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How to say the ‘R-word’: bank executives grapple with recession talk

Chief Executive Officer of Citigroup Michael Corbat speaks at a European Financial Forum event in Dublin
Chief Executive Officer of Citigroup Michael Corbat speaks at a European Financial Forum event in Dublin, Ireland February 13, 2019. REUTERS/Clodagh Kilcoyne

April 11, 2019

By Elizabeth Dilts and Echo Wang

NEW YORK (Reuters) – Executives at the largest U.S. banks are grappling with how to best talk about the slowing economy and its impact on their businesses as they enter earnings season, people familiar with their thinking told Reuters.

Of particular concern is how to deal with the word “recession,” which has become all but verboten as U.S. gross domestic product growth has decelerated.

Although many economists are predicting a downturn, a big bank executive doing so can become a self-fulfilling prophecy. On the other hand, a top banker dismissing recession worries to calm fears could be seen as uninformed or dishonest.

When asked to name the single biggest threat to the U.S. economy at a congressional hearing on Tuesday, Citigroup Inc Chief Executive Officer Michael Corbat answered, “Our ability to talk ourselves into the next recession.”

The “R word,” as some are calling it, has been a topic of discussion during earnings planning, executives, investor relations staff and public relations officials said.

There are a few well-tested strategies to reassure investors without misleading them, said Pen Pendleton, founding partner of financial communications firm CLP Strategies in New York, and a former spokesman for Morgan Stanley and Credit Suisse Group AG.

If a bank is seeing negative signs in its loan book or markets businesses, executives should say something like “we believe we are competitively positioned in the market place to tackle the challenges,” Pendleton said.

An easy way to avoid endorsing any particular outlook is to defer to what in-house bank economists are predicting, he added.

“CEOs are always cautious about commenting on the economic outlook, especially when indicators are negative.” he said.

Even if executives feel obligated to share bad news because of a fiduciary duty to investors, they are likely to hedge what they say, according to an adviser of one of the top 20 banks by assets who spoke on the condition of anonymity.

For example, if loan performance suffered executives might speak optimistically about the future, or chalk it up to a “one-time thing” she said.

If top bankers do acknowledge a slowing U.S. economy, they would not be alone.

The Federal Reserve took a sharply less aggressive posture last month when it signaled it would not hike rates this year and projected slower U.S. growth for 2019.

While policymakers made clear they saw no recession in the next few years, some cautioned incoming data could change their minds on whether the next move should be to raise or lower rates, meeting minutes showed on Wednesday.

The U.S. economy grew 2.9 percent in the fourth quarter, down from 3.6 percent the prior period and 4.2 percent in the middle of last year.

STOCK DROPS AND TEQUILA SHOTS

Wall Street CEOs and CFOs realize that their words carry a lot of weight, given they manage multi-trillion-dollar balance sheets and have insight into nearly every consumer and institutional lending business.

Bank stocks can be sensitive to any recession talk that makes headlines.

JPMorgan Chase & Co shares fell 1.7 percent when finance chief Marianne Lake said that “recessionary indicators … are not flashing red, but they are off the floor” at the bank’s investor day in March.

Dimon then helped talk the shares back up, saying the bank’s decision not to raise its profitability target was not a warning about the economy and that JPMorgan was not predicting a recession, though it was nonetheless “prepared for one.”

“In a world of sound bites it’s difficult to be nuanced about recession risk,” said Wells Fargo bank analyst Mike Mayo. “It’s a fine line between alarming (markets) and conveying an impression of being recession-ready.”

The pressure to say the right thing can be intense enough to cause sleepless nights, executives and their counselors say.

Ronn Torossian, head of New York-based 5W Public Relations, said he once spent nearly all night with a senior bank executive rehearsing, taping and listening to prepared remarks for the next day’s earnings discussion with analysts.

“I was next to him and he did a shot of tequila a few minutes before the early morning call,” Torossian said. “That may have helped more than the training.”

