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McCabe says Rosenstein was 'absolutely serious' about secretly recording Trump; Booker speaks out on Smollett

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Developing now, Monday, Feb. 18, 2019

McCABE SAYS DEPUTY AG ROSENSTEIN 'ABSOLUTELY SERIOUS' ABOUT SECRETLY RECORDING TRUMP: The former FBI deputy director said in an interview broadcast Sunday that Deputy Attorney General Rod Rosenstein "was not joking" when he suggested secretly recording President Donald Trump in the Oval Office following the May 2017 dismissal of FBI Director James Comey.

McCabe, speaking to CBS News' "60 Minutes," recounted a conversation soon after Comey's firing about the ongoing Russia investigation in which he said Rosenstein told him: "I never get searched when I go into the White House. I could easily wear a recording device. They wouldn't know it was there."

"Now, he was not joking," McCabe said of Rosenstein's comments. "He was absolutely serious. And in fact, he brought it up in the next meeting we had."

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CORY BOOKER 'WITHHOLDING JUDGMENT ON SMOLLETT CASE AFTER CALLING IT 'ATTEMPTED MODERN-DAY LYNCHING': Democratic presidential candidate Cory Booker told reporters Sunday that he would withhold judgment on the alleged attack on "Empire" actor Jussie Smollett after calling the incident "an attempted modern-day lynching" when it was first reported last month ... Booker cited the deadly shooting at a Pittsburgh synagogue this past October as well as the June 2015 shooting at a historically black church in Charleston, S.C.

FILE: Actor and singer Jussie Smollett attends the "Empire" FYC Event in Los Angeles. 

FILE: Actor and singer Jussie Smollett attends the "Empire" FYC Event in Los Angeles.  (Richard Shotwell/Invision/AP)

"I’m gonna withhold until all the information actually comes out from on-the-record sources," the senator from New Jersey said after meeting with voters in Rochester, N.H. "We know in America that bigoted and biased attacks are on the rise in a serious way, and we actually even know-- in this country-- that since 9/11, the majority of the terrorist attacks on our soil have been right-wing terrorist attacks -- the majority of them white supremacist attacks."

RUSH LIMBAUGH: SPENDING BILL WAS EFFORT BY SOME REPUBLICANS TO SABOTAGE TRUMP: Conservative talk radio host Rush Limbaugh, speaking to "Fox News Sunday," charged that the compromise spending bill recently signed by President Trump to avert another partial government shutdown was little more than a disguised effort by some Republicans to torpedo his 2020 presidential candidacy...The radio host rejected claims that Trump is unduly influenced by right-wing media figures and "wackos" -- an accusation that resurfaced amid the ongoing border wall funding dispute.

"Both parties have people that are still trying to get rid of Donald Trump," Limbaugh said, asserting that Democrats are also working to guarantee a "permanent underclass of voters" who are "uneducated" and "don't even speak" English.

  • WATCH: Rush Limbaugh on whether Trump is justified in taking executive action to secure funding for his border wall

BILL DE BLASIO CORRECTS OCASIO-CORTEZ'S CLAIMS ABOUT SPENDING AMAZON TAX BREAK MONEY: New York City Mayor Bill de Blasio suggested on Sunday that critics of the potential Amazon campus New York City — such as Democratic Rep. Alexandria Ocasio-Cortez — got the facts wrong over the money behind the tax breaks ... The Democratic mayor said: “And that $3 billion that would go back in tax incentives was only after we were getting the jobs and getting the revenue.”

On Sunday morning, de Blasio responded in the affirmative when Chuck Todd of NBC News’ “Meet the Press” asked if the tax breaks offered to Amazon weren’t “money you had over here. And it was going over there.”

THE SOUNDBITE

SOMETHING WAS AMISS - “This is a duly elected president, someone who the entire country said we want to be our president, and here we see that yet again people cannot accept the results of an election. And by the way, the president knew that something was amiss, he’d been saying from the very beginning, something’s going on within in the FBI, something’s wrong within my justice department. He knew and everybody said, “oh, he’s crazy.” No, he wasn’t. This is exactly the thing that he was talking about happening. It’s disgraceful and I think he needs to answer a lot of questions.” – Lara Trump, on “Fox & Friends,” discussing former FBI Deputy Director Andrew McCabe’s admission that he ordered an obstruction of justice probe against President Donald Trump. WATCH

