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PG&E faces new probation terms aimed at cutting wildfire risk

FILE PHOTO: Pacific Gas and Electric (PG&E) trucks are seen parked on a road between homes destroyed by the Tubbs Fire in Santa Rosa, California
FILE PHOTO: Pacific Gas and Electric (PG&E) trucks are seen parked on a road between homes destroyed by the Tubbs Fire in Santa Rosa, California, U.S., October 11, 2017. REUTERS/Stephen Lam

April 2, 2019

NEW YORK (Reuters) – A U.S. judge on Tuesday imposed new criminal probation terms on PG&E Corp aimed at reducing the risk that the bankrupt power producer’s equipment will spark more destructive wildfires.

U.S. District Court Judge William Alsup of the Northern District of California at a hearing barred PG&E from reissuing dividends so funds can be used to cut wildfire risk.

The probation stems from the company’s felony conviction in a deadly 2010 natural gas pipeline blast in San Bruno, California, near San Francisco, that killed eight people and injured 58 others.

PG&E filed for bankruptcy protection on Jan. 29 in anticipation of liabilities from wildfires, including a catastrophic 2018 blaze, the Camp Fire. It killed 86 people in the deadliest and most destructive wildfire in California history.

At a Jan. 30 hearing, Alsup, who is overseeing the company’s probation, had said he would consider imposing additional probation terms in the aftermath of Camp Fire. San Francisco-based PG&E expects its equipment will traced as a source of the blaze.

The probation process is separate from PG&E’s bankruptcy.

(Reporting by Jim Christie; Editing by Nick Zieminski in New York)

Source: OANN

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Trump to hold event Friday on 5G, rural broadband: White House

FILE PHOTO: U.S. President Trump welcomes South Korea’s President Moon to the White House in Washington
FILE PHOTO: U.S. President Donald Trump listens to questions as he and first lady Melania Trump meet with South Korea’s President Moon Jae-in and his wife Kim Jung-sook in the Oval Office at the White House in Washington, U.S., April 11, 2019. REUTERS/Carlos Barria

April 11, 2019

By David Shepardson

WASHINGTON (Reuters) – U.S. President Donald Trump is set to hold a White House event on Friday with the country’s top communications regulator on next-generation 5G wireless networks and efforts to boost rural broadband internet access.

A White House spokesman confirmed that Federal Communications Commission Chairman Ajit Pai and Trump would deliver remarks on 5G deployment. Pai is expected to announce additional funds to help rural areas that lack broadband get access to the high-speed service, officials briefed on the matter told Reuters.

The FCC did not immediately comment.

In August, Pai said over 700,000 rural homes and small businesses would gain first-ever high-speed internet service through the FCC’s Connect America Fund Phase II auction.

In February, Trump called on U.S. telecommunications companies to boost their work to build faster 5G wireless communications networks, saying they were lagging and at risk of being left behind other countries’ efforts.

“American companies must step up their efforts, or get left behind,” Trump wrote in a pair of tweets.

White House economic adviser Larry Kudlow reiterated last week that the administration opposed any effort to nationalize the U.S. 5G network and denied the United States was behind other nations in the 5G race.

“The private sector will figure things out far better than the government sector,” he said.

Verizon Communications Inc, AT&T Corp, Sprint Corp and T Mobile US Inc are beginning to deploy 5G service in U.S. cities and are working to extend their networks as 5G-compatible phones slowly become available.

The Trump administration has been seeking ways to speed the deployment of faster wireless communications systems that could help a number of industries. Last year, the FCC moved to eliminate regulatory barriers to 5G deployment by capping local fees and requiring faster application reviews.

The Republican president’s administration has also been warning other countries against adopting 5G systems from Chinese telecommunications company Huawei Technologies Co Ltd, citing security concerns.

For more than a year, the White House has been mulling an executive order that would direct the Commerce Department to block U.S. companies from buying equipment from foreign telecommunications makers that pose significant national security risks, Reuters reported in December.

The FCC since March 2018 has also been considering rules to bar the use of funds from a government program to purchase equipment or services from companies that pose a security threat to U.S. communications networks.

No action on either one of the proposals is expected on Friday.

