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Escalating U.S.-China trade war would hit manufacturing, agricultural jobs: IMF

FILE PHOTO: A participant stands near a logo of IMF at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua
FILE PHOTO: A participant stands near a logo of IMF at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File Photo

April 3, 2019

By Chris Prentice

WASHINGTON (Reuters) – An escalation of the U.S.-China trade war would drive manufacturing away from both countries and likely cause job losses, but would not change their total trade balances, an International Monetary Fund (IMF) report showed on Wednesday.

The United States and China would see “sizable” losses in manufacturing as capacity moves toward Mexico, Canada, and East Asia if tariffs were hiked to 25 percent on all goods flowing between the two countries, the IMF said in its April World Economic Outlook.

That would escalate a tit-for-tat tariff battle between the two economic giants that has gripped global financial markets since mid-2018. The United States already has tariffs of 25 percent on $50 billion worth of Chinese goods and levies of 10 percent on another $200 billion. China has retaliated with duties on U.S. products, including key agricultural crops.

The countries have been trying to negotiate a deal to end the spat. U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are due to resume talks with Chinese vice premier, Liu He, on Wednesday, just days after the two sides reported progress in talks last week in Beijing.

The electronics and other manufacturing sectors in China would be hard-hit and the U.S. agricultural sector would see a significant contraction if the trade war were to escalate, the IMF report showed.

The group forecast a scenario where “large sectors in both countries shed a significant number of jobs.”

That would translate to about 1 percent of the workforce in the U.S. agricultural and transportation equipment sectors, and 5 percent in Chinese manufacturing other than electronics, like furniture and jewelry.

Growth in both economies would lose steam. On Tuesday, IMF Managing Director Christine Lagarde said U.S. gross domestic product would fall by up to 0.6 percent and China’s would fall by up to 1.5 percent.

Any attempts to address a trade deficit or surplus with another country through tariffs would shift the trade balances with other countries, making no impact on a country’s aggregate balance, the IMF said.

For example, U.S. imports of electronics and machinery from China would drop to 11.5 percent after the tariffs from about 22.1 percent of total imports, while the proportion of imports from other countries would rise.

The share of imports from East Asian nations would climb to 17.7 percent from 15.6 percent, Mexico’s share would rise to 14.6 percent from 12.6 percent, and Canada’s would increase to 12.3 percent from 10.8 percent, according to the report.

Even though some countries would benefit from the new trade flows, most countries are “likely to be worse off” because of increasing macroeconomic uncertainty, the IMF said.

(Reporting by Chris Prentice in Washington; Editing by Bernadette Baum)

Source: OANN

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Volkswagen’s Skoda Auto: cannot repeat 2018 pay hikes in new round of bargaining

89th Geneva International Motor Show in Geneva
FILE PHOTO: A Skoda logo is displayed at the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019. REUTERS/Pierre Albouy

March 20, 2019

MLADA BOLESLAV, The Czech Republic (Reuters) – Volkswagen’s Czech unit Skoda Auto does not expect to repeat the strong wage growth agreed in 2018 again in the latest round of collective bargaining, a board member said on Wednesday.

“The current situation in the automotive industry as well as the pressure regarding costs and investments are primarily the result of legal changes and regulatory measures,” Bohdan Wojnar, who is responsible for Skoda’s human resources, said at its annual results news conference.

“Against this backdrop it is clear that we cannot allow results similar to that of 2018 in this year’s collective bargaining.”

The average production wage grew 14 percent in 2018 and it is up by 25 percent in the last two years, Skoda said.

(Reporting by Jason Hovet, Writing by Robert Muller)

Source: OANN

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Ilhan Omar Played On Her Phone, Laughed As House Voted On Resolution Sparked By Her Anti-Semitic Comments: Report

Molly Prince | Politics Reporter

Democratic Minnesota Rep. Ilhan Omar played on her phone in the back of the chamber as the House of Representatives voted on the resolution that was intended as a reprimand for the congresswoman’s anti-Israel comments, according to a report published Friday.

