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As Fed readies balance sheet plan, Quarles, Harker urge caution

FILE PHOTO: FILE PHOTO: Clouds over the Federal Reserve in Washington
FILE PHOTO: Flags fly over the Federal Reserve Headquarters on a windy day in Washington, U.S., May 26, 2017. REUTERS/Kevin Lamarque/File Photo/File Photo

February 22, 2019

By Trevor Hunnicutt and Ann Saphir

NEW YORK/SAN FRANCISCO (Reuters) – As the Federal Reserve prepares to stop trimming its $4 trillion balance sheet later this year, two U.S. central bankers suggested the Fed may need to carefully feel its way on how big its bond portfolio needs to be to maintain smoothly operating financial markets.

In minutes of its January policy-setting meeting released earlier this week, the Fed surprised markets by saying it had discussed ending a reduction of its balance sheet later this year.

Doing so would leave the Fed’s balance sheet, swollen from years of bond-buying in the post-crisis years, much bigger than had earlier been anticipated.

On Friday, Fed policymakers said that one reason a bigger Fed balance sheet is necessary is that banks are relying on a much bigger pool of reserves held at the Fed than they did in the pre-crisis years. Because it is not clear exactly how much the banks need, the Fed should go slow to prevent the level of reserves from unintentionally falling below what was needed, they said.

“I have proposed that we can substantially slow the decline in reserves by ending the reduction in asset holdings later this year,” Philadelphia Fed President Patrick Harker said in remarks prepared for delivery to a monetary policy conference in New York.

“Reserves would then diminish at a very gradual pace, reflecting the trend growth of other Federal Reserve liabilities.”

Speaking on the same panel, Federal Reserve Governor Randal Quarles agreed with Harker’s go-slow approach.

“With so much uncertainty over the level and slope of the reserve demand curve, a degree of caution is warranted,” Quarles said.

St. Louis Fed President James Bullard, who also presented on the panel, gave a slightly different view, saying that shrinking the Fed’s balance sheet while interest rates are well above zero has only “minor” effects on the macroeconomy.

(Writing by Ann Saphir; Editing by Chizu Nomiyama)

Source: OANN

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Schiff 'Pretty Compelling Evidence' of Trump Campaign-Russia Collusion

Schiff 'Pretty Compelling Evidence' of Trump Campaign-Russia Collusion

Rep. Adam Schiff, D-Calif., on Sunday said there’s “pretty compelling evidence” of Trump campaign collusion with Russia during the 2016 election.

In an interview on CNN’s “State of the Union,” Schiff refuted the findings of  Senate Intelligence Committee chair Richard Burr, R-N.C., that the panel found no evidence of collusion with Moscow.

"You can see evidence in plain sight on the issue of collusion, pretty compelling evidence,” Schiff said. “Now, there's a difference between seeing evidence of collusion and being able to prove a criminal conspiracy beyond a reasonable doubt.”

"All of this is evidence of collusion,” he added. “And you either have to look the other way to say it isn't, or you have to have a different word for it, because it is a corrupt dealing with a foreign adversary during a campaign.”

Schiff also said the president’s declaration of a national emergency to build his long-promised border wall is “daring the court to strike this down.”

"This is the first time a president has tried to declare an emergency when Congress explicitly rejected funding for the particular project that the president is advocating,” Schiff said. “He's pretty much daring the court to strike this down. It is going to be a real test for my GOP colleagues in Congress and their devotion to the institution."

Source: NewsMax Politics

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Despite a few small setbacks Brandon Straka’s #LGBT #WalkAway Event was a SUCCESS!

  On Thurs 3/28/19 Brandon Straka founder of the #WalkAway hosted a LGBT themed TownHall that focused on the movement of getting Gays to #WalkAway from the left, much like others have been doing for years such as Log Cabin Republicans, GoProud, and Peter Boykin‘s Group GaysForTrump and LGBexit and Deplorable Pride ran by Brian […]

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GD, Raytheon secure $502 million contract to operate missile test site

Logo of the U.S. defense company Raytheon is pictured at an international military fair in Kielce
FILE PHOTO: Logo of the U.S. defense company Raytheon is pictured at an international military fair in Kielce, Poland September 7, 2017. REUTERS/Kacper Pempel

February 25, 2019

(Reuters) – A joint venture of U.S. aerospace and defense companies General Dynamics Corp and Raytheon Co has won a $502 million contract to operate the U.S. Army’s Ronald Reagan ballistic missile defense test site in the Pacific Ocean, the firms said on Monday.

Under the 10-year contract, the joint venture, RGNext, will oversee the launches of space vehicles and ballistic missiles, as well as missile defense tests conducted from islands in the 750,000-square-miles Pacific Ocean range.