(Reporting by David Shepardson; Editing by Peter Cooney)

Source: OANN

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Yemenis bury children killed in Hajjah air strikes

Mourners carry a coffin during a funeral of people killed by an air strike last week in the northwestern province of Hajja, in Sanaa
Mourners carry a coffin during a funeral of people killed by an air strike last week in the northwestern province of Hajja, in Sanaa, Yemen March 14, 2019. REUTERS/Mohamed al-Sayaghi

March 14, 2019

By Abdulrahman Al-Ansi

SANAA (Reuters) – Hundreds of mourners in northern Yemen on Thursday buried 17 civilians, including nine children, killed in air strikes last week as Western pressure increased on the warring parties to end the devastating four-year war.

A Saudi-led coalition backing the internationally recognized government has been providing air support to tribes in Hajjah province battling the Iran-backed Houthi group. Last week, air strikes on Kushar district killed 10 women and 12 children and wounded 30 people, including 14 under the age of 18.

The coalition blamed the deaths on shelling by Houthi fighters that struck the houses of tribesmen.

Many of those killed and wounded were transported to the Houthi-held capital Sanaa. On Thursday, mourners carried wooden coffins, painted green, to the Grand Mosque for prayers.

Eleven victims were from the same family, residents said.

A procession weaved through Sanaa’s dusty streets as Houthi activists with megaphones denounced the “Saudi aggression”. “Death to America, death to Israel!” the crowd chanted.

Tens of thousands of people have been killed in the conflict that pits the Houthis against the Saudi-backed government of Abd-Rabbu Mansour Hadi. The Sunni Muslim alliance intervened in the war in March 2015 in support of Hadi after his government was driven out of Sanaa by Houthi forces in late 2014.

Coalition leaders Saudi Arabia and the United Arab Emirates are under pressure from Western nations, some of which supply arms and intelligence to the alliance, to end a war that has pushed the poorest Arab state to the brink of famine.

HUNDREDS OF THOUSANDS DISPLACED

UNICEF said in a statement that since the beginning of March more than 37,000 people had been displaced within Hajjah province – around half of them children.

“The situation is difficult with the air strikes and the tank fire. Some people lost their children, houses were destroyed. We rescued whoever we could and we left the dead,” Mohammed Sagheer, one of the displaced, told Reuters.

The Norwegian Refugee Council (NRC) said fighting over the past six months has forced over 203,000 people to flee to safety in Hajjah, almost doubling the number of displaced people in the northern governorate to 420,000.

“Whilst the eyes of the world are on Hodeidah, air strikes and shells continue to rain down on civilians in other parts of Yemen, killing with impunity,” Nigel Tricks, NRC’s East Africa and Yemen Regional Director, said in a statement this week.

The warring sides reached a deal at U.N.-led peace talks last December, the first significant breakthrough in more than four years, for a ceasefire and troop withdrawal from the main port city of Hodeidah on the Red Sea.

The truce has largely held but the troop withdrawal has stalled due to deep mistrust among the parties, risking U.N. efforts to hold another round of talks to agree a framework for political negotiations to end the war.

The five permanent members of the U.N. Security Council said on Tuesday they were “extremely concerned” about the lack of progress and urged both sides to implement the pact.

The U.S. Senate on Wednesday approved a resolution seeking to end U.S. support for the coalition, in a strong message to Riyadh over the Yemen war and the murder of a Saudi journalist at the kingdom’s Istanbul consulate last year.

The conflict is widely seen in the region as a proxy war between Saudi Arabia and Iran. The Houthis deny they are puppets of Tehran and say their revolution is against corruption.

(Additional reporting by Reuters team in Yemen; Writing by Aziz El Yaakoubi; Editing by Ghaida Ghantous and Mark Heinrich)

Source: OANN

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ECB must rethink policy framework after failing to lift inflation: Rehn

FILE PHOTO: Finland's central bank governor Rehn in Helsinki
FILE PHOTO: Finland's central bank governor Olli Rehn speaks during an interview in Helsinki, Finland July 17, 2018. REUTERS/Ints Kalnins/File Photo

March 15, 2019

FRANKFURT (Reuters) – The European Central Bank needs to review how it conducts policy given its failure to lift inflation back to target despite years of extraordinary stimulus, Finnish central bank chief Olli Rehn said on Friday.