TODAY’S MUST-READS

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MINDING YOUR BUSINESS

Student-loan payment may soon come directly out of your paycheck

IRS refund frenzy: Democrats blast Trump Treasury for 'goosing' paychecks

Amazon vs Ocasio-Cortez: 25K NYC job promise had holes

If Joe Biden runs, his presidency goes through Wall Street

Married filing taxes jointly vs. separately: Pros and cons

STAY TUNED

On Fox Nation:

Dr. Drew reacts to Jonah Hill's comments on "UN-PC" - Dr. Drew Pinsky urged actor Jonah Hill to "double-down" on his traditional form of comedy on Fox Nation's "UN-PC" after Hill said in a recent interview that he wants to "challenge traditional masculinity" in his films. Watch a preview of the show now.

Not a subscriber? Click here to join Fox Nation today!

On Fox News:

Fox & Friends, 6 a.m. ET: Special guests include Scott Stephenson, president of the Museum of the American Revolution; Cyndi Zagieboylo, president and CEO of National MS Society; Chef John Doherty, former executive chef at the Waldorf Astoria hotel in New York City for 23 years, owner and chef at Black Barn Restaurant; Spencer Brown, Young America Foundation.

Outnumbered Overtime with Harris Faulker, 1 p.m. ET:  Guests include Ash Wright, GOP strategist, Sr. advisor to George P. Bush, former political director at the Republican Party of Texas.

Your World with Neil Cavuto, 4 p.m. ET: Special guest: Melissa Armo, founder of the educational firm "The Stock Swoosh."

The Story with Martha MacCallum, 7 p.m. ET: Guests include: Katie Pavlich, FNC contributor, and Juan Williams, co-host of "The Five."

Tucker Carlson Tonight, 8 p.m. ET: Elizabeth Wagmeister, Page Six TV.

Hannity, 9 p.m. ET:  Gregg Jarrett, attorney, and Fox News anchor.

On Fox News Radio:

The Fox News Rundown podcast: "Trump Will Defend National Emergency Declaration" - President Trump and his advisers defend the use of a national emergency declaration to get funding for a border wall. FOX News Contributor and CEO of 32 Advisors, Robert Wolf, discusses what happens next. Famous for his role of Lt. Dan in Forrest Gump, Gary Sinise has been traveling the world and supporting the United States military through his work with his foundation. He joined the podcast to talk about his experiences, and about what he’s learned. Plus, commentary by FOX’s Senior Judicial Analyst Andrew Napolitano.

Want the Fox News Rundown sent straight to your mobile device? Subscribe through Apple PodcastsGoogle Play, and Stitcher.

The Brian Kilmeade Show, 9 a.m. ET: Guests include: Rich Lowry discusses President Trump's national emergency and the 2020 race; Amb. Dennis Ross, former special assistant to President Barack Obama, on Iran; Jonah Goldberg on McCabe, Trump's national emergency and the 2020 race; Former Mississippi Gov. Haley Barbour on McCabe and the national emergency; American historian Jay Winick discusses Presidents' Day.

#TheFlashback

2009: President Barack Obama launched a $75 billion foreclosure rescue plan aimed at saving homes.

1988: Anthony M. Kennedy was sworn in as an associate justice of the U.S. Supreme Court.

1997: Astronauts on the space shuttle Discovery completed their tune-up of the Hubble Space Telescope after 33 hours of spacewalking; the Hubble was then released using the shuttle's crane.

Fox News First is compiled by Fox News' Bryan Robinson. Fox News' Bradford Betz contributed to this edition. Thank you for joining us! Have a good day! We'll see you in your inbox first thing Tuesday morning.

Source: Fox News National

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Exclusive: Despite sanctions, Russian tanker supplied fuel to North Korean ship-crew members

Russian Tantal an oil/chemical tanker is berthed at the far eastern city of Vladivostok
The Russian vessel Tantal, an oil/chemical tanker, is berthed at the far eastern city of Vladivostok, Russia April 3, 2016. Picture taken April 3, 2016. REUTERS/Stringer

February 26, 2019

By Polina Nikolskaya

VLADIVOSTOK, Russia (Reuters) – A Russian tanker violated international trade sanctions by transferring fuel to a North Korean vessel at sea at least four times between October 2017 and May 2018, two crew members who witnessed the transfers said.

Such transactions could have helped provide North Korea with an economic lifeline and eased the isolation of the secretive communist state, whose leader, Kim Jong Un, is due to meet U.S. President Donald Trump in Vietnam this week.