RGNext will maintain the range’s launch and safety systems, including radar, telemetry and optical sensors located on the Kwajalein Atoll in the Marshall Islands.

The company will also operate the Range Operations Center and Space Operations Center in Huntsville, Alabama.

(Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila)

Source: OANN

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AP Sources: Mueller Report Is Over 300 Pages long

 Special counsel Robert Mueller's Russia investigation report is more than 300 pages long.

That's according to a Justice Department official and another personal familiar with the report.

The Justice Department official said Attorney General William Barr discussed the length of the report during a phone call Wednesday with House Judiciary Committee Chairman Rep. Jerrold Nadler.

Both people spoke on condition of anonymity to discuss the confidential report.

Barr released a four-page summary of the report on Sunday and is expected to release a public version of the document in the coming weeks.

Source: NewsMax Politics

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Bernie Sanders, angry at potshots, slams left-wing group

There were three big-time events over the weekend.

Tiger Woods pulled off the most remarkable comeback in any sport with his Masters win. (And Donald Trump called it, said he'd win majors after they played together in February, you've gotta give him that.)

Pete Buttigieg delivered an announcement speech (soon after the 18th hole) that drew Tiger levels of praise, as the media lovefest with the South Bend mayor continues unabated. (Beto who?)

And Bernie Sanders picked a fight with a liberal website, making sure it was leaked to The New York Times.

It's long past time to take Bernie seriously. "Bernie Sanders is the Democratic Front-Runner," says the Atlantic.

"Stop Thinking of Bernie Sanders As a Gadfly. He's the Front-Runner," cautions the L.A. Times.

He's raised the most money ($18 million), he's drawing big crowds, and in a new Emerson poll, he edges out the undeclared Joe Biden, 29 to 25 percent.

Sanders even forced himself to talk to reporters for the first time in two months on the trail.

So why on earth is he starting an intra-party battle with a scathing letter to the Center for American Progress?

In the letter, Sanders wrote: "This counterproductive negative campaigning needs to stop. The Democratic primary must be a campaign of ideas, not of bad-faith smears. Please help play a constructive role in the effort to defeat Donald Trump."

The backstory: The Center for American Progress is a Hillary-centric think tank, founded by John Podesta 16 years ago and funded in part by George Soros. It remains filled with Democratic establishment figures.

Sanders undoubtedly got screwed by the DNC and the party apparatus in 2016, when the playing field, including a meager number of debates, was tilted to favor Hillary Clinton. So he's understandably sensitive on the subject.

But Bernie's beef is with ThinkProgress, a liberal website that is affiliated with CAP but which both groups say is editorially independent.

What really burned Bernie was a posting that began: "It's all very off-brand and embarrassing, but Sen. Bernie Sanders is a millionaire. Turns out railing against 'millionaires and billionaires' can be quite the lucrative enterprise."

Now I happen to think this is utter BS. The Vermont senator achieved millionaire status in part by writing a book that became a best-seller. Absolutely nothing wrong with that. And Sanders made that point forcefully last night at a Fox News town hall with Bret Baier and Martha MacCallum.

Sanders accused ThinkProgress of "dishonesty" and said the site was also being unfair to fellow liberals Elizabeth Warren and Cory Booker.

ThinkProgress editor-in-chief Jodi Enda, a former CNN and Knight-Ridder reporter, responded by saying her site will not take sides in the Democratic primaries. "Political leaders should not be able to muzzle or stop coverage that they consider critical," said Enda's statement, reported by the Times.

But by yesterday CAP President Neera Tanden had backed down, saying a ThinkProgress video on Sanders “is overly harsh and does not reflect our approach to a constructive debate of the issues.”

Sanders is obviously trying to send a message. But isn't he punching down by going after an ideological website?

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In other words, if he's on track to win the Democratic presidential nomination, he should be brushing off criticism by liberal writers. The letter makes him sound hypersensitive — and the leak broadcast the dispute to many millions who would never have seen the ThinkProgress post.

Sanders is about to draw far tougher press scrutiny than he did in 2016, when the media never thought he had a shot at beating Hillary. And how he deals with that scrutiny will show people whether he has the toughness to take on Trump.

Source: Fox News Politics

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Michael Cohen testifies about Trump, Roger Stone-WikiLeaks plot at House hearing — live blog

Michael Cohen, President Trump's former attorney, testifies before the House Oversight and Reform Committee on Wednesday, and is expected to accuse the commander-in-chief of knowing his long-time adviser Roger Stone was reaching out to WikiLeaks about the publication of stolen Democratic National Committee emails.