Economic fundamentals may have shifted in the post-crisis years, reducing the ECB’s ability to influence consumer prices and potentially damaging its credibility, said Rehn, who sits on the ECB’s rate-setting Governing Council.

With inflation well below the ECB’s target of almost 2 percent since 2013, the bank has provided unprecedented support via record low interest rates, 2.6 trillion euros worth of bond purchases and several rounds of ultra-cheap funding for banks. But this has nearly exhausted its policy arsenal, only for inflation to underperform its target year after year.

“The interdependence of economic activity and inflationary pressures seems to have weakened in recent years,” said Rehn, who is often mentioned by economists as a potential candidate to succeed ECB President Mario Draghi later this year.

“Should this phenomenon prove to be lasting, it would imply a weakening of the impact monetary policy exerts on inflation via aggregate demand,” he added.

Rehn noted that even as the ECB used unprecedented tools to raise inflation, the desired results did not materialize and expectations for price growth continued to sink, a worrisome phenomenon.

“One explanation for this is that… trust in central banks’ ability to influence the inflation rate may have eroded,” he added.

Adding to the case for a review, Rehn argued that interest rates may stay low for long, limiting the central bank’s ability to use interest rates as a policy tool and forcing it to rely on unconventional tools, which so far have failed to yield the desired effect.

“Naturally, this would not mean questioning the primary objective of price stability, but it would indeed entail a comprehensive review of the guiding principles, key assumptions and tools used for the implementation of monetary policy,” Rehn added.

While central banks around the world conduct periodic reviews of their policy framework, ECB chief economist Peter Praet recently said “now may not be the right time” for such a study.

With half of the ECB’s board and more than a third of its Governing Council due to be replaced this year, the ECB is undergoing its biggest change in years, with potential implications for policy.

(Reporting by Anne Kauranen; Writing by Balazs Koranyi; Editing by Hugh Lawson)

Source: OANN

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Erdogan airs mosque gunman video ahead visit by NZ minister

Turkey's president has again screened clips of a video taken by the Christchurch mosque gunman, a day before the foreign minister of New Zealand, which is trying to stop its use, is due to visit Turkey.

Erdogan broadcast the video at an election rally Thursday in Eskisehir, central Turkey, to criticize the Turkish opposition, which he claimed "did not see the big picture" and threats against Turkey.

Erdogan has sparked outrage abroad by showing the videos at election rallies. He also triggered tensions with Australia for comments suggesting that Australians and New Zealanders with anti-Muslim views could return home in coffins.

Australia said Thursday that progress had been made on mending ties after a spokesman for Erdogan said the president's words earlier this week were "taken out of context."

Source: Fox News World

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Co-op Bank report urges independent capital checks on banks

FILE PHOTO: A sign hangs outside of a branch of The Co-operative Bank in London
FILE PHOTO: A sign hangs outside of a branch of The Co-operative Bank in London, Britain, February 13, 2017. REUTERS/Hannah McKay/File Photo

March 27, 2019

By Huw Jones

LONDON (Reuters) – Banks’ capital levels should be externally checked to avoid the risk that lenders which run into trouble come close to collapse, an independent report into the near demise of Co-op Bank in 2013 said on Thursday.

The report from Mark Zelmer, a former Bank of Canada official, was commissioned by the Bank of England’s Prudential Regulation Authority to see what lessons regulators could learn from Co-op Bank, whose bondholders had to plug a 1.5 billion pound hole in its capital.

“The PRA should consider introducing more formal third-party reviews of key prudential information supplied by banking groups through their regulatory data returns,” Zelmer said.

This issue was also raised more recently when Metro Bank disclosed in January an accounting error in its capital calculations, forcing it to plan a 350 million pound cash call to bolster its capital reserves.

The Bank of England asked an accounting body in 2014 to look at how bank capital ratios could be audited, but a resulting discussion paper was not taken further.

A separate report in 2014 concluded the root of Co-op Bank’s problems lay in its 2009 takeover of the Britannia Building Society and poor management controls.

