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Tesla walks back its plan to close most showrooms

Tesla is walking back its plan to close most of its showrooms worldwide.

The company said Monday that it's still shifting to online sales, but it won't close as many stores as originally thought.

Tesla announced last month that it would shutter most of its stores to cut costs so it could make money on the $35,000 Model 3 electric car.

The $35,000 base Model 3 will still be available but the company will raise prices 3 percent on all other models.

Tesla now says it closed 10 percent of its stores, but a few of those will be reopened. Another 20 percent are being evaluated and some could stay open.

The company gave no numbers. It had 378 stores and service centers worldwide and about 100 U.S. stores.

Source: Fox News National

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NHL roundup: Vegas, St. Louis make playoffs despite losses

NHL: Minnesota Wild at Vegas Golden Knights
Mar 29, 2019; Las Vegas, NV, USA; Vegas Golden Knights right wing Alex Tuch (89) jumps out of the path of an incoming shot as Minnesota Wild goaltender Devan Dubnyk (40) makes a blocker save during the second period at T-Mobile Arena. Mandatory Credit: Stephen R. Sylvanie-USA TODAY Sports

March 30, 2019

Eric Staal had a goal and an assist, and Devan Dubnyk made 35 saves as the Minnesota Wild held on to edge the Vegas Golden Knights 3-2 on Friday night in Las Vegas.

Despite sustaining a fourth consecutive loss, Vegas still clinched a Stanley Cup playoff berth by virtue of Colorado’s 3-2 shootout victory over the Arizona Coyotes.

Kevin Fiala and Greg Pateryn also scored goals for Minnesota, which remained four points behind the Avalanche for the second Western Conference wild-card spot with four games remaining for both teams. Dubnyk, playing in his 65th game, a league high among goalies, hit the 30-win mark for the fourth straight season while improving to 4-0-1 all-time against the Golden Knights.

Paul Stastny scored both goals for Vegas while Malcolm Subban finished with 29 saves to lose for just the second time (13-2-1) in his career at T-Mobile Arena.

Rangers 4, Blues 2

Jimmy Vesey scored the tiebreaking goal early in the third period for New York, which stormed back from a two-goal, first-period deficit and briefly denied visiting St. Louis a chance to clinch a playoff spot.

The Blues later ended up earning a postseason berth when Colorado defeated Arizona.

Vesey scored on the rebound of a shot by Brett Howden to cap a chaotic sequence deep in the Blues’ zone. Howden had a point-blank shot and a backhanded attempt turned away by St. Louis goalie Jordan Binnington before Vesey swooped in and tucked over the leg of the sprawled-out Binnington at the 5:47 mark.

Avalanche 3, Coyotes 2 (SO)

Nathan MacKinnon matched a career high with his 39th goal and provided the lone score in the shootout as surging Colorado earned a key victory over Arizona in Denver.

The Avalanche seemed headed toward a 2-0 victory as time was winding down in the third period, but Oliver Ekman-Larsson took over for Arizona.

The star defenseman sent a wrister from the far board blue line past Colorado’s Philipp Grubauer to get the Coyotes within a goal with eight minutes left in regulation. Then, with goalie Darcy Kuemper on the bench and an extra skater on the ice, Ekman-Larsson struck from the left circle with 50.5 seconds remaining to tie the game, force overtime and eventually the shootout.

Flames 6, Ducks 1

Sean Monahan scored twice and added two assists as host Calgary scored six unanswered goals en route to a blowout win over Anaheim.

Calgary snapped a two-game losing skid. With one win in their remaining games, the Flames would win a conference title for the first time since the 1989-90 campaign.

Mark Giordano, Garnet Hathaway, James Neal and Derek Ryan also scored for Calgary. The game’s opening goal came from Ducks rookie Andy Welinski, the first of his NHL career.

Predators 3, Penguins 1

Nashville scored in each period, and Pekka Rinne made a season-high-tying 42 saves in a solid win at Pittsburgh.

Craig Smith and P.K. Subban each had a goal and an assist, and Viktor Arvidsson also scored for Nashville, which won its second in a row and tied Winnipeg for first place in the Central Division.

Nick Bjugstad scored a goal, and Matt Murray made 23 saves for Pittsburgh.

Red Wings 4, Devils 0

Dylan Larkin scored his team-high 31st goal and added an assist as host Detroit rolled to its fourth consecutive victory by silencing New Jersey.