Cohen, who released his prepared opening statement ahead of his House hearing, apparently will not claim Trump directed those communications.

READ: MICHAEL COHEN'S PREPARED OPENING STATEMENT BEFORE HOUSE OVERSIGHT COMMITTEE

"Questions have been raised about whether I know of direct evidence that Mr. Trump or his campaign colluded with Russia," Cohen will testify. "I do not. I want to be clear. But, I have my suspicions."

Trump, who is in Hanoi, Vietnam, for his second meeting with North Korean leader Kim Jong Un, tweeted that Cohen was "lying in order to reduce his prison time."

CLICK HERE TO GET THE FOX NEWS APP

Cohen was disbarred in New York on Tuesday -- the same day he testified behind closed doors before the Senate Intelligence Committee. He is slated to report to prison next month to serve three years time.

Fox News's Gregg Re contributed to this report.

Follow FoxNews.com's live blog below. Mobile users click here.

Source: Fox News Politics

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FILE PHOTO - Otto Frederick Warmbier is taken to North Korea's top court in Pyongyang North Korea
FILE PHOTO – Otto Frederick Warmbier (C), a University of Virginia student who was detained in North Korea since early January, is taken to North Korea’s top court in Pyongyang, North Korea, in this photo released by Kyodo March 16, 2016. Mandatory credit REUTERS/Kyodo/File Photo

April 26, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday said the United States did not pay any money to North Korea as it sought the release of comatose American student Otto Warmbier.

The Washington Post reported on Thursday that Trump had approved payment of a $2 million bill from North Korea to cover its care of the college student, who died shortly after he was returned to the United States after 17 months in a North Korean prison.

(Reporting by Makini Brice and Susan Heavey)

Source: OANN

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Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London
Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London, Britain, April 24, 2019. REUTERS/Gerhard Mey

April 26, 2019

By Hanna Rantala

LONDON (Reuters) – Irish rockers The Cranberries are saying goodbye with their final album released on Friday, a poignant tribute to lead singer Dolores O’Riordan who died last year.

“In the End” is the eighth studio album from the band that rose to fame in the early 1990s with hits likes “Zombie” and “Linger”, and includes the final recordings by O’Riordan, who drowned in a London hotel bath in January 2018 due to alcohol intoxication.

Work on the album began during a 2017 tour and by that winter, O’Riordan and guitarist Neil Hogan had penned and demoed 11 tracks.

With O’Riordan’s vocals recorded, Hogan, bassist Mike Hogan and drummer Fergal Lawler completed the album in tribute to her.

“When we realized how strong the songs were, that was the deciding factor really… There was no point… trying to ruin the legacy of the band,” Noel Hogan said in an interview.

“It was obvious that Dolores wanted this album done because when you hear the album, you hear the songs and how strong they are, and she was very, very excited to get in and record this.”

The Cranberries formed in Limerick in 1989 with another singer. O’Riordan replaced him a year later and the group went on to become Ireland’s best-selling rock band after U2, selling more than 40 million records.

O’Riordan, known for her strong distinctive voice singing about relationships or political violence, was 46 when she died.

“She was actually in quite a good place mentally. She was feeling quite content and strong and looking forward to a new phase of her life,” Lawler said.

“A lot of the lyrics in this album are about things ending… people might read into it differently but it was a phase of her personal life that she was talking about.”

The group previously announced their intention to split after the release of “In The End”.

“We are absolutely gutted we can’t play (the songs) live because that’s something that’s been a massive part of this band from day one,” Noel Hogan said.

“A few people have said to us about maybe even doing a one off where you have different vocalists… as kind of guests of ours. A year ago that’s definitely something we weren’t going to entertain but I don’t know, I think it’s something we need to go away and take time off for the summer and have a think about.”

Critics have generally given positive reviews of the album; NME described it as “(seeing) the band’s career go full-circle” while the Irish Times called it “an unexpected late career high and a remarkable swan song for O’Riordan”.

Their early songs still play on the radio. This week, “Dreams” was performed at the funeral of journalist Lyra McKee, who was shot dead in Londonderry last week as she watched Irish nationalist youths attack police following a raid.

“We wrote them as kids, as a hobby and 30 years later they are on radio and on TV, like all the time… That’s far more than any of us ever thought we would have,” Noel Hogan said.

“That would make Dolores really happy because she was very precious about those songs. Her babies, she called them and to have that hopefully long after we’re gone… that’s all any band can wish for.”

