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Trump and Conservatives: It’s Complicated (But It’s Working)

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Donald Trump is not a conventional conservative. Far from it. He’s a populist of the right. His strong appeal to conservatives lies in his nationalism, tax cuts, deregulation, and appointment of originalist judges.

Unlike Ronald Reagan, who had well-formed political ideas, Trump’s notions about public policy come from gut instincts, reinforced by cheering crowds. Their common thread is "Don't tread on me."

Trump’s disdain for tradition is the opposite of orthodox conservativism. It is most visible in the wrecking ball aimed at NATO and other allies. If you are rich enough and want our military protection, he says, then pay up or forget it. Prove you deserve our protection. Show us the money.

Trump’s threat to walk away is more credible than that of previous presidents because he is instinctively closer to Robert Taft’s isolationism than to Arthur Vandenberg’s internationalism. The Taft-Vandenberg debate in the late 1940s settled Republican foreign policy for the next 60 years. Vandenberg, who chaired the Senate Foreign Relations Committee, led bipartisan support for President Harry Truman’s policies, including the Marshall Plan and forming NATO. The party’s stance was sealed in 1952 when Dwight Eisenhower defeated Taft for the presidential nomination.

Republicans remained internationalist on both security and trade throughout the Cold War, the “Unipolar Moment” of the 1990s, and the Global War on Terror after 9/11. That consensus shattered in the endless mess of Afghanistan and Iraq and the hollowing out of U.S. manufacturing employment. The Democratic Party backed away from those policies even sooner.

As a result, there is no consensus today on America’s proper role in the world. Our allies know it and are understandably nervous. Trump, a tough negotiator, is exploiting their anxiety to strike better deals for American defense support. That only works if allies believe he might actually pull back. They do, and so do internationalists in both parties. They are also worried about trade policy, where his strategy is similar.

Trump’s personal style adds to those worries, including those of conservatives. Many are repulsed by his crudity, thin-skinned nature, and vitriolic personal attacks. They fret as he shreds established norms. They oppose his micro-interventions in the economy (“don’t close that GM plant”), which are the opposite of free-market economics.

But—and this is crucial—conservatives and many independents recognize Trump’s biggest achievement, beyond strengthening the economy and rebuilding the military, is his persistent effort to roll back the administrative state, with its endless regulations and executive orders. The agencies that make the rules also enforce and adjudicate them. The result is fiat law—undemocratic, unaccountable, and unbearably expensive to fight. (If you think that’s also a major popular complaint about the European Union, you are correct.)

To curtail this administrative overreach, Trump needs to downsize the permanent bureaucracy, pass laws that require congressional approval for major regulations, and keep appointing judges who will rein in bureaucratic excess. Eliminating specific regulations is not enough. The next Democratic president will simply reimpose them.

Trump’s progress on judges is obvious—and consequential. That’s why Democrats are fighting so tenaciously. The latest battle, after Brett Kavanaugh’s Supreme Court appointment, was Neomi Rao’s nomination to the D.C. Circuit. She proved her commitment to deregulation while heading the White House Office of Information and Regulatory Affairs. Now she sits on the appellate court that hears those cases.

Trump’s determination to claw back Washington’s bureaucracy is beloved by conservatives, but it poses a curious dilemma. It took eight decades to ratchet up the government’s mammoth size and scope. Rolling it back swiftly and dramatically is what conservatives want substantively. But abrupt changes are what conservatives hate procedurally. They favor incremental change.

“Build on what we already have,” say these procedural conservatives. “That’s the surest foundation for improvement.” No one can anticipate the effects of large, disruptive changes. They might be disastrous. Edmund Burke first made that argument in 1790. His devastating critique of the French Revolution set the template for modern conservativism.

Unfortunately for modern conservatives, that kind of incrementalism would hardly dent America’s huge, intrusive government. It would do nothing to stop its regrowth after Trump leaves. That’s why “substantive conservatives” want to pare down the state now. The opportunity might be fleeting.

These are meaningful differences among conservatives. Yet they will fade to insignificance when Democrats nominate another big-government candidate. Faced with that alternative, conservatives of all stripes will back Trump. The only exceptions are those who despise him.