The House passed a resolution March 7 that initially served to condemn a series of anti-Israel statements Omar made, but was subsequently “watered down” to condemn hatred in all forms. The resolution was in response to the ages-old canards about Jews that Omar had asserted over Twitter, including a claim that Republicans’ support for Israel is bought by the American Israel Public Affairs Committee (AIPAC). Many also interpreted her comments as Jews having a “dual loyalty” to the U.S. and Israel.

The text of the resolution, which passed 407-23, did not mention Omar by name. (RELATED: Minnesota Democrats Reportedly Want Ilhan Omar Out — She Blames Trump)

During the vote, Omar was reportedly playing on her phone and was “seemingly oblivious to the remarkable rebuke being leveled at her,” according to Politico. She was reportedly standing alone in the back of the room until fellow Democrat Rep. Pramila Jayapal of Washington entered the chamber, where they “embraced and soon doubled over in laughter.”

“She came up to me on the floor, and she gave me a big hug,” Jayapal told Politico. “I told her that some of my gray hair was [from her] over the last week.”

Omar, along with fellow Democratic Rep. Rashida Tlaib of Michigan, became America’s first Muslim congresswomen when sworn into office in January. Both congresswomen’s time in office has been embroiled in allegations of anti-Semitism — Omar has defended the anti-Israel statements, such as ones invoking Allah to expose Israel’s “evil doings,” and she is on record suggesting Israel is not a democracy. She also gave an interview to a host that referred to Israel as the “Jewish ISIS” and mocked how Americans speak about al-Qaeda and Hezbollah.

Following the resolution’s passage, Omar issued a statement saying she was “tremendously proud” of the anti-hate bill.

“Today is historic on many fronts. It’s the first time we have voted on a resolution condemning Anti-Muslim bigotry in our nation’s history. Anti-Muslim crimes have increased 99% from 2014-2016 and are still on the rise,” the statement read.

Omar’s office did not immediately respond to a request for comment.

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Source: The Daily Caller

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Exclusive: U.S. FAA to overhaul oversight approach to air safety by July

FILE PHOTO: An American Airlines Boeing 737 MAX 8 flight approaches to land at Reagan National Airport in Washington
FILE PHOTO: An American Airlines Boeing 737 MAX 8 flight from Los Angeles approaches to land at Reagan National Airport shortly after an announcement was made by the FAA that the planes were being grounded by the United States over safety issues in Washington, U.S. March 13, 2019. REUTERS/Joshua Roberts/File Photo

March 26, 2019

CHICAGO (Reuters) – The Federal Aviation Administration will significantly change its oversight approach to air safety by July 2019, U.S. Transportation Department Inspector General Calvin Scovel said in written testimony ahead of a U.S. Senate panel hearing.

The hearing scheduled for Wednesday follows two fatal Boeing Co 737 MAX 8 aircraft crashes since October.

(Reporting by David Shepardson and Tracy Rucinski; Editing by Tom Brown)

Source: OANN

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6.2 magnitude earthquake rumbles near coast of Ecuador; no injuries or damage reported

A strong 6.2 magnitude earthquake was reported off the coast of Ecuador early Sunday, but there were no immediate reports of damage or injuries.

The United States Geological Survey said the temblor occurred around 3 a.m. ET about 16 miles north of Santa Elena along the coast.

The quake struck at a depth of about 11 miles, according to the agency. The European-Mediterranean Seismological Center reported that there were also numerous aftershocks following the initial quake.

7.5 MAGNITUDE EARTHQUAKE STRIKES NEAR ECUADOR-PERU BORDER, USGS SAYS

The 6.2 magnitude earthquake was reported about 16 miles north of Santa Elena along the coast, according to the USGS.

The 6.2 magnitude earthquake was reported about 16 miles north of Santa Elena along the coast, according to the USGS. (USGS)

No damage has been reported so far, but some people reported being awakened from sleep by the shaking.

7.1-MAGNITUDE EARTHQUAKE HITS SOUTHERN PERU

Ecuador lies along the Pacific's so-called "Ring of Fire," a 25,000-mile horseshoe-shaped ring, accounting for approximately 90 percent of the world's earthquakes, according to the USGS.

The region is the location of most of Earth's subduction zones, where oceanic plates slide under the lighter continental plates. Earthquakes tend to happen when those plates scrape or subside underneath each other, and when that happens at sea it can spawn tsunamis.