(Reporting by Hanna Rantala; additoinal reporting by Marie-Louise Gumuchian; Writing by Marie-Louise Gumuchian; Editing by Susan Fenton)

Source: OANN

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2020 Democratic presidential candidate Elizabeth Warren participates in the She the People Presidential Forum in Houston
2020 Democratic presidential candidate Elizabeth Warren participates in the She the People Presidential Forum in Houston, Texas, U.S. April 24, 2019. REUTERS/Loren Elliott

April 26, 2019

By Joshua Schneyer and M.B. Pell

NEW YORK (Reuters) – Senator Elizabeth Warren will introduce a bill Friday that offers new protections for U.S. military families facing unsafe housing, following a series of Reuters reports revealing squalid conditions in privately managed base homes.

The Reuters reports and later Congressional hearings detailed widespread hazards including lead paint exposure, vermin infestations, collapsing ceilings, mold and maintenance lapses in privatized base housing communities that serve some 700,000 U.S. military family members.

(View Warren’s military housing bill here. https://tmsnrt.rs/2Dy5aht)

(Read Reuters’ Ambushed at Home series on military housing here. https://www.reuters.com/investigates/section/usa-military)

The Massachusetts Democrat’s bill would mandate both regular and unannounced spot inspections of base homes by certified, independent inspectors, holding landlords accountable for quickly fixing hazards. The military’s privatization program for years allowed real estate firms to operate base housing with scant oversight, Reuters found, leaving some tenants in unsafe homes with little recourse against landlords.

The bill would also require the Department of Defense and its private housing operators to publish reports annually detailing housing conditions, tenant complaints, maintenance response times and the financial incentives companies receive at each base. The provisions aim to enhance transparency of housing deals whose finances and operations the military had allowed to remain largely confidential under a privatization program since the late 1990s.

The measure would also require private landlords to cover moving costs for at-risk families, and healthcare costs for people with medical conditions resulting from unsafe base housing, ensuring they receive continuing coverage even after they leave the homes or the military.

“This bill will eliminate the kind of corner-cutting and neglect the Defense Department should never have let these private housing partners get away with in the first place,” Warren said in a statement Friday.

The proposed legislation comes after February Senate hearings where Warren, a member of the Senate Armed Services Committee who is seeking the Democratic nomination for the 2020 U.S. presidential election, slammed private real estate firms for endangering service families, and sought answers about why military branches weren’t providing more oversight.

Her legislation would direct the Defense Department to allow local housing code enforcers onto federal bases, following concerns they were sometimes denied access. Warren’s office said a companion bill in the House of Representatives would be introduced by Rep. Deb Haaland, Democrat of New Mexico.

In response to the housing crisis, military branches are developing a tenant bill of rights and hiring hundreds of new housing staff. The branches recently dispatched commanders to survey base housing worldwide for safety hazards, resulting in thousands of work orders and hundreds of tenants being moved. The Defense Department has pledged to renegotiate its 50-year contracts with private real estate firms.

Congress has been quick to take its own measures. Earlier legislation proposed by senators Dianne Feinstein and Kamala Harris of California, along with Mark Warner and Tim Kaine of Virginia, would compel base commanders to withhold rent payments and incentive fees from the private ventures if they allow home hazards to persist.

(Editing by Ronnie Greene)

Source: OANN

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FILE PHOTO: Offices of Deloitte are seen in London
FILE PHOTO: Offices of Deloitte are seen in London, Britain, September 25, 2017. REUTERS/Hannah McKay/File Photo

April 26, 2019

By Noor Zainab Hussain and Tanishaa Nadkar

(Reuters) – Deloitte quit as Ferrexpo’s auditor on Friday, knocking its shares by more than 20 percent, days after saying it was unable to conclude whether the iron ore miner’s CEO controlled a charity being investigated over its use of company donations.

Blooming Land, which coordinates Ferrexpo’s Corporate Social Responsibility (CSR) program, came under scrutiny after auditors found holes in the charity’s statements.

Ferrexpo on Tuesday said findings of an ongoing independent investigation launched in February indicated some Blooming Land funds could have been “misappropriated”. It did not provide any details or publish its findings.

Shares in Ferrexpo, the third largest exporter of pellets to the global steel industry, were 23.4 percent lower at 206.1 pence at 1022 GMT following news of Deloitte’s resignation.

“Ferrexpo’s shares are deeply discounted vs peers … following the resignation of Deloitte, we expect downside risks to dominate Ferrexpo’s shares near term.” JP Morgan analyst Dominic O’Kane said in a note on Friday.

Swiss-headquartered Ferrexpo did not provide a reason for the resignation of Deloitte, which declined to comment, while Blooming Land did not respond to a request for comment.