JPMorgan and Wells Fargo & Co will kick off bank results on Friday, followed by Citigroup, Goldman Sachs Group Inc, Bank of America Corp and Morgan Stanley next week.

(Reporting By Elizabeth Dilts and Echo Wang in New York; Editing by Lauren Tara LaCapra and Meredith Mazzilli)

Source: OANN

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Brexit fallout on UK finance intensifies: think tank

FILE PHOTO: Rain clouds pass over Canary Wharf financial financial district in London
FILE PHOTO: Rain clouds pass over Canary Wharf financial financial district in London, Britain July 1, 2016. REUTERS/Reinhard Krause/File Photo

March 11, 2019

By Huw Jones

LONDON (Reuters) – More than 275 financial firms are moving a combined $1.2 trillion in assets and funds and thousands of staff from Britain to the European Union in readiness for Brexit at a cost of up to $4 billion, a report from a think tank said on Monday.

UK lawmakers are due to vote on Tuesday on an EU divorce settlement. But with less than three weeks to go before Brexit day on March 29, it is still unclear whether the deal will be approved, whether departure from the EU will be delayed, or whether it will happen without agreement.

The report by the New Financial think tank, one of the most detailed yet on the impact of Brexit on financial services, said Dublin alone accounted for 100 relocations, ahead of Luxembourg with 60, Paris 41, Frankfurt 40, and Amsterdam 32.

The independent think tank said half of the affected asset management firms, such as Goldman Sachs Investment Management, Morgan Stanley Investment Management and Vanguard, had chosen Dublin, with Luxembourg the next port of call, attracting firms like Schroders, JP Morgan Wealth Management and Aviva Investors.

Nearly 90 percent of all firms moving to Frankfurt are banks, while two-thirds of those going to Amsterdam are trading platforms or brokers. Paris is carving out a niche for markets and trading operations of banks and attracting a broad spread of firms.

New Financial identified 5,000 expected staff moves or local hires, a figure that is expected to rise in coming years.

A better measure of Brexit’s impact is the scale of assets and funds being transferred, it said.

Ten large banks and investment banks are together moving 800 billion pounds of assets from Britain – or 10 percent of banking assets in the country. A small selection of insurers have shifted a combined 35 billion pounds in assets, and a handful of asset managers have moved a total of 65 billion pounds in funds.

William Wright, founder and managing director of New Financial, said the hit to London was bigger than expected and would get worse.

“Business will continue to leak from London to the EU, with more activity being booked through local subsidiaries,” Wright said.

“This will reduce the UK’s influence in European banking and finance, reduce tax receipts from the industry, and reduce financial services exports to the EU.”

A 10 percent shift in banking and finance activity would cut UK tax receipts by about 1 percent, the report said.

Relocations have cost firms $3 billion to $4 billion, which will be passed on to customers and shareholders, the report said.

But the breadth and depth of relocations so far, combined with pacts between regulators in Britain and the EU, mean the industry is well prepared for whatever form Brexit takes, New Financial said.

London will remain the dominant financial center for the foreseeable future, but other European cities will chip away at London’s lead over time, it added.

New Financial chart: https://tmsnrt.rs/2NMO9DS

(Reporting by Huw Jones; Editing by Mark Potter)

Source: OANN

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Vandals paint swastikas on buildings in Amsterdam

Vandals suspected of being soccer hooligans from The Hague have painted graffiti including swastikas and anti-Semitic texts on buildings in Amsterdam.

The graffiti was discovered Friday, ahead of Sunday's match between ADO and Ajax in The Hague. Ajax fans are banned from attending the match.

ADO director Mattijs Manders says "we as a club strongly reject these incomprehensible acts. It is disrespectful and sad."

Ajax is often portrayed as a club with historic links to Amsterdam's Jewish community.

A statue in Amsterdam that commemorates a general strike in 1941 to protest the rounding up of Jews by Nazi occupiers of the city during World War II was vandalized with green and yellow paint — the colors of ADO The Hague.