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The region also contains 452 volcanoes, more than 75 percent of the world's active and dormant volcanoes.

Fox News' Chris Ciaccia contributed to this report.

Source: Fox News World

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Suspect arrested in S Carolina university student’s death

Police in South Carolina say they've arrested a suspect in connection with the death of a college student.

Columbia Police Chief Skip Holbrook said at a news conference that 24-year-old Nathaniel David Rowland was detained early Saturday after a traffic stop. He says police found what appeared to be blood in his car.

Holbrook says Rowland will be charged with murder and kidnapping in connection with the death of 21-year-old University of South Carolina student Samantha Josephson. It's unclear if he has an attorney.

Josephson was last seen about 2 a.m. Friday, getting into a car outside a bar in the city of Columbia's 5 Points area.

Holbrook says hunters found Josephson's body late Friday afternoon on a dirt road in Clarendon County, which is about 65 miles (105 kilometers) southeast of Columbia.

Source: Fox News National

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Voting underway in Indonesia, world’s biggest one-day election

Worker prepares election materials to be distributed to polling stations at a sports hall in Jakarta
A worker prepares election materials to be distributed to polling stations at a sports hall in Jakarta, Indonesia April 16, 2019. REUTERS/Edgar Su

April 16, 2019

By Kanupriya Kapoor and Tabita Diela

JAKARTA (Reuters) – Indonesians began voting in the world’s biggest single-day election on Wednesday as polling stations opened in the east of the sprawling equatorial archipelago following a six-month campaign to choose a new president and parliament.

President Joko Widodo, a furniture businessman who entered politics 14 years ago as a small-city mayor, is seeking re-election against former general Prabowo Subianto, whom he narrowly defeated in the last election, in 2014.

The economy dominated the hard-fought campaign, though the rise of political Islam loomed over the contest in the world’s most populous Muslim-majority country.

Most opinion polls give Widodo a double-digit lead but the opposition says the race is much closer.

Images on social media showed voters in the eastern province of Papua, which is two hours ahead of Jakarta, lining up to cast their ballots. Papuans in six regional legislative elections will use a traditional “noken” system, where a village chief collects votes from residents and casts one collective vote on their behalf.

Around 100 worshippers, mostly supporters of Prabowo dressed in white, gathered at a central Jakarta mosque for prayers at dawn before casting their votes when polls open at 7 a.m. local time (0000 GMT).

“We ask the Muslim people to pray together before heading to the polling booths. The idea is to gather not just here but at many mosques (across the country),” said Ustad Al-Khathath, leading prayers at the Al Falah mosque.

The opposition has alleged data irregularities that could affect millions of voters and has vowed legal or “people power” action if its concerns are ignored.

“The system is not foolproof, but there are enough checks and balances in place,” Kevin O’Rourke, a political analyst and author of the newsletter Reformasi Weekly, said this week.

He said problems with voter lists “are not so bad that it can affect the outcome of the election”.

An unexpected win for the challenger could trigger a brief selloff in financial markets that have priced in a Widodo victory, analysts say.

“Should Prabowo win, this would literally be the end of opinion polling in Indonesia … and a major, major upset,” said Marcus Mietzner, associate professor at Australian National University. “The question is what the margin of victory will be,” he said, predicting Widodo’s re-election.

‘GAME OF THRONES’

Poll-related hashtags trended on Twitter in Indonesia during a three-day quiet period in the run-up to voting day.

Social media users compared the presidential race to the HBO series “Game of Thrones” – with one online meme showing Widodo sitting on its coveted Iron Throne.

Widodo touted his record on deregulation and improving infrastructure, calling it a first step to tackling inequality and poverty in Southeast Asia’s biggest economy.

A moderate Muslim from central Java, Widodo had to burnish his Islamic credentials after smear campaigns and hoax stories accused him of being anti-Islam, a communist or too close to China, all politically damaging in Indonesia. He picked Islamic cleric Ma’ruf Amin, 76, as his running mate.

Prabowo, a former special forces commander who has links to some hardline Islamist groups, and his running mate, business entrepreneur Sandiaga Uno, say they will boost the economy by slashing taxes and focusing on infrastructure.