Funding for Blooming Land’s CSR activities is provided by one of Ferrexpo’s units in Ukraine and Khimreaktiv LLC, an entity ultimately controlled by Ferrexpo’s CEO and majority owner Kostyantin Zhevago, Ferrexpo said on Tuesday.

Ferrexpo’s board has found that Zhevago did not have significant influence or control over the charity, but Deloitte said it was unable reach a conclusion on this.

Reuters was not immediately able to contact Zhevago.

In a qualified opinion, a statement addressing an incomplete audit, Deloitte said it had been unable to conclude whether $33.5 million of CSR donations to Blooming Land between 2017 and 2018 was used for “legitimate business payments for charitable purposes”.

Deloitte said on Tuesday that total CSR payments made to Blooming Land by Ferrexpo since 2013 total about $110 million.

Ferrexpo, whose major mines are in Ukraine, has said that the investigation was ongoing and new evidence pointed to potential discrepancies.

Zhevago, 45, who ranked 1,511 on Forbes magazine’s list of billionaires for 2019 with a net worth of $1.4 billion, owns the FC Vorskla soccer club and has been a member of Ukraine’s parliament since 1998.

(Reporting by Noor Zainab Hussain and Tanishaa Nadkar in Bengaluru and additional reporting by Pavel Polityuk in Kiev; editing by Gopakumar Warrier, Bernard Orr)

Source: OANN

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Children walk past a damaged building in the aftermath of the Cyclone Kenneth in Pemba
Children walk past a damaged building in the aftermath of the Cyclone Kenneth in Pemba, Mozambique April 26, 2019 in this still image obtained from social media. SolidarMed via REUTERS ATTENTION EDITORS – THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. MANDATORY CREDIT. NO RESALES. NO ARCHIVES

April 26, 2019

By Emma Rumney and Stephen Eisenhammer

JOHANNESBURG/LUANDA (Reuters) – Cyclone Kenneth killed at least one person and left a trail of destruction in northern Mozambique, destroying houses, ripping up trees and knocking out power, authorities said on Friday.

The cyclone brought storm surges and wind gusts of up to 280 km per hour (174 mph) when it made landfall on Thursday evening, after killing three people in the island nation of Comoros.

It was the most powerful storm on record to hit Mozambique’s northern coast and came just six weeks after Cyclone Idai battered the impoverished nation, causing devastating floods and killing more than 1,000 people across a swathe of southern Africa.

The World Food Programme warned that Kenneth could dump as much as 600 millimeters of rain on the region over the next 10 days – twice that brought by Cyclone Idai.

One woman in the port town of Pemba died after being hit by a falling tree, the Emergency Operations Committee for Cabo Delgado (COE) said in a statement, while another person was injured.

In rural areas outside Pemba, many homes are made of mud. In the main town on the island of Ibo, 90 percent of the houses were destroyed, officials said. Around 15,000 people were out in the open or in “overcrowded” shelters and there was a need for tents, food and water, they said.

There were also reports of a large number of homes and some infrastructure destroyed in Macomia district, a mainland district adjacent to Ibo.

A local group, the Friends of Pemba Association, had earlier reported that they could not reach people in Muidumbe, a district further inland.

Mark Lowcock, United Nations under-secretary-general for humanitarian affairs, warned the storm could require another major humanitarian operation in Mozambique.

“Cyclone Kenneth marks the first time two cyclones have made landfall in Mozambique during the same season, further stressing the government’s limited resources,” he said in a statement.

FLOOD WARNINGS

Shaquila Alberto, owner of the beach-front Messano Flower Lodge in Macomia, said there were many fallen trees there, and in rural areas people’s homes had been damaged. Some areas of nearby Pemba had no power.

“Even my workers, they said the roof and all the things fell down,” she said by phone.

Further south, in Pemba, Elton Ernesto, a receptionist at Raphael’s Hotel, said there were fallen trees but not too much damage. The hotel had power and water, he said, while phones rang in the background. “The rain has stopped,” he added.

However Michael Charles, an official for the International Federation of the Red Cross and Red Crescent Societies (IFRC), said heavy rains over the next few days were likely to bring a “second wave of destruction” in the form of flooding.

“The houses are not all solid, and the topography is very sandy,” Charles said.

In the days after Cyclone Idai, heavy inland rains prompted rivers to burst their banks, submerging entire villages, cutting areas off from aid and ruining crops. There were concerns the same could happen again in northern Mozambique.

Before Kenneth hit, the government and aid workers moved around 30,000 people to safer buildings such as schools, however authorities said that around 680,000 people were in the path of the storm.

(Reporting by Emma Rumney and Stephen Eisenhammer; Writing by Emma Rumney; Editing by Janet Lawrence and Alexandra Zavis)

Source: OANN

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