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More AP soccer: https://apnews.com/apf-Soccer and https://twitter.com/AP_Sports

Source: Fox News World

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No sign of imminent North Korea missile launch: South Korea defense chief

U.S. Defense Secretary Jim Mattis and South Korean National Defense Minister Jeong Kyeong-doo take part in an armed forces full honor arrival ceremony in Washington
South Korean National Defense Minister Jeong Kyeong-doo reviews an honor guard during an armed forces full honor arrival ceremony hosted by U.S. Secretary of Defense James Mattis before the 50th annual ROK-U.S. Security Consultative Meeting at the Pentagon in Washington, U.S., October 31, 2018. REUTERS/Joshua Roberts

March 18, 2019

By Hyonhee Shin and Josh Smith

SEOUL (Reuters) – It is too soon to tell if recent activity at some of North Korea’s rocket facilities is preparation for a missile launch, South Korea’s defense minister told a parliamentary hearing on Monday.

Early in March, several American think-tanks and South Korean officials reported that satellite imagery showed possible preparations for a launch from the Sohae rocket launch site at Tongchang-ri, North Korea, which has been used in the past to launch satellites but not intercontinental ballistic missiles capable of delivering a nuclear warhead.

“It’s hasty to call it missile-related activity,” Defense Minister Jeong Kyeong-doo told a parliamentary defense committee.

“Tongchang-ri is a launch site but we don’t see any activity being carried out for a missile launch.”

When asked if he could confirm whether Sohae was functionally restored, Jeong said it was inappropriate for intelligence authorities to comment on every media report one way or the other.

He also said there were signs of continued nuclear activity in North Korea, without elaborating.

Unification Minister Cho Myoung-gyon told a separate parliamentary panel that it was possible that the recent developments at the missile site were to bolster North Korea’s leverage in negotiations.

“But given North Korea’s continued work, thorough analysis is needed to find out its exact intentions,” Cho said.

On Friday, North Korean Vice Foreign Minister Choe Son Hui told foreign diplomats and journalists in Pyongyang that leader Kim Jong Un was considering suspending talks with the United States and may rethink a freeze on missile and nuclear tests unless the United States made concessions.

The activity at Sohae appeared to begin shortly before U.S. President Trump met Kim at a summit in Hanoi late last month.

The summit broke down over differences about U.S. demands for North Korea to denuclearize and its demand for dramatic relief from international sanctions imposed for its nuclear and missile tests, which it pursued for years in defiance of U.N. Security Council resolutions.

Trump said after his first summit with Kim in Singapore last June that Kim had promised to dismantle the Sohae test site, a pledge the North Korean leader reiterated and expanded on at a summit with Moon in September.

North Korea has used Sohae to launch satellites into space since 2011, and the United States says its work there has helped develop missile technology.

A satellite launch in April 2012 killed off an Obama administration deal for a freeze in North Korean nuclear and missile testing reached weeks earlier.

On Wednesday, 38 North, a group that monitors North Korea, reported that there had been no new activity at Sohae since March 8.

On Friday, the group reported that satellite imagery showed no activity at North Korea’s Yongbyon nuclear reactor complex, or at dismantled facilities at the Punggye-ri nuclear test site.

(Reporting by Hyonhee Shin and Josh Smith; Editing by Robert Birsel)

Source: OANN

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Top 25 roundup: No. 12 Houston tops No. 20 Cincy for AAC crown

NCAA Basketball: Houston at Cincinnati
Mar 10, 2019; Cincinnati, OH, USA; Houston Cougars guard Corey Davis Jr. (5) passes the ball against Cincinnati Bearcats guard Keith Williams (2) in the first half at Fifth Third Arena in Cincinnati. Mandatory Credit: Kareem Elgazzar/The Cincinnati Enquirer via USA TODAY NETWORK

March 11, 2019

Corey Davis Jr. scored a career-high 31 points as 12th-ranked Houston captured its first outright league championship since the 1983-84 season with an 85-69 victory over host Cincinnati on Sunday afternoon.