Tyler Bertuzzi scored an empty-netter and assisted on two more goals. Danny DeKeyser and Andreas Athanasiou also scored for Detroit.

Jake Chelios, son of longtime Red Wings and Chicago defenseman Chris Chelios, made his NHL debut for Detroit. Chelios, 28, was an emergency call-up from the American Hockey League’s Grand Rapids Griffins due to injuries. He logged more than 17 minutes of ice time against the Devils.

–Field Level Media

Source: OANN

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Any move by Iran to close Strait of Hormuz unacceptable – senior U.S. official

Oil tankers pass through the Strait of Hormuz
Oil tankers pass through the Strait of Hormuz, December 21, 2018. REUTERS/Hamad I Mohammed

April 22, 2019

WASHINGTON (Reuters) – Any move by Iran to close the strategic Strait of Hormuz in response to the United States ending oil waivers for purchases of Iranian oil would be unjustified and unacceptable, a senior administration official said on Monday.

The official, who briefed a small group of reporters on condition of anonymity, said President Donald Trump is confident that Saudi Arabia and the United Arab Emirates will fulfill their pledges to make up the difference in oil for the eight countries that had received waivers from U.S. sanctions.

The United States sees no need to consider tapping the Strategic Petroleum Reserve in the aftermath of the waivers’ ending, the official said.

U.S. officials are now looking at ways to prevent Iran from circumventing existing oil sanctions, the official added.

(Reporting by Steve Holland in Washington; Editing by James Dalgleish)

Source: OANN

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Trump vows to bring any impeachment fight before nation’s top court

FILE PHOTO: U.S. President Trump declares a national emergency at the southern border during remarks at the White House in Washington
FILE PHOTO: U.S. President Donald Trump pauses during his declaration of a national emergency at the U.S.-Mexico border during remarks about border security in the Rose Garden of the White House in Washington, U.S., February 15, 2019. REUTERS/Carlos Barria/File Photo

April 24, 2019

WASHINGTON (Reuters) – President Donald Trump on Wednesday vowed to fight any effort by congressional Democrats to launch impeachment proceedings against him in the wake of the U.S. special counsel’s report on Russia, promising to take any legal battle to the Supreme Court.

“If the partisan Dems ever tried to Impeach, I would first head to the U.S. Supreme Court,” Trump wrote on Twitter.

(Reporting by Susan Heavey and Makini Brice, Editing by Franklin Paul)

Source: OANN

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Durbin: 'What the Heck' Is Green New Deal

Sen. Dick Durbin said Wednesday he's read over the "Green New Deal" several times, and he doesn't know yet if he'll vote for it.

"At this point, I can't tell you," the Illinois Democrat and Senate Minority Whip told MSNBC's "Morning Joe."  "I have read it and I have reread it and I asked, 'What the heck is this?'"

The controversial 14-page proposal by Rep. Alexandria Ocasio-Cortez, D-NY, and Sen. Ed Markey, D-Mass., earlier this month, includes goals to follow for the country to reach an economy that has a net-zero carbon emission footprint.

"It's an aspiration," said Durbin. "It's a resolution. We're going to ask the Republican leader what's your position on global warming while we're at it. Should he come out on the record and say if human activity is having an impact on the environment? Get it on the record on both sides."

Durbin said he does "certainly agree," though, with the "premise that global warming is a threat to the planet and we're not doing enough."

Senate Majority Leader Mitch McConnell already has promised to bring the Green New Deal to a vote and House Republicans are calling for Speaker Nancy Pelosi to bring it the floor not to avert climate change, but because of hopes to take back Congress seats by casting Democrats as being extreme over the proposal.

Source: NewsMax Politics

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Waymo picks Detroit factory for self-driving fleet, to be operational by mid-2019

Waymo CEO John Krafcik speaks on stage during the annual Google I/O developers conference in Mountain View
FILE PHOTO: Waymo CEO John Krafcik speaks on stage during the annual Google I/O developers conference in Mountain View, California, May 8, 2018. REUTERS/Stephen Lam

April 23, 2019

By Alexandria Sage

SAN FRANCISCO (Reuters) – Alphabet Inc’s Waymo said on Tuesday it had chosen a factory in Detroit to mass produce self-driving cars, looking to the historical heart of the auto industry to build the vehicles of the future.

The company’s chief executive, John Krafcik, said in a blog post that Waymo would partner with American Axle & Manufacturing to lease and repurpose an existing Detroit facility that will be operational by mid-2019.