QUICK COUNTS

Nearly 350,000 police and soldiers will join 1.6 million paramilitary officers stationed across the country of 17,000 islands to safeguard the vote.

More than 192 million people are eligible to cast ballots in national and regional legislative elections being contested by more than 245,000 candidates.

Polling stations opened at 7 a.m. (2200 GMT on Tuesday) in the east and will close at 1 p.m. (0600 GMT) in the west.

Voters will have five paper ballots for president, vice president, and national and regional legislative candidates.

Unofficial “quick counts”, based on samples from polling stations, will be released hours after voting ends. The winning presidential candidate could be known by late on Wednesday.

Official results will be announced in May. Any disputes can be taken to the Constitutional Court where a nine-judge panel will have 14 days to rule on them.

(For a graphic on ‘President Joko Widodo’s achievements’ click https://tmsnrt.rs/2CRgHYC)

(Additional reporting by Kanupriya Kapoor and Tabita Diela; Writing by Ed Davies and John Chalmers; editing by Diane Craft)

Source: OANN

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Venezuela's Foreign Affairs Minister Jorge Arreaza talks to the media during a news conference in Caracas
Venezuela’s Foreign Affairs Minister Jorge Arreaza talks to the media during a news conference in Caracas, Venezuela April 8, 2019. REUTERS/Manaure Quintero

April 26, 2019

WASHINGTON (Reuters) – The U.S. Treasury Department on Friday imposed sanctions on Venezuela’s foreign minister and a Venezuelan judge, according to a statement on the department’s website.

Foreign Minister Jorge Arreaza and a judge, Carol Padilla, were targeted over the ongoing crisis in Venezuela, the Treasury Department said, the latest in a list of officials blacklisted by U.S. authorities for their role in President Nicolas Maduro’s government.

(Reporting by Susan Heavey, Makini Brice and Lesley Wroughton; Editing by Chizu Nomiyama)

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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A bedridden 67-year-old woman and more than a dozen animals were rescued Thursday after a welfare check found that they were living in a home filled with trash, urine, and feces, Florida police said.

Pinellas County sheriff’s deputies said when they arrived at the home in Dunedin around 7:20 p.m. Thursday, they could smell the odor of rotting trash and animal feces as they walked up to the driveway.

“Inside the residence, the odor of feces and urine was so overwhelming that deputies had to don masks,” the sheriff’s department said in a statement.

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

Walking throughout the residence, the deputies found 10 emaciated dogs and puppies living in bins filled with their own feces, five large Macaw birds flying freely, rats, bugs and overall squalor.

Puppies discovered living in their own feces inside a Florida home that was filled with trash, urine, and feces.

Puppies discovered living in their own feces inside a Florida home that was filled with trash, urine, and feces. (Pinellas County Sheriff’s Office)

Deputies said due to the large amounts of trash in the home, they had to clear a path to reach the victim’s bedroom.

“None of the home’s toilets were working and all were found to be overflowing with feces,” deputies said. “The only working sink was located on the opposite end of the house from the victim’s bedroom.”

They said there was no food or water for the victim or the animals.

FLORIDA MAN IN EASTER BUNNY COSTUME CAUGHT IN VIRAL BRAWL IS WANTED IN NEW JERSEY, HAS HISTORY OF ARRESTS

The victim was transported to a local hospital for injuries that were non-life threatening, while the animals were transported to shelters.

The woman’s caretaker, Richard Lawrence Goodwin, 65, was arrested and charged with abuse and neglect of an elderly person, disabled person, and cruelty to animals.

Richard Goodwin, 69, was arrested for abuse and neglect of an elderly and disabled person after deputies found she was living in deplorable conditions.

Richard Goodwin, 69, was arrested for abuse and neglect of an elderly and disabled person after deputies found she was living in deplorable conditions. (Pinellas County Sheriff’s Office)

The sheriff’s department said this was Goodwin’s second arrest for abuse and neglect of the same victim. He was previously arrested in May 2018.

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Neighbor Victoria Muenzerbeer told FOX 13 that Goodwin and the victim were hoarders and the conditions inside the home were horrible years ago when she visited once.

“I went in and it was absolutely, a human being couldn’t live there,” she said. “The kitchen wasn’t usable and part of the wall was falling in.”

Source: Fox News National

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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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