Nate Hinton and Armoni Brooks each made four 3-pointers for the American Athletic Conference champion Cougars (29-2, 16-2), who claimed their first regular-season title since securing a share of the Southwest Conference championship in 1992.

Davis shot 10-of-22 from the field to eclipse his previous career high of 26, set three different times in February.

Jarron Cumberland scored 20 points for the 20th-ranked Bearcats (25-6, 14-4), who fell short in their bid for a share of the title and saw their 16-game home winning streak come to an end.

No. 21 Wisconsin 73, Ohio State 67 (OT)

Khalil Iverson had four of his career-high 22 points in overtime and collected 14 rebounds to help the Badgers hold on to beat the Buckeyes in Columbus, Ohio, as Wisconsin secured the No. 4 seed for the Big Ten tournament in Chicago and a bye through the first two rounds.

Wisconsin led by 23 points early in the second half before Ohio State ended regulation play on a 16-1 run to tie the score at 63. Iverson scored the Badgers’ first four points of overtime for 67-64 lead they never relinquished.

Ethan Happ had 16 points and 14 rebounds for his 21st double-double of the season, and Brad Davison scored 14 points for the Badgers. C.J. Jackson led the Buckeyes with 22 points.

No. 22 Wofford 81, East Tennessee State 72

Fletcher Magee made his first six 3-point attempts and finished with 26 points as the Terriers defeated the Buccaneers in the Southern Conference Tournament semifinals in Asheville, N.C., extending their school-record winning streak to 19 games.

Fletcher has 498 career 3-point baskets, putting him six away from matching the Division I record. The top-seeded Terriers (28-4) meet the winner of the UNC Greensboro-Furman game in Monday night’s championship tilt with an automatic berth to the NCAA Tournament at stake.

Daivien Williamson scored 17 points, Mladen Armus had 15 points, Tray Boyd III added 13 points and Isaiah Tisdale notched 12 points for fourth-seeded East Tennessee State (24-9), which had forced an overtime game with the Terriers last month.

–Field Level Media

Source: OANN

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China eyes U.S. poultry, pork imports in trade talks: sources

Pigs nearing market weight stand in pens at Duncan Farms in Polo
FILE PHOTO: Pigs nearing market weight stand in pens at Duncan Farms in Polo, Illinois, U.S. April 9, 2018. REUTERS/Daniel Acker

April 16, 2019

By Chris Prentice and Tom Polansek

NEW YORK/CHICAGO (Reuters) – China would likely lift a ban on U.S. poultry as part of a trade deal and may buy more pork to meet a growing supply deficit, but it is not willing to allow a prohibited growth drug used in roughly half the U.S. hog herd, two sources with knowledge of the negotiations said.

The United States and China are trying to hammer out a deal to end a months-long trade war that has cost the world’s two largest economies billions and roiled global financial markets and supply chains.

U.S. President Donald Trump’s administration is pressing Beijing to address concerns over Chinese practices on intellectual property rights, forced technology transfer and industrial subsidies.

Washington is also pushing for greater market access for agricultural products by seeking to reduce tariffs, lift bans and overhaul regulatory processes. The United States has asked Beijing to lift its bans on the drug ractopamine, which some U.S. pork producers use to boost hog growth, and on U.S. poultry, said two sources briefed on the discussions who spoke on condition of anonymity.

China’s negotiators have resisted lifting the ractopamine restriction even though Beijing may boost imports of U.S. pork as its own hog herd is devastated by disease, the sources said.

Huge losses in China’s hog herd due to African swine fever have left the world’s largest pork market facing a protein deficit, stoking hopes among U.S. pork and poultry producers.

“I think that China will do anything possible to make it easier for them to import protein,” said Bob Brown, an independent U.S. livestock market analyst. “This is such a gigantic thing,” he said of African swine fever.

Up to 200 million pigs could be culled or die from infections as the disease spreads through China, reducing the nation’s pork output by 30 percent from 2019, according to Rabobank.