The president’s shortcomings offer Democrats a real opportunity. They seem determined to fumble it. Most candidates are sucking up to the left-wing base and arguing for huge, structural changes, everything from packing the Supreme Court to abolishing private health coverage. Their most daring ideas, such as the Green New Deal and “Medicare for All,” are recipes for fiscal apocalypse and totalizing government control. Their intolerance of dissent has made them the Party of Social Justice Church Ladies.

More centrist candidates are drifting left, too. Their reorientation may appeal to primary voters, but it will be a huge impediment in November. Ultimately, they are still selling Lyndon Johnson’s Great Society, now with more programs, more funding, and more taxes to pay in support of them. The ideas are stale, but there are two bigger defects: They cost too much and advocates cannot explain why the old programs failed.

If that’s what the Democrats have on offer in 2020, they won’t just lose conservatives and right-of-center independents. They’ll lose the election, unless there’s a recession.

If Trump wins, he will continue doing what no president has even attempted since Franklin Roosevelt: fundamentally shrinking the vast, centralized power of the administrative state. It’s a monumental task. But, for conservatives, none is more important.

Charles Lipson is the Peter B. Ritzma Professor of Political Science Emeritus at the University of Chicago, where he is founding director of PIPES, the Program on International Politics, Economics, and Security. He can be reached at charles.lipson@gmail.com.

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UK condemns Russia for sentence on rights activist in Chechnya

Oyub Titiev, the head of human rights group Memorial in Chechnya, attends his verdict hearing at a court in the town of Shali, in Chechnya
Oyub Titiev, the head of human rights group Memorial in Chechnya, attends his verdict hearing at a court in the town of Shali, in Chechnya, Russia, March 18, 2019. REUTERS/Said Tsarnayev

March 19, 2019

LONDON (Reuters) – British Foreign Secretary Jeremy Hunt condemned the sentence handed out to a prominent human rights activist by a court in Chechnya, calling it “an awful example of Russia suppressing vital work of human rights defenders”.

Oyub Titiev, who runs the office of the Memorial Human Rights Center in the southern Russian region, was sentenced to four years in a penal settlement on Monday after he was found guilty of possessing illegal drugs. His supporters say he was framed, with the drugs planted in his car.

Hunt wrote on Twitter on Tuesday: “Fabricated charges & absurd sentence imposed on Oyub Titiev are intended to silence his work in holding Russian govt to account for human rights abuses in Chechnya – they must #FreeTitiev.”

(Reporting by Michael Holden; editing by Stephen Addison)

Source: OANN

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China stocks rally on investor optimism, but corporate earnings lag

FILE PHOTO: FILE PHOTO: An investor looks at an electronic board showing stock information at a brokerage house in Shanghai
FILE PHOTO: FILE PHOTO: An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China September 7, 2018. REUTERS/Aly Song/File Photo/File Photo

March 26, 2019

By Luoyan Liu and Patturaja Murugaboopathy

SHANGHAI/BENGALURU (Reuters) – A sharp rally in Chinese stocks this year has been driven more by investor optimism than fundamentals, based on an analysis of corporate earnings estimates in an economy expanding at its slowest pace in 28 years.

As the 2018 earnings reporting season begins for mainland firms, analysts are issuing more downgrades than upgrades for corporate earnings, even as they hope that China’s stimulus plans for the economy kick in.

That implies that investors who have pushed the market up 22 percent this year are hoping for a turnaround in earnings, which often lags share prices.

(Graphic: China earnings yet to improve – https://tmsnrt.rs/2UOrRnV)

(Graphic: Asia’s estimated earnings for 2019 – https://tmsnrt.rs/2USI63y)

China has promised billions of dollars in tax cuts and infrastructure spending to help businesses and protect jobs. Hopes of a deal with the United States to end a year-long trade war have also boosted stock prices.

Beijing has vowed to use more policy tools to ensure the economy grows within a targeted range of 6.0 to 6.5 percent.

“The impact from Beijing’s tax cuts and expenses reductions in 2019 will be between 150-400 billion yuan ($22.37-59.64 billion) on the A-share market, accounting for 4-9 percent of their net profits,” investment bank China International Capital Corporation Limited (CICC) said in report.

Those supportive measures will systematically improve the profitability of Chinese companies, CICC said.

