search because of high levels of toxic heavy metals from the copper pyrite mine, Fire Service Chief Marcos Trangolas said, adding that authorities will use other means to scour the lake.

Chief of Cypriot police Zacharias Chrysostomou, center, walks with Cypriot investigators and police officers at a flooded mineshaft where two female bodies were found, outside of Mitsero village, near the capital Nicosia, Cyprus, Monday, April 22, 2019.

Chief of Cypriot police Zacharias Chrysostomou, center, walks with Cypriot investigators and police officers at a flooded mineshaft where two female bodies were found, outside of Mitsero village, near the capital Nicosia, Cyprus, Monday, April 22, 2019. (AP Photo/Petros Karadjias)

Cyprus police have faced criticism from immigrant activists who said they didn’t act fast enough to investigate the whereabouts of some of the victims, many of them domestic workers. The island nation has 80 unsolved missing persons cases, going back to 1990.

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Police chief Zacharias Chrysostomou said a three-member panel has been assigned to probe whether police followed all the correct protocol in recent missing persons cases.

According to the state-run Cyprus News Agency, an investigator had told the court at an earlier hearing that the suspect admitted to killing one woman he met online after having sex with her.

The Associated Press contributed to this report. 

Source: Fox News World

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Venezuelan opposition lawmaker Gilber Caro is seen delivering a speech at a forum on human rights in Caracas
Venezuelan opposition lawmaker Gilber Caro is seen delivering a speech at a forum on human rights in Caracas, Venezuela June 12, 2018 in this still image taken from a video. REUTERS TV/ via REUTERS

April 26, 2019

CARACAS (Reuters) – Venezuela’s opposition-run National Assembly said on Friday that opposition lawmaker Gilber Caro was detained, which it described in a Twitter post as a violation of diplomatic immunity.

Caro had previously spend a year and a half in jail, before being freed in June 2018. The arrest comes as Juan Guaido, the National Assembly’s leader, mounts a challenge to President Nicolas Maduro, arguing his 2018 re-election was illegitimate. Guaido in January invoked the country’s constitution to assume an interim presidency.

(Reporting by Caracas newsroom; Editing by Chizu Nomiyama)

Source: OANN

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FILE PHOTO: Customers shop in a Sainsbury's store in Redhill
FILE PHOTO: Customers shop in a Sainsbury’s store in Redhill, Britain, March 27, 2018. REUTERS/Peter Nicholls/File Photo

April 26, 2019

By James Davey

LONDON (Reuters) – With Sainsbury’s dream of creating Britain’s biggest supermarket group in tatters, its chastened CEO Mike Coupe needs to reassure investors he has the plan to arrest a sales decline when he presents annual results next week.

Britain’s competition regulator blocked Sainsbury’s 7.3 billion pound ($9.4 billion) takeover of Walmart’s Asda on Thursday, saying the deal would increase prices. Sainsbury’s shares fell 5 percent and are down 22 percent over the last three months.

For Sainsbury’s fourth quarter to March 9 analysts are on average forecasting a 1.6 percent fall in like-for-like sales, which would follow 1.1 percent decline over the Christmas period.

Monthly industry data from researcher Kantar has also shown Sainsbury’s as the weakest performer of the big four grocers this year and this month it lost its status as Britain’s No. 2 supermarket group by market share to Asda.

While Sainsbury’s has struggled, market leader Tesco has gained momentum, this month reporting a 34 percent jump in full year profit.

Prohibition of the deal was a major blow to Coupe, its architect and Sainsbury’s boss since 2014.

Martin Scicluna became Sainsbury’s chairman last month and when bedded-in may decide that if the group needs a major shake-up it is best carried out by a new leader.

Much will depend on the attitude of 22 percent shareholder the Qatar Investment Authority, which has so far declined to comment, as well as Coupe’s own appetite to continue after 15 years at the group.

THE RIGHT STRATEGY?

Coupe said on Thursday he was confident Sainsbury’s was pursuing the right strategy.

That was a clear indication that Wednesday’s results statement will not include radical changes to the group’s plans, such as a big margin reset — sacrificing profit to drive sales.

However, sources connected to Sainsbury’s said Coupe would likely acknowledge that more needs to be done on prices, so the supermarket business can better compete with its big four rivals – Tesco, Asda and No. 4 Morrisons – as well as German-owned discounters Aldi and Lidl.

Coupe’s strategy is based on differentiating Sainsbury’s food offer, growing its general merchandise, clothing business and bank, while investing in convenience and online channels.

Some analysts believe major change is needed.

HSBC analyst David McCarthy reckons Sainsbury’s needs a margin reset, should allocate more space for core lines and needs to drive better store standards. He said Sainsbury’s might consider closing down space in some of its larger stores and reducing its non-food offer.

For the full 2018-19 year analysts are on average forecasting a pretax profit of 626 million pounds, up from 589 million pounds in 2017-18 – a second straight year of profit growth. A full year dividend of 10.5 pence per share is forecast versus 10.2 pence last time.

Bank and lawyer fees related to the proposed combination with Asda were 17 million pounds in the first half and have reportedly jumped to around 50 million pounds.

(Reporting by James Davey; Editing by Keith Weir)

Source: OANN

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Arizona Gov. Doug Ducey rejected demands from a secular group to remove posts on social media where he sent Easter greetings and cited a Bible verse, offering to provide copies of the Constitution to his critics.

Ducey, who’s a practicing Catholic, has been bombarded with calls from Secular Communities for Arizona to remove the post, which included a cross, a Bible verse, and the phrase, “He is risen.”

ARIZONA’S GOP GOVERNOR WAGING WAR AGAINST OCCUPATIONAL LICENSING LAWS

The group argued the posts crossed a line into government sponsorship of religious messages and was unconstitutional.

The governor fired back at the group, saying in a tweet that he will never remove the posts or other religious ones.

“We won’t be removing this post. Ever. Nor will we be removing our posts for Christmas, Hanukkah, Rosh Hashanah, Palm Sunday, Passover or any other religious holiday,” he tweeted. “We support the First Amendment, and are happy to provide copies of the Constitution to anyone who hasn’t read it.”

Dianne Post, an attorney for the secular group, told the Arizona Republic “elected officials should not use their government position and government property to promote their religious views.”

LICENSE REQUIRED TO REPAIR DOORS? REGS SPARK HEATED DEBATE IN ARIZONA

She added the courts have repeatedly “struck down symbolism that unites government with religion,” adding that Ducey’s office must “represent and protect the rights of all residents of Arizona, including those who do not believe in a monotheistic God or any gods at all.”

Many congratulated Ducey for not backing down amid the pressure, though some Facebook users sided with the secular group and criticized the governor on his original post.

“Why do you use a government platform to bring up your personal religion?” asked one person. “Are there no citizens in your jurisdiction that believe differently from you?”

Another stipulated that the post was somewhat discriminatory. “Great sensitivity, Doug. That’s the last time this Jew votes for you,” one person wrote.

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Ducey wished in a statement Arizonans last week a “blessed and joyful Easter and Passover weekend.”

The Associated Press contributed to this report.

Source: Fox News Politics

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