Iowa State University agricultural economist Dermot Hayes said he expects China will import about 4 million to 6 million tonnes of pork in 2020, following losses in Chinese herds. The amount imported from the United States will depend on a trade deal, because Beijing maintains tariffs on shipments of American pork and has alternative suppliers, he said.

The Chinese poultry market also “has tremendous potential” for U.S. producers, said Jim Sumner, president of the USA Poultry and Egg Export Council in Stone Mountain, Georgia, valuing it at $500 million.

“With China’s situation with African swine fever, they’re going to have a real protein shortage in the near future,” he said.

The U.S. Department of Agriculture projects China’s total chicken imports will surge 68 percent this year to 575,000 tonnes, not including popular chicken feet, as African swine fever spurs consumers to turn to proteins other than pork. The disease is fatal to pigs but not harmful to humans.

Beijing has banned all U.S. poultry and eggs since January 2015 due to an avian influenza outbreak, which has been over for years. That caused imports to tank after the United States shipped $390 million worth of poultry and products to China in 2014. The following year, shipments were less than a fifth of that, at $74 million.

China lifted a similar restriction on poultry from France last month, and last year dropped duties on U.S. white-feathered broiler chickens. A total lifting of the ban would reopen the gates for U.S. poultry to compete in the world’s largest, and best-paying, market for products like chicken feet, and benefit companies such as Sanderson Farms Inc..

While it looks increasingly likely China may lift its ban on U.S. poultry, Beijing is seeking a “two-way street” and would want to be able to export some poultry products to the United States as well, two sources said.

China’s Ministry of Agriculture and Rural Affairs did not respond to a request for comment. A spokeswoman for the U.S. Trade Representative’s office declined to comment.

A U.S. meat exporter said officials from the USTR indicated that China will not drop its ban on ractopamine, though trade talks are still ongoing.

Chinese authorities blocked the use of ractopamine in livestock in 2002. They say it can cause health problems in people and is too similar to clenbuterol, an illegal additive in pig feed used to keep meat lean. The European Union also prohibits ractopamine, although the United States and other countries say it is safe.

Keeping the ban on ractopamine could benefit companies such as Smithfield Foods, a subsidiary of Hong Kong-listed WH Group Ltd that already raises most of its hogs without the drug. WH Group declined to comment. Smithfield Foods did not respond to request for comment.

Other U.S. pork producers that use the drug could benefit if China dropped its ban.

“It’s unfortunate news,” Christine McCracken, senior protein analyst with Rabobank in New York, said of the likely continuance of the ractopamine ban.

(Reporting by Chris Prentice in Washington and Tom Polansek in Chicago; Additional reporting by Dominique Patton in Beijing; Editing by Caroline Stauffer and Dan Grebler)

Source: OANN

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Fears over U.S. ties limit Turkish lira gains after Fed decision

Turkish lira banknotes are seen in this picture illustration in Istanbul
Turkish lira banknotes are seen in this picture illustration in Istanbul, Turkey August 14, 2018. REUTERS/Murad Sezer/Illustration

March 21, 2019

ANKARA (Reuters) – Fears over renewed tensions with the United States reversed some of the Turkish lira’s overnight gains in early trade on Thursday following a dovish Fed decision that had boosted emerging market currencies late on Wednesday.

The United States could soon freeze preparations for delivering F-35 fighter jets to Turkey, officials told Reuters, in what would be the strongest signal yet by Washington that Ankara cannot have both the advanced aircraft and Russia’s S-400 air defences system.

The lira firmed to 5.4160 against the dollar in the wake of the Fed decision but eased back to 5.4415 after Reuters report, analysts said.

Amid a slowing economy the Fed now sees only one rate hike next year, and announced a plan to end its balance sheet reduction program by September.

“It’s a very positive decision for emerging market currencies including the lira, and we were able to observe its impact on the market, with lira gaining around 1 percent against the dollar,” an Istanbul-based forex trader said.

“However, the report that ties with the U.S. are seen entering a difficult period was the only factor that limited this rise.”