Primportbunker, the owner of the vessel the crew members said made the transfers, did not respond to requests for comment by telephone. No one answered the door when Reuters visited the building where Primportbunker has its headquarters in the port city of Vladivostok on Russia’s Pacific coast.

On the four voyages between Oct. 13, 2017, and May 7, 2018, the Tantal tanker gave its destination as the Chinese port of Ningbo when it set sail, according to port documents seen by Reuters and tracking data from financial data company Refinitiv.

It then met up in international waters with a North Korean vessel to which it transferred its cargo of fuel, the two crew members who witnessed the transfers said.

The two crew said the fuel transfers took place when the Tantal’s transponder, which allows the vessel to be tracked at sea, was not operating. Shipping industry experts said this indicates the transponder was deliberately turned off or the Tantal had entered a zone not covered by ship-tracking radar.

On each occasion, the transponder started operating again when the Tantal was close to port in Russia, the two crew said.

They declined to give their names, citing fear of reprisals.

“We got officially registered for Ningbo and went to the 12-mile zone (marking the limits of Russian territorial waters),” one of the crew said, describing four journeys in which he was involved.

“We worked at night there with the North Korean tanker Chon Moyng-1,” he said.

Such transactions violate the international sanctions imposed on North Korea over its nuclear and missiles program, which include a United Nations ban on nearly 90 percent of refined petroleum exports to Pyongyang.

Washington has accused Russia of “cheating” on sanctions and said it has evidence of “consistent and wide-ranging Russian violations”. In earlier denials that it has violated sanctions, Russia has said such accusations are not backed up by evidence.

THREE OTHER TRIPS

Russia’s foreign ministry and the U.S. Treasury Department’s Office of Foreign Assets Control, which administers and enforces economic and trade sanctions, did not respond to requests for comment about the Tantal. The independent U.N. panel of experts that monitors implementation of sanctions also did not respond.

Russia’s Far Eastern Customs Administration said it could not provide information about the Tantal’s voyages. The Seaport Administration of Russia’s Primorye region, which includes Vladivostok, said it had sought information from the Federal Marine and River Transport Agency in response to Reuters’ questions but the agency provided no information.

One of the crew members who said he was on board during the transfers said the ship that received the fuel flew the North Korean flag and saw it had the name Chon Myong-1 on its side.

The Chon Myong-1 was in March 2018 included on a U.N. list of vessels that have conducted so-called ship-to-ship transfers of fuel in violation of sanctions. 

Reuters’ was unable to obtain comment from North Korea and the owners of the Chon Myong-1.

The Tantal concealed its fuel transfers to North Korea by declaring when it returned to port that it had transferred the fuel at sea to a Chinese vessel, the two crew members said.

A third crew member said the Tantal had met up on these occasions with a vessel that was not North Korean – the China-registered Hui Tong 27 – and told port authorities on its return to port that it had transferred its cargo of fuel to this ship. But the Refinitiv ship-tracking data showed the Hui Tong 27 was not in the area at these times.

The Tantal also gave Ningbo as its destination on three other trips between October 2017 and May 2018, according to port documents and shipping data. The two crew members who spoke to Reuters did not cite any evidence that sanctions were violated on these three voyages.

In December 2017, Reuters quoted two senior Western European security sources as saying Russian tankers had supplied fuel to North Korea on at least three occasions in the preceding months by transferring cargoes at sea. The security sources made no mention of the Tantal.

FINANCIAL PROBLEMS

A court in Vladivostok introduced bankruptcy proceedings on behalf of the Russian tax service against Primportbunker on Sept. 18 last year, according to a publicly available court order. The first stage of bankruptcy proceedings is still under way — the company is now under temporary management which is assessing its ability to pay off creditors. If unable to pay, the company’s assets will be sold and it will be closed down, according to Russian law.

The two crew members who spoke to Reuters said they had not always been paid their wages on time.

Denis Vlasov, executive partner in law firm Vladpravo which represented Primportbunker, said Primportbunker had tried to resolve its financial problems including wage arrears, but that Vladpravo stopped working with the company about a year ago. He said he knew nothing about the Tantal’s declared trips to Ningbo.

Shipping brokers cited customs data as showing that on three of the seven trips from October 2017 to May 2018 the Tantal was carrying fuel from the Komsomolsky refinery in Komsomolsk-on-Amur in Russia’s far east. The refinery, which is owned by state oil company Rosneft, did not respond to requests for comment. There was no suggestion Rosneft know of the alleged transfers at sea. Rosneft did not respond to requests for comment.