Zelmer has recommended improving how regulators consider a banking merger and to continually adapt stress tests.

There was a risk that if Britain experiences a lengthy benign economic environment, prudential oversight at the BoE could “fade into the background” in an institution heavily focused on the economy, Zelmer said.

“The PRA and BoE may wish to consider how they can best guard against this risk in the future,” Zelmer said.

Sam Woods, BoE Deputy Governor and CEO of the PRA, in response, said lessons from Co-op Bank would strengthen the PRA’s approach to prudential supervision.

RESOLUTION DOUBTS

Zelmer’s report also questioned the effectiveness of rules introduced globally since the financial crisis a decade ago to tackle failing banks and avoid taxpayer bailouts.

He said there was a question of whether the new rules aimed at making it easier to “resolve” or close mainly large, failing banks would be sufficient in times of stress.

“Indeed, I think the likelihood of such systemic situations involving smaller institutions may in fact be greater in the future.”

The rules aim to avoid a repeat of taxpayer bailouts during the financial crisis and force banks to issue debt that can absorb losses.

The PRA said its work continued on identifying further ways in which to maintain the effectiveness of resolution tools.

Zelmer said that between 2008 and 2013 the then Financial Services Authority was “busy fighting many fires on a number of fronts” during and after the global financial crisis.

The FSA approved the merger of Co-Op bank and Britannia, knowing there was a risk that more capital would be needed, Zelmer said.

“I believe the FSA acted reasonably in not intervening to halt the bid,” Zelmer said.

(The story refiles to fix typographical error in spelling of Zelmer in paragraph 11)

(Reporting by Huw Jones. Editing by Jane Merriman)

Source: OANN

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Top seed Thiem knocked out of Rio Open in first round

Tennis - Australian Open - Second Round
FILE PHOTO - Tennis - Australian Open - Second Round - Melbourne Park, Melbourne, Australia, January 17, 2019. Austria's Dominic Thiem in action during the match against Australia's Alexei Popyrin. REUTERS/Kim Kyung-Hoon

February 20, 2019

RIO DE JANEIRO (Reuters) – Top seed Dominic Thiem was knocked out the Rio Open in the first round on Tuesday, going down 6-3, 6-3 to Laslo Derje, a result that gave the unheralded Serbian his first victory over a top 10 player in his career.

The world ranked No. 90 broke Thiem’s serve five times in what was a surprisingly lackluster display from a man who has won eight ATP titles on clay.

Thiem served five double faults in a tournament he won in 2017.

“He played a bit worse than normally I think, to be honest,” Derje said. “But I had a great day. I felt the ball really well, hitting well from the baseline and then attacking well when it was time for that.”

“The biggest win in my career so I’m really happy right now.”

In another upset, third seed Marco Cecchinato was beaten 7-5, 7-6(1) by Slovenian Aljaz Bedene.

Cecchinato was on a high after winning the Argentina Open on Sunday but he never hit the same heights against the unseeded Bedene.

(Reporting by Andrew Downie; Editing by Amlan Chakraborty)

Source: OANN

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Avengers fans gather at the TCL Chinese Theatre in Hollywood to attend the opening screening of
Avengers fans gather at the TCL Chinese Theatre in Hollywood to attend the opening screening of “Avengers: Endgame” in Los Angeles, California, U.S., April 25, 2019. REUTERS/Mike Blake

April 26, 2019

LOS ANGELES (Reuters) – Marvel Studios superhero spectacle “Avengers: Endgame” hauled in a record $60 million at U.S. and Canadian box offices during its Thursday night debut, distributor Walt Disney Co said.

Global ticket sales for the film about Iron Man, Hulk and other popular characters reached $305 million for the first two days, Disney said.

(Reporting by Lisa Richwine; Editing by Chizu Nomiyama)

Source: OANN

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Funeral of journalist Lyra McKee in Belfast
Labour Party leader Jeremy Corbyn attends the funeral service for murdered journalist Lyra McKee at St Anne’s Cathedral in Belfast, Northern Ireland April 24, 2019. Brian Lawless/Pool via REUTERS

April 26, 2019

LONDON (Reuters) – The leader of Britain’s opposition Labour Party, Jeremy Corbyn, said on Friday he had turned down an invitation to a state dinner which will be part of U.S. President Donald Trump’s visit to Britain in June.