(Graphic: China’s industrial profits shrank in Dec – https://tmsnrt.rs/2HETCMK)

As companies this month release their annual results for 2018, investors need to see prospects for improved profitability to push the market any higher.

“It’s a misperception that solid fundamentals are not needed for a bull run, which is now in its first stage, and the signal for the second stage will be earnings growth recovery after bottoming out,” Haitong Securities wrote in report.

(Graphic: Shanghai firms revenue and profit growth – https://tmsnrt.rs/2CyoQRF)

The rebound has been led by the financial sector, which President Xi Jinping has labeled a key part of China’s core competitiveness and Beijing has vowed to liberalize further.

Some financial firms have posted hefty earnings. Ping An Insurance Group said it would return up to 10 billion yuan to shareholders through its first share buyback after a forecast-beating jump in annual profit.

Yet estimates for the sector have not been marked higher.

(Graphic: China MSCI financials – https://tmsnrt.rs/2USUMr3)

Consumer firms are also expected to gain from measures to boost consumption. Liquor makers have been pushed to record highs by investors, including foreigners who have long favored firms with strong brand names and solid profits.

Shares of Fuling Zhacai, dubbed one of China’s “super brands”, hit a new high after it reported strong profit growth in 2018 and expected a 26 percent revenue gain in 2019.

(Graphic: China MSCI consumer discretionary – https://tmsnrt.rs/2UXX0FS)

Investors are also tracking mainland-listed tech firms as Beijing seeks to reduce dependence on foreign technology to counter U.S. curbs on China’s tech advancement.

Xiaomi-backed TCL Corp reported strong 2018 earnings, sending its stock up nearly 70 percent this year.

(Graphic: MSCI China tech – https://tmsnrt.rs/2HFL6xp)

Market participants believe a new technology board in Shanghai will help improve the valuations for tech firms already listed on the A-share market.

Shenzhen’s Nasdaq-style start-up board index Chinext has soared 32 percent this year. That compares with a 15 percent rise for Nasdaq in the same period.

(Graphic: China’s Nasdaq-style tech board outperforms – https://tmsnrt.rs/2Cwq9Ax)

Still, given how far some companies have missed their earnings’ estimates in 2018, analysts are reluctant to upgrade their forecasts until they see a decisive turn in profitability.

(Graphic: Percentage of Chinese firms missing expected earnings in 2018 – https://tmsnrt.rs/2Cyy4xd)

(Reporting by Luoyan Liu; Additional reporting by Patturaja Murugaboopathy in BENGALURU; Editing by Vidya Ranganathan and Darren Schuettler)

Source: OANN

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China to prosecute top-ranking Uighur official for corruption

Nur Bekri, Chairman of Xinjiang Uygur Autonomous Region, attends a news conference in Beijing
Nur Bekri, Chairman of Xinjiang Uygur Autonomous Region, attends a news conference during the annual session of China's parliament, the National People's Congress (NPC), in Beijing March 7, 2010. Picture taken March 7, 2010. REUTERS/Jason Lee

March 16, 2019

SHANGHAI (Reuters) – China’s anti-corruption watchdog said on Saturday it would prosecute Nur Bekri, one of the highest-ranking Uighur officials in the country, over allegations of graft and corruption during his time as governor of Xinjiang province.

The decision comes after authorities launched an investigation in September into Bekri, who as governor between 2008-2014 held the second-highest position of power in the region behind party secretary.

Bekri, who until December was director of China’s National Energy Administration, could not be reached for comment.

The Central Commission for Discipline Inspection (CCDI) said in a statement that Bekri obstructed the investigations and did not tell the truth during the probe.

It said the investigation had found that he took advantage of his position to obtain “a huge amount of wealth”, either directly or through relatives. He also allegedly demanded the provision of luxury sedans and chauffeur services to his family members, and received bribes.

Bekri “led an extravagant life, was morally corrupt, and used his power for sex,” the statement alleged.

His prosecution comes as the Chinese government ramps up surveillance and suppression of Uighurs in Xinjiang, a group it has long considered prone to dangerous religious extremism.

Researchers estimate that as many as 1.5 million Uighurs are in detention centers, where they are subject to political indoctrination programs.