The data quoted the brokers for the same three trips showed the oil products were acquired from the refinery by a small Russian  trading firm, Mir Torgovli, based in Vladivostok. Mir Torgovli’s buyer was a Chinese firm in Shandong called Worldmax Trading Co. Ltd, according to the data cited by the brokers.

Mir Torgovli’s chief executive declined to comment. Reuters was unable to reach Worldmax Trading.

After completing the last of the seven voyages for which the destination was registered as China, the Tantal has not left Vladivostok port, according to the Refinitiv ship-tracking data. It sits at anchor offshore, shipping industry sources said.

(Additional reporting by Gleb Stolyarov in Moscow, Jonathan Saul in London, Meng Meng and Aizhu Chen in Beijing, Michelle Nichols in New York, Lesley Wroughton in Washington, Editing by Timothy Heritage)

Source: OANN

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EU competition head unlikely to rule on UK tax probe this month

FILE PHOTO: European Competition Commissioner Margrethe Vestager attends the weekly College of Commissioners meeting in Brussels
FILE PHOTO: European Competition Commissioner Margrethe Vestager attends the weekly College of Commissioners meeting in Brussels, Belgium, Februray 6, 2019. REUTERS/Yves Herman/File Photo

March 14, 2019

By Foo Yun Chee and Klaus Lauer

BERLIN (Reuters) – European Union regulators are unlikely to rule by the end of March on whether a UK tax scheme for multinationals breaches EU rules on state aid, Europe’s competition chief said on Thursday.

The European Commission opened an investigation in October 2017 into the scheme, which exempts multinationals from UK taxes.

Diageo, London Stock Exchange, Imperial Brands, BBA Aviation, Chemring Group, Euromoney, Inchcape, Meggitt, Smith & Nephew and WPP are among the companies that have referred to the EU investigation in their accounts.

“We would prefer to take it (a decision) before Brexit would happen. I don’t know whether that will happen before the end of March. Likely not,” European Competition Commissioner Margrethe Vestager told reporters on the sidelines of a conference organized by the German cartel office.

Vestager has led an EU crackdown on tax avoidance, ordering Apple, Starbucks, Fiat and others to pay back taxes totaling billions of euros to various EU governments.

Vestager also said that she took Swedish music streaming service Spotify’s complaint about Apple very seriously. Spotify filed a complaint this week charging Apple unfairly limits rivals to its own Apple Music streaming service.

(Reporting by Foo Yun Chee and Klaus Lauer; editing by Larry King)

Source: OANN

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Macy’s announces restructuring plan to save $100 million annually

People shop during a Black Friday sales event at Macy's department store in Manhasset, New York
People shop during a Black Friday sales event at Macy's department store in Manhasset, New York, U.S., November 23, 2018. REUTERS/Shannon Stapleton

February 26, 2019

(Reuters) – Macy’s Inc on Tuesday announced a restructuring plan that would cut the complexity of its top management structure to speed up decision-making and reduce costs.

The retailer said it expects the move to yield annual expense savings of $100 million, starting fiscal 2019.

Macy’s also reported a smaller-than-expected rise in holiday quarter same-store sales on Tuesday.

Shares of the company rose as much as 2.6 percent to $25 in early trading.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shailesh Kuber)

Source: OANN

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$750M Powerball drawing would be 4th-largest US jackpot

Lottery officials say the Powerball jackpot for Wednesday's drawing has ballooned to an estimated $750 million , which would be the fourth-largest grand lottery prize in U.S. history.

A look at the 10 largest U.S. jackpots that have been won and the states where the winning tickets were sold:

1. $1.586 billion, Powerball, Jan. 13, 2016 (three tickets, from California, Florida, Tennessee)

2. $1.537 billion, Mega Millions, Oct. 23, 2018 (one ticket, South Carolina)

3. $758.7 million, Powerball, Aug. 23, 2017 (one ticket, from Massachusetts)

4. $687.8 million, Powerball, Oct. 27, 2018 (two tickets, from Iowa and New York)

5. $656 million, Mega Millions, March 30, 2012 (three tickets, from Kansas, Illinois and Maryland)

6. $648 million, Mega Millions, Dec. 17, 2013 (two tickets, from California and Georgia)

7. $590.5 million, Powerball, May 18, 2013 (one ticket, from Florida)

8. $587.5 million, Powerball, Nov. 28, 2012 (two tickets, from Arizona and Missouri)

9. $564.1 million, Powerball, Feb. 11, 2015 (three tickets, from North Carolina, Puerto Rico and Texas)

10. $559.7 million, Powerball, Jan. 6, 2018 (one ticket, New Hampshire)

___

Sources: AP archives, www.megamillions.com and www.powerball.com

Source: Fox News National

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Alexandra Ocasio-Cortez’s Progressive Democrats Critical of Biden’s Bid

Former Vice President Joe Biden is running into immediate headwinds from some progressive Democrats from the party's left wing as he launches his 2020 presidential bid.