“Theresa May should not be rolling out the red carpet for a state visit to honor a president who rips up vital international treaties, backs climate change denial and uses racist and misogynist rhetoric,” Corbyn said in a statement.

He said maintaining the relationship with the United States did not require “the pomp and ceremony of a state visit” and he said he would welcome a meeting with Trump “to discuss all matters of interest.”

(Reporting by Andy Bruce; Writing by William Schomberg)

Source: OANN

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Libyan Minister of Economy Ali Abdulaziz Issawi speaks during an interview with Reuters in Tripoli
Libyan Minister of Economy Ali Abdulaziz Issawi speaks during an interview with Reuters in Tripoli, Libya April 25, 2019. REUTERS/Hani Amara

April 26, 2019

By Ulf Laessing

TRIPOLI (Reuters) – Libya’s U.N.-recognized government has budgeted up to 2 billion dinars ($1.43 billion) to cover costs of a three-week-old war for control of the capital, such as treatment for the wounded, to be funded without new borrowing, the economy minister said.

Ali Abdulaziz Issawi suggested the government hoped for business to continue more or less as usual despite the assault on Tripoli, in the country’s northwest, by forces tied to a parallel administration based in the eastern city of Benghazi.

Once Africa’s third largest producer of oil, Libya has been riven by factional conflict since the fall of Muammar Gaddafi in 2011, with the country now broadly split between eastern-based forces under Khalifa Haftar and the U.N.-backed government in Tripoli, in the west, under Prime Minister Fayez al-Serraj.

Still, with Haftar’s Libyan National Army forces unable so far to pierce defenses in Tripoli’s southern suburbs, normal life and business activities continue in much of the capital and western coastal towns.

Issawi, in an interview with Reuters in his Tripoli office, also said Libya’s commercial ports and wheat imports were still functioning normally, although some roads have been blocked.

He said the Serraj government estimates it will spend up to 2 billion dinars extra on medical treatment for wounded, aid for displaced people and other “emergency” war costs.

He said this was not military spending but analysts believe that the sum will also cover expenditures such as pay for allied armed groups or food for fighters.

“We could actually spend less,” he added, in comments that gave the first insight into the economic impact of the fighting.

Issawi said the Tripoli government, which controls little territory beyond the greater capital region, would not incur new debt to fund the war costs, sticking to a plan to post a 2019 budget without a deficit.

Tripoli derives revenue largely from oil and natural gas production, interest-free loans from local banks to the central bank, and a 183 percent surcharge on foreign exchange transactions conducted at official rates.

But with centralized tax collection greatly diminished, public debt has piled up – to 68 billion dinars in the west, including unpaid state obligations such as social insurance.

Some analysts expect Serraj’s government will be forced to raise new debt if the war for control of Tripoli drags on.

With much of Libya dominated by armed factions that also act as security forces, the public wage bill for both the western and eastern administrations has soared as fighters have been made public employees in efforts to buy their loyalty.

The east has sold bonds worth 35 billion dinars outside the official financial system as the Tripoli central bank does not fund the parallel government apart from some wages.

Despite its limited reach, the Tripoli government still runs an annual budget of around 46.8 billion dinars, mainly for public salaries and fuel subsidies.

“This year we cannot finance via debt…we will not borrow (by agreement with the central bank),” Issawi said.

According to International Monetary Fund data, Libya’s central government debt-to-GDP ratio is 143 percent, making it one of the most heavily indebted in the world on that measure.

Issawi declined to say what parts of the budget would be trimmed to support the extra outlay for war costs.

However, with some 70 percent of the budget allocated to public wages, fuel subsidies and other welfare benefits, a portion devoted to infrastructure is most likely to be axed.

Widespread lawlessness has meant there have been no major infrastructural projects since 2011, when a NATO-backed uprising overthrew dictator Muammar Gaddafi, leaving schools, hospitals and roads in acute need of restoration.