The Chinese government has tried to counter this, saying the Uighurs are being sent to vocational training centers.

Bouts of ethnic violence took place over the course of Bekri’s tenure between the Uighurs in Xinjiang and the Han Chinese national ethnic majority that led to the deaths of hundreds of people.

As governor, Bekri supported policies that restricted religious practices of the Muslim Uighurs, who make up a majority of the overall Uighur population.

He was also a proponent of educating Xinjiang’s Turkic-speaking school children in Mandarin.

(Reporting by Josh Horwitz; Editing by Clelia Oziel)

Source: OANN

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Fresh clashes as France’s yellow vests seek new momentum

Protester wearing a yellow vest holds a flag during a demonstration by the
A protester wearing a yellow vest holds a flag during a demonstration by the "yellow vests" movement in Paris, France, March 16, 2019. REUTERS/Philippe Wojazer

March 16, 2019

PARIS (Reuters) – French police fired tear gas and arrested dozens on Saturday in clashes with protesters as the yellow vest movement sought to inject new impetus into its four-month old revolt against President Emmanuel Macron and his pro-business reforms.

Protesters threw cobblestones at riot police through clouds of tear gas in front of Paris’ Arc de Triumphed monument, which was ransacked at the peak of the protests in December. Bonfires were started in nearby streets, with at least one car in flames.

Police also used water cannons and had arrested more than 30 protesters by late morning as tensions flared at the top of Paris’ upmarket Champs Elysee avenue, where the windows of a high-end restaurant were smashed.

Interior Minister Christophe Castaner said thugs looking for trouble had infiltrated the demonstrations and gave the order to respond to “unacceptable attacks with the greatest firmness”.

“Let there be no doubt: they are looking for violence and are there to sow chaos in Paris,” Castaner said in a Tweet.

Protesters have promised to draw bigger numbers to mark the fourth month since the movement erupted in mid November, over since-scrapped fuel tax hikes and the high cost of living.

Named after the high visibility vests French drivers have to keep in their cars and worn by protesters, the revolt quickly swelled into a broader movement against Macron and his reforms.

However, the weekly demonstrations, held every Saturday in Paris and other cities, have been generally getting smaller since December, when Paris saw some of the worst vandalism and looting in decades.

After the spike in violence, Macron offered a package of concessions worth more than 10 billion euros ($11 billion) aimed at boosting the incomes of the poorest workers and most pensioners.

His government ordered police to crack down on the protests in January, leading to complaints of police brutality after a series of injuries.

The 41-year-old former investment banker also launched a series of national debates which are aimed at determining what polices people want the government to focus on.

Saturday’s protests coincide with the end of the debates.

($1 = 0.8829 euros)

(Reporting by Leigh Thomas, Emmanuel Jarry and Simon Carraud; Editing by Mark Potter)

Source: OANN

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Japan Grounds F-35 Fleet After Fighter Jet Disappears in Mid-Air – Reports

Japan has 13 operational F-35s, with nearly 150 more on order. The planes are based with the 302nd Squadron at the Misawa Air Base in Aomori, northern Japan.

A Japan Air Self-Defence Force spokesman has confirmed to Sputnik that one of its F-35s has gone missing with one pilot said to be on board. “It disappeared from radars,” the spokesman said, adding that a search for the plane is underway.

Earlier, Japanese national broadcaster NHK reported that an air force F-35A disappeared from radar screens during a routine training flight.

According to the military, ground control lost contact with the plane at around 7:27 pm on Tuesday, about 135 km northeast of Misawa city, during training. The plane is believed to have one pilot onboard.

Over a dozen Maritime Self-Defence Force patrol aircraft and escort vessels are engaged in a search operation, NHK said, with the local Coast Guard also deploying two patrol vessels to help in the search.

Ten F-35As were delivered to the Misawa Air Base last year.


Alex Jones discusses the possible future where all transportation is automated.

All JASDF F-35As Grounded

Later Tuesday, Japanese Defence Minister Takeshi Iwaya said that the air force would suspend flights of its remaining F-35As for the time being following the plane’s disappearance, Kyodo has reported.