Waymo said in January it had chosen Michigan for its first production facility, adding it would receive incentives from the public-private partnership agency, the Michigan Economic Development Corporation, and create up to 400 jobs over time exclusively related to self driving.

In a sea of rivals, Waymo is generally thought of as ahead in the self-driving race. It already operates a robotaxi service in Arizona that it plans to expand geographically over time.

Global automakers, large technology companies and startups are all engaged in self-driving efforts, but experts expect it will be years before systems are ready to be rolled out in all areas, with software and regulations among the many challenges.

Waymo is competing with rivals General Motors and Uber Technologies to deploy such vehicles for the masses. Tesla CEO Elon Musk has also announced the company plans to launch a robotaxi service in 2020.

Waymo, which has been working on self-driving technology for a decade, provided few new details.

It currently retrofits Chrysler Pacifica minivans to use in its robotaxi fleet.

In March 2018, Waymo said it would diversify the fleet, partnering with Jaguar to produce up to 20,000 vehicles by 2022, able to conduct about 1 million trips per day.

American Axle, with which Waymo is partnering for its Detroit facility, was formed in 1994 when an investment team purchased five plants that General Motors had put up for sale.

GM plans to end output at its last Detroit factory next year, after announcing in November a plan to halt production at five North American assembly plants and cut about 15,000 jobs.

Fiat Chrysler, however, said in February it would invest $4.5 billion in five plants and create 6,500 jobs in Michigan.

In January, Waymo said it planned to hire engineers, operations experts, fleet coordinators and others to retrofit vehicles with its self-driving technology.

Both GM and Ford Motor Co have said they will build autonomous vehicles at Michigan factories.

(Additional reporting by David Shepardson in Washington; Editing by Himani Sarkar)

Source: OANN

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Trump to Make First UK Visit

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FILE PHOTO: An aerial photo looking north shows shipping containers at the Port of Seattle and the Elliott Bay waterfront in Seattle
FILE PHOTO: An aerial photo looking north shows shipping containers at the Port of Seattle and the Elliott Bay waterfront in Seattle, Washington, U.S. March 21, 2019. REUTERS/Lindsey Wasson/File Photo

April 26, 2019

NEW YORK (Reuters) – U.S. economic growth is running at a 1.1% pace in the second quarter as the gains in exports and inventories recorded in the first quarter are expected to reverse, Morgan Stanley economists said on Friday.

“Our preliminary expectations for growth in the second quarter sees large drags from net exports and inventories after their contributions in 1Q,” they wrote in a research note.

Gross domestic product increased at a 3.2% annualized rate in the first three months of the year, driven by a smaller trade deficit and the largest accumulation of unsold merchandise since 2015, the Commerce Department said earlier Friday.

(Reporting by Richard Leong)

Source: OANN

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FILE PHOTO: The Deutsche Bank headquarters are pictured in Frankfurt
FILE PHOTO: The Deutsche Bank headquarters are pictured in Frankfurt, Germany, April 25, 2019. REUTERS/Ralph Orlowski/File Photo

April 26, 2019

By Tom Sims

FRANKFURT (Reuters) – Within hours of the collapse of merger talks with Commerzbank, Christian Sewing scrambled to convince investors and employees that Deutsche Bank can stand on its own two feet.

The Deutsche Bank chief executive told staff, many of whom opposed a merger because of significant job losses, that while he had not been “skeptical” about the Commerzbank talks, he was cautious about the chances of success from the start.

And another top Deutsche Bank executive said on Friday that it had been Commerzbank that initiated the talks, suggesting there was no desperation on their part for a deal.

Commerzbank denied that version of events, ending the apparent truce between the normally highly competitive cross-town Frankfurt rivals over the past six weeks.

German hopes of creating a national banking champion able to challenge global competitors were finally dashed on Thursday when Deutsche Bank and Commerzbank ended their talks due to the risks of doing a deal, restructuring costs and capital demands.

For Sewing, the failure to clinch a deal has left the 49-year-old chief executive of Germany’s largest bank, who took over just over a year ago, with his back to the wall.

Credit ratings agency Standard & Poor’s, which downgraded Deutsche Bank last year, said on Friday that Deutsche Bank “will remain under strain”, adding that it “seems to have acknowledged the need to adjust its strategy”.