The United States is nearing an inflection point in a years-long standoff with Turkey, a NATO ally, after so far failing to sway President Tayyip Erdogan that buying the S-400 Russian air defense system would compromise the security of any F-35 aircraft delivered to Turkey.

While no decision has been made yet, U.S. officials confirmed that Washington was considering halting steps now underway to ready Turkey to receive the F-35, which is built by Lockheed Martin Corp.

(Reporting by Nevzat Devranoglu; Writing by Ece Toksabay; Editing by Dominic Evans)

Source: OANN

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A California man who allegedly fatally shot his ex-girlfriend in broad daylight last month before fleeing the country has been returned to the U.S. following his arrest in Mexico on Wednesday, authorities said.

Julio Cesar Rocha, 25, of Montlcair, is accused of shooting his 25-year-old ex-girlfriend Thalia Flores and a second unidentified male victim March 21 around 2:45 p.m. while the two were sitting in a vehicle in the parking lot of a discount store in Chino. Both communities are about 36 miles east of Los Angeles.

ARREST MADE IN DOUBLE HOMICIDE OF EX-PRO HOCKEY PLAYER, COMMUNITY ADVOCATE, POLICE SAY

Julio Cesar Rocha, 25, of Montlcair, Calif. was located in Mexico Wednesday and returned to California where he faces murder and attempted murder charges related to the death of his ex-girlfriend, Thalia Flores.

Julio Cesar Rocha, 25, of Montlcair, Calif. was located in Mexico Wednesday and returned to California where he faces murder and attempted murder charges related to the death of his ex-girlfriend, Thalia Flores. (City of Chino Police Department)

Flores died at the scene. The man, whose name was not released, walked to a nearby hospital where he’s recovering from his gunshot wounds.

Rocha allegedly fled the scene and remained at large for more than a month, the Daily Bulletin reported. He was formally arrested at 4:30 p.m. after arriving at Los Angeles International Airport from Mexico, KTLA-TV reported.

The suspect was booked at the West Valley Detention Center in Rancho Cucamonga on murder and attempted murder charges, the City of Chino Police Department said on Facebook.

Flores ended her seven-year relationship with Rocha just two months before her death and still lived in fear of him until that point, a sister of the victim, Bernice Flores, told the Daily Bulletin.

“He said himself so many times to other people, ‘If I can’t have her, no one will.’ ” Flores said, adding that her sister stayed in the relationship longer that she would have liked in fear that Rocha would hurt her or her family if they broke up.

Rocha was convicted on misdemeanor battery in 2016 and sentenced to 60 days in prison. He was originally charged with misdemeanor assault with a deadly weapon, but the charges were lowered in a plea deal, the Daily Bulletin reported.

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Rocha was convicted of misdemeanor resisting or obstructing a peace officer in 2014. A second charge of misdemeanor battery was dropped in a plea deal, and Rocha was ordered to complete a 26-week anger management course, according to San Bernardino County Superior Court records. Rocha was later arrested and sentenced to 10 days behind bars for failing to complete the course.

Source: Fox News National

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Multiple people died Thursday when a semitrailer plowed into stationary traffic that resulted in explosions and flames on a Colorado freeway, authorities said.

The incident occurred just before 5 p.m. in the Denver suburb of Lakewood when a truck driver lost control while traveling east on Interstate 70, according to a preliminary investigation. The collision started a chain reaction and a diesel fuel spill, Lakewood police spokesman Ty Countryman told the Denver Post.

“This is looking to be one of the worst accidents we’ve had here in Lakewood,” he said.

The driver of the runaway truck survived. At least one truck was carrying lumber, another was hauling gravel and the third may have been carrying mattresses, KDVR-TV reported.

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Lakewood police tweeted there were multiple fatalities but did not give a specific number. Six people were taken to a hospital. Their conditions were not released, according to the paper.

Lanes in both directions were closed and expected to remain so into Friday morning.

Source: Fox News National

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President Trump will address members and leaders of the National Rifle Association on Friday at the group’s annual convention in Indiana.