Tokyo ordered a total of 42 F-35As in late 2011, with the existing order updated to include 63 more F-35As and 42 F-35Bs by late 2018, with Japan becoming the second-largest buyer of Lockheed Martin’s fifth-generation stealth fighter.

Last September, the US military grounded its entire fleet of F-35s in the wake of a Marine Corps F-35 crash in South Carolina. That incident followed reports in late 2017 that a US F-35 deployed in Okinawa, Japan lost part of its fuselage in mid-air during a routine training mission.

The F-35 program is one of the most expensive defense projects in history, with a projected total cost of $1.5 trillion over its 55-year lifespan.
In addition to cost (currently ranging from $89.2-$115.5 million apiece), the plane has been criticized for a plethora of glitches and design flaws which continue to plague it over four years after its introduction with the US military in 2015. Acting US Defence Secretary Patrick Shanahan has reportedly described the plane as “f***ed up,” with President Donald Trump repeatedly criticizing it as an example of Pentagon waste on the campaign trail.

Last month, a US defense spending watchdog complained that the new F-35s for the US Navy were nowhere near operational status, emphasizing that the plane was “not ready to face current or future threats” and could put US military personnel’s lives at risk.


Owen reveals the best strategy for the White House.

Source: InfoWars

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Dem Group Asks Candidates to Pledge Support for Nominee

The progressive organization Indivisible has asked the 20 candidates for the Democratic Party's nomination to sign a pledge vowing to support the eventual nominee, BuzzFeed News reports.

Indivisible posted the pledge on their website last Tuesday. It states:

"We must defeat [President] Donald Trump. The first step is a primary contest that produces a strong Democratic nominee. The second step is winning the general election. We will not accept anything less."

The group then lists three pledges: to "make the primary constructive" by focusing on issues and ideas, to "rally behind the winner," and support the eventual nominee "whoever it is," and to "do the work to beat Trump" by agreeing to help the Democratic nominee's campaign.

As of Thursday morning, no candidate has signed the pledge, although the candidates did sign a pledge issued by the Democratic National Committee vowing to identify as members of the Democratic Party, to "run as a Democrat" and to "serve as a Democrat if elected."

Source: NewsMax America

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FILE PHOTO: The Credit Suisse logo is pictured on a bank in Geneva
FILE PHOTO: The Credit Suisse logo is pictured on a bank in Geneva, Switzerland, October 17, 2017. REUTERS/Denis Balibouse/File Photo

April 26, 2019

ZURICH (Reuters) – Shareholders approved Credit Suisse’s 2018 compensation report with an 82 percent majority on Friday, overriding frustrations expressed at its annual general meeting over jumps in executive pay during a year its share price plummeted.

Three shareholder advisers had recommended investors vote against Switzerland’s second-biggest bank’s remuneration report, while a fourth backed the report but expressed reservations about whether management pay matched performance.

The approval marked a slight increase over the 80.8 percent support garnered for the bank’s 2017 compensation report.

(Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

Source: OANN

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FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London
FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London, Britain December 7, 2018. REUTERS/Simon Dawson/File Photo

April 26, 2019

By Simon Jessop and Sinead Cruise

LONDON (Reuters) – Activist investor Edward Bramson is likely to fail in his attempt to get a board seat at Barclays’ annual meeting next week, even though shareholders are dissatisfied with performance of the group’s investment bank.

New York-based Bramson’s Sherborne Investors and the board of the British bank have been sparring for months over Barclays’ strategy.

Bramson wants to scale back Barclays’ investment bank to reduce risk and boost shareholder returns. Barclays Chief Executive Jes Staley remains staunchly committed to growing the business out of trouble.

After failing to persuade Staley to change course since he began building a 5.5 percent stake in the bank in March last year, Bramson hopes a board seat will rachet up the pressure.

Both sides have written to shareholders pitching their case and Bramson has courted investors in one-on-one meetings, although none have publicly backed him yet.

Interviews by Reuters with five institutional investors in Barclays suggest Bramson has failed to persuade them.

Sherborne declined to comment.

Mirza Baig, head of investment stewardship at top-40 shareholder Aviva Investors, said Bramson was welcome on the bank’s register but the boardroom was a step too far.

“He has created a lot of value at other businesses, but, generally, when he has come in as executive chair and taken full control. This would be a different case where he would just be one lone voice on the board,” he said.