A group aligned with New York Rep. Alexandria Ocasio-Cortez called Justice Democrats says in a lengthy statement that Biden is a centrist Democrat who could "divide the party." It says Biden could squelch progressive enthusiasm for policies like single-payer healthcare and a Green New Deal.

The group said Thursday the "old guard" already failed to defeat President Donald Trump in 2016 and cannot be counted on to excite the base in 2020. But the statement still notes that Justice Democrats will support whoever wins the Democratic nomination next year.

Biden joined the crowded Democratic presidential contest on Thursday morning, declaring the "soul of this nation" at stake if Trump wins re-election.

Source: NewsMax Politics

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Swiss watchmakers say slowing growth in China won’t hurt sales this year

Visitors are seen in front of a display of Swiss watch manufacturer Patek Philippe at the Baselworld watch and jewellery fair in Basel
Visitors are seen in front of a display of Swiss watch manufacturer Patek Philippe at the Baselworld watch and jewellery fair in Basel, Switzerland March 21, 2019. REUTERS/Arnd Wiegmann

March 21, 2019

BASEL, Switzerland (Reuters) – Swiss watchmakers are confident they can grow sales this year even in the face of a cooling Chinese economy, executives told Reuters at an industry fair on Thursday, as demand strengthens in other markets like the United States and Britain.

Switzerland’s watch industry, which relies heavily on Chinese customers, has seen exports – the best available indicator for demand – rise only 2.1 percent in the first two months of the year, following a 6.3 percent increase last year.

However, some are confident they will do much better this year.

“We’re aiming for double-digit growth in our watch business this year,” Jean-Christophe Babin, chief executive of LVMH’s jeweler Bulgari, said in an interview at the Baselworld show.

His comments were echoed by independent watchmaker Oris, also banking on a double-digit increase, while LVMH stablemate Hublot said it had an exceptional year in 2018 and was counting on 7-8 percent growth this year from a high basis.

Oris said sales in the United States, its biggest market, were growing strongly. That trend was confirmed by retailer Watches of Switzerland, which also reported firm UK demand, particularly for Rolex, Patek Philippe and Audemars Piguet products.

Luxury watch brand Patek Philippe, whose most affordable models cost around 14,000 Swiss francs, said it expected sales this year to be at a similar level to last year as it was again going to deliver around 62,000 pieces.

Its president, Thierry Stern, categorically denied recent speculation the family-owned company could be up for sale.

Swetha Ramachandran, who manages a luxury brands equity fund for GAM, said privately owned brands like Patek or Rolex were seeing better demand than their listed counterparts because they had not given in to the temptation of easy volume growth when Chinese demand boomed a few years ago.

That meant they have avoided the build-up of excess inventory that has hurt some rivals, while protecting the scarcity value of their brands.

“Private players are managing their business for price rather than for volume,” she told Reuters in an interview earlier this week.

She said Richemont was still one of her top 10 holdings due to its exposure to faster-growing jewelry, but she had exited Swatch Group shares.

Switzerland’s watch industry is going through a period of profound change, notably in distribution, as brands focus on developing their own boutiques — brick and mortar or online — while reducing their network of third-party retailers.

This development has led more and more brands to exit the traditional watch fairs in Basel and Geneva, which they had used to build up contacts with distributors. That was reflected in fewer exhibiting brands and much less crowded aisles at the Baselworld fair on Thursday.

Several executives said efforts to hold both watch fairs in April next year, instead of separately in January and March, were going in the right direction, but were not sufficient.

“April is too late in the year,” said Hublot CEO Ricardo Guadalupe. “At LVMH, we have not really decided what to do next year. We already signed contracts for Baselworld so we’re likely to be in Basel, but we might also organize a separate event in January to present our new models.”

(Reporting by Silke Koltrowitz; Editing by Jan Harvey)

Source: OANN

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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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