Around 80,000 gun enthusiasts and more than 800 exhibitors are expected to pack the Indiana Convention Center in Indianapolis for the three-day event, the Indianapolis Star reported. It will mark the third straight year that Trump will deliver the keynote address, where he is expected to champion the rights of gun owners.

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes,” Chris Cox, executive director of the NRA’s Institute for Legislative Action (ILA), said in a statement. “President Trump’s Supreme Court appointments ensure that the Second Amendment will be respected for generations to come. Our members are excited to hear him speak and thank him for his support for our Right to Keep and Bear Arms.”

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes.”

— Chris Cox, executive director, NRA’s Institute for Legislative Action

COLORADO ENACTS ‘RED FLAG’ LAW TO SEIZE GUNS FROM THOSE DEEMED DANGEROUS, PROMPTING BACKLASH

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

Trump and Vice President Mike Pence spoke at last year’s convention in Dallas. During his speech, Trump assured gun owners that he would protect their Second Amendment rights, according to the paper.

“Your Second Amendment rights are under siege,” Trump told the cheering audience in Dallas. “But they will never, ever be under siege as long as I am your president.”

Trump has supported some gun control measures in the past. Last year, his administration imposed a ban on bump stocks, attachments that enable semiautomatic rifles to fire in rapid bursts. Although, he most recently threatened to veto two Democratic gun control bills.

This year’s convention comes as the NRA faces outside pressure and internal problems. The group has seen its legislative agenda stall amid a series of mass shootings — including a massacre at a Parkland, Fla., high school in February 2018 that left 17 dead and launched a youth movement against gun violence.

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It’s also grappling with infighting in its ranks, money problems and investigations into whether Russian agents courted officials and funneled money through the group.

“I’ve never seen the NRA this vulnerable,” said John Feinblatt, president of Everytown for Gun Safety, a nonprofit that advocates for gun control measure.

The convention will run through the weekend and conclude Sunday.

The Associated Press contributed to this report.

Source: Fox News Politics

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FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London
FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London, Britain December 15, 2018. REUTERS/Simon Dawson

April 26, 2019

(Reuters) – Ailing British retailer Debenhams said two proposed company voluntary arrangements (CVA) could see all its stores remaining open during 2019, with 22 closures planned for next year, putting about 1,200 jobs at risk.

Debenhams’ lenders took control of the retailer earlier this month in a process designed to keep its shops open at the expense of shareholders.

(Reporting by Noor Zainab Hussain in Bengaluru; editing by Gopakumar Warrier)

Source: OANN

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FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London
FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London, Britain, November 8, 2018. REUTERS/Toby Melville

April 26, 2019

BENGALURU (Reuters) – Chinese brands controlled a record 66 percent of Indian smartphone market in the first quarter, led by Xiaomi Corp, a report showed, with volumes rising 20 percent on the back of popularity for brands like Vivo, RealMe and Oppo.

Xiaomi’s India shipments fell by 2 percent over last year, but the Beijing-based company was still the biggest smartphone brand in the country, followed by Samsung Electronics Co Ltd, according to Hong-Kong based Counterpoint Research.

Shipment volumes for Vivo jumped 119 percent, while those of Oppo rose 28 percent.

“Vivo’s expanding portfolio in the mid-tier range ($100 to $180) drove its growth along with aggressive Indian Premier League cricket campaign,” Counterpoint analysts said.

India is the world’s fastest growing market for smartphones, where affordable pricing coupled with features like “selfie” cameras and big screens have popularized Chinese brands.

Video streaming services like Netflix Inc and Hotstar, as well as heavy usage of messaging apps like Facebook Inc’s WhatsApp have further spurred demand.

“Data consumption is on the rise and users are upgrading their phones faster as compared to other regions,” Counterpoint’s Tarun Pathak said.

“As a result of this, the premium specs are now diffusing faster into the mid-tier price brands. We estimate this trend to continue leading to a competitive mid-tier segment in coming quarters.”

(Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu)

Source: OANN

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