A second Barclays shareholder said he backed Bramson’s goal of improving returns but via an “evolutionary” approach.

“If you look at banks that have tried to restructure their operations in investment banking – you look at Natwest Markets, Deutsche Bank – I struggle to think of an example where a roughshod restructuring has been accretive to shareholder value.”

A third, top-30 investor said he had been impressed by incoming Chairman Nigel Higgins’ grasp of the challenge in hand, and felt investors would give him time.

“Management know they have to execute and deliver improved returns… [Higgins] will continue to re-shape the board but obviously he didn’t feel that having someone with a diametrically opposed view on it would be helpful.”

A fourth, top-30 investor agreed: “We voted for the chairman to come in and it would be crazy to allow an activist to join the board (at this time).”

Jupiter Fund Management, the 24th largest investor, said it also planned to vote against Bramson.

Barclays has nearly 500 institutional shareholders, Refinitiv data showed.

Since Staley joined Barclays in 2015, the investment bank returns relative to capital invested have increased but are still underperforming the overall business.

Barclays’ first-quarter figures showed the investment bank posted a 6 percent drop in income from its markets business and a 17 percent fall in banking advisory fees.

Returns in the investment bank fell to 9.5 percent from 13.2 percent a year ago.

Famed for successful campaigns against smaller British companies in sectors from chemicals to advertising, Bramson’s board seat pitch has been rebuffed by shareholder advisory firms.

Institutional Shareholder Services, the world’s biggest, said Bramson’s proposal “falls short of what can reasonably be expected from a shareholder trying to address issues at a 28 billion pounds, systemically important bank”.

Glass Lewis also flagged concern about Bramson’s lack of banking experience and “questionable” shareholding structure, referring to Sherborne’s use of derivative contracts to hedge losses should its strategy fail.

Critics said the arrangement meant his interests are not truly aligned with those of other long-term shareholders.

British advisory firm Pirc, however, said it recommended that investors abstain in the vote on Bramson’s proposal as a challenge to the board to do better in the year ahead – or face a similar contest in 2020.

(Editing by Jane Merriman)

Source: OANN

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https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2019/04/918/516/02_2.jpg?ve=1&tl=1

After an over 15-month pregnancy, “Akuti,” a 7-year-old Greater One Horned Indian Rhinoceros, gave birth as a result of induced ovulation and artificial insemination at Zoo Miami, April 23, 2019.

Ron Magill/Zoo Miami

https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2019/04/918/516/02_2.jpg?ve=1&tl=1

Source: Fox News World

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FILE PHOTO: File photo of a Chevron gas station sign in Del Mar, California
FILE PHOTO: A Chevron gas station sign is seen in Del Mar, California, in this April 25, 2013 file photo. REUTERS/Mike Blake/File Photo

April 26, 2019

(Reuters) – U.S. oil and natural gas producer Chevron Corp reported a 27 percent fall in quarterly earnings on Friday, hit by lower crude prices and weaker margins in its refining and chemicals businesses.

Net income attributable to the company fell to $2.65 billion, or $1.39 per share, for the first quarter ended March 31, from $3.64 billion, or $1.90 per share, a year earlier.

Earlier in the day, larger rival Exxon Mobil Corp reported earnings well below analysts’ estimates, as margins in its refining business were hurt by higher Canadian prices and heavy scheduled maintenance.

(Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)

Source: OANN

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FILE PHOTO: Ford logo is seen at the North American International Auto Show in Detroit, Michigan
FILE PHOTO: The Ford logo is seen at the North American International Auto Show in Detroit, Michigan, U.S., January 15, 2019. REUTERS/Brendan McDermid/File Photo

April 26, 2019

(Reuters) – Ford Motor Co said on Friday the U.S. Department of Justice had opened a criminal investigation into the automaker’s emissions certification process in the United States.

The potential concern does not involve the use of defeat devices, the company said in a regulatory filing. (https://bit.ly/2VqjHpl)

Ford had voluntarily disclosed the matter to the U.S. Environmental Protection Agency and the California Air Resources Board in February.

(Reporting by Ankit Ajmera in Bengaluru; Editing by James Emmanuel)

Source: OANN

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