FOREX SURCHARGE

Issawi said the government planned to raise as much as 30 billion dinars by the end of 2019 from hard currency deals after imposing in September a 183 percent surcharge on commercial and private transactions done on the official rate of 1.4 to the U.S. dollar. That fee has effectively devalued the official rate to 3.9, much closer to the black market equivalent.

Some 17 billion dinars have been raised since then, with hard currency allocated for import credit letters now issued without delays, Issawi said. The forex fee has helped the government forecast a budget in the black for 2019.

Despite the narrowing spread between the two rates, the black market continues to thrive. Dozens of traders remained at their favorite spot behind the central bank headquarters in Tripoli when Reuters reporters visited it last week.

But traders said it could take time for the Serraj government to register the extra forex receipts as official banking channels were taking up to six months to approve import financing, keeping the black market in play for dealers.

Issawi said authorities planned to lower the forex fee from 183 percent, without saying when. The black market rate has dropped from 6 to around 4.1 since September but it has hardly moved of late as demand for black market cash remains high.

The Tripoli government has stopped subsidizing food and bread, which used to be cheaper than drinking water in Libya. Wheat imports are now being arranged by private traders and there are surplus stocks of flour at the moment, Issawi said.

(Reporting by Ulf Laessing in Tripoli with additional reporting by Karin Strohecker in London; Editing by Mark Heinrich)

Source: OANN

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Rep. Gerry Connolly, D-Va., threatened possible jail time for White House officials refusing to comply with subpoenas to testify before the House Oversight Committee.

Connolly, a member of the House panel, made his comments during an interview on CNN on Thursday. He said that “if a subpoena is issued and you’re told you must testify, we will back that up.”

He added: “And we will use any and all power in our command to make sure it’s backed up — whether that’s a contempt citation, whether that’s going to court and getting that citation enforced, whether it’s fines, whether it’s possible incarceration.”

“We will go to the max to enforce the constitutional role of the legislative branch of government.”

His comments came after three officials have refused to comply with congressional requests to testify, CNN noted.

Trump told The Washington Post that his staff should not testify on Capitol Hill, explaining that the White House cooperated fully with special counsel Robert Mueller and “there is no reason to go any further, especially in Congress where it’s very partisan.”

Source: NewsMax Politics

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“Outdated laws” need fixing to deal with the surge in illegal immigrant families crossing the U.S. border with Mexico, a top Border Patrol official said Friday.

Migrant families face no consequences if apprehended trying to cross the border illegally under present law, Border Patrol chief of Operations Brian Hastings claimed during an appearance on “Fox & Friends.”

“We need a change in the current outdated laws that we’re dealing with for this current demographic and this crisis that we have,” he said.

Hastings said as of Thursday there have been 440,000 apprehensions along the southwest border. There were 396,000 apprehensions all of last year.

SOUTHERN BORDER AT ‘BREAKING POINT’ AFTER MORE THAN 76,000 ILLEGAL IMMIGRANTS TRIED CROSSING IN FEBRUARY, OFFICIALS SAY

And those numbers continue to rise, he said.

Historically 70 to 90 percent of apprehensions at the border were quickly returned to Mexico, Hastings said.

Now, 83 percent of those apprehended have come from the Central American northern triangle which includes Guatemala, El Salvador, and Honduras, and of those 63 percent are “family units” and children who cannot be returned, he said.

“There are no consequences that we can apply to this group currently,” Hastings said. “We’re overwhelmed. If you look at agents there doing a tremendous job trying to deal with the flow.”

The law dictates children have to be released after 20 days of detention.

FLORIDA SHERIFF ON BORDER CRISIS AFTER MAJOR DRUG BUST: ‘IT MAKES ME ABSOLUTELY CRAZY’

Sen. Lindsey Graham, R-S.C., says that has forced immigration officials to release entire families because “you don’t want to separate families.”

Recently, he said he is drafting legislation that would allow children to be detained for more than 20 days.

Hastings said agents are frustrated with the situation but are doing the best they can with the resources they have.

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“Up to 40 percent of our agents are processing at any given time,” he said. “That should say that in and of itself is pulling from those border security resources.”

Source: Fox News National

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