Under Sewing, a new leadership has tried to revive Deutsche Bank’s fortunes, but it has faced money laundering allegations and failed stress tests, as well as ratings downgrades.

At the heart of the debate over its future is whether it should focus its business on Germany and draw a line under its costly global ambitions to take on Wall Street’s big guns.

“MARKET PLAY”

Without a deal, Deutsche Bank now finds itself back at the mercy of equity and debt markets, with UBS analysts warning that in a “stress scenario” it could again “be forced into a ‘debt-driven capital increase’ even with solid capital ratios”.

“Deutsche remains a levered market play vulnerable to external events,” the UBS analysts said in a note.

Sewing, along with many analysts, believes Deutsche Bank can go it alone in the short-term, but will be counting on a turnaround in market conditions to do so in the long-run given its dependence on volatile investment bank earnings.

“To reach our return objective, we also need to see a revenue recovery in our more market-sensitive business,” Sewing said on Friday after reporting results.

“These revenues are available to us in better market conditions given our leading positions in many of these businesses, but we need to capture them,” he added.

Revenue at Deutsche Bank’s bond trading division fell 19 percent in the first quarter, it said on Friday, underscoring weakness at its investment bank.

If those earnings do not improve, Berlin’s desire to keep its biggest bank out of foreign hands may start to wane.

“Germany’s globally active companies need competitive financial institutions that can support them around the world,” German finance minister Olaf Scholz said on Thursday.

(Writing by Alexander Smith; Editing by Keith Weir)

Source: OANN

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Panama's former president Ricardo Martinelli yells to the media while arriving to the Electoral Court in Panama City
Panama’s former president Ricardo Martinelli reacts to the media while arriving to the Electoral Court in Panama City, Panama April 26, 2019. REUTERS/Erick Marciscano

April 26, 2019

PANAMA CITY (Reuters) – Panama’s electoral tribunal has ruled that former President Ricardo Martinelli, who is awaiting trial on wiretapping charges, cannot take part in elections on May 5 in which he was running for mayor of Panama City and a seat in Congress, a spokesman for Martinelli said on Friday.

“The ruling of the electoral tribunal has disqualified him as candidate,” said the spokesman, Eduardo Camacho, calling the court’s ruling a “political decision.”

Officials at the tribunal did not immediately confirm the ruling, which also was reported in local media in Panama.

Martinelli, a supermarket tycoon who ran the Central American country from 2009 to 2014, was extradited to Panama last June from the United States and charged with spying on 150 people, including politicians, union leaders and journalists.

A judge had previously cleared Martinelli to run for mayor of the capital. His critics vowed to appeal that decision.

(Reporting by Elida Moreno and Stefanie Eschenbacher; Editing by Bill Trott)

Source: OANN

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FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City
FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, January 29, 2016. REUTERS/Mike Segar/File Photo

April 26, 2019

(Reuters) – Shares of Walmart, Target and other U.S. retailers fell on Friday as Amazon.com Inc unveiled a one-day delivery plan for its Prime members in a move to further disrupt the fiercely competitive retail landscape.

The e-commerce giant’s announcement on Thursday could cause other brands, manufacturers, retailers, and logistics companies to have to invest more aggressively to compete with Amazon and its delivery, analysts said.

Retailers in recent years have poured billions into ecommerce and faster shipping options and are trying to close the gap with Amazon.

“This is about making it more expensive to catch up and affirms our world view that only the largest and smartest will survive,” Bernstein analyst Brandon Fletcher said.

The move is expected to heighten consumer expectations on e-commerce delivery just like Amazon did with its two-day shipping option for members of its loyalty club Prime, noted analysts.

“The faster you ship, the more people buy,” RBC Capital Markets analyst Mark Mahaney said.

The challenge for non-Amazon players was that very few of the existing logistics and parcel delivery players now have the ability to do nationwide one-day delivery, Morgan Stanley analyst Brian Nowak said.

“And even fewer can do it at the vast scale and reasonable cost that AMZN would need for Prime delivery,” Nowak said in a note.

Walmart Inc’s shares fell about 3 percent, while Target Corp dropped about 5 percent in morning trade.

Shares of Kohl’s Corp, Macy’s Inc and Nordstrom Inc fell about 1 percent. Grocer Kroger Co was nearly 3 percent lower, while consumer electronics retailer Best Buy Inc dropped 2.1 percent.

(Reporting by Soundarya J and Akanksha Rana in Bengaluru; Editing by Maju Samuel)

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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