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CME says euro trading has moved to Amsterdam ahead of Brexit

An EU flag flutters during an anti-Brexit demonstration outside the Houses of Parliament in London
FILE PHOTO: An EU flag flutters during an anti-Brexit demonstration outside the Houses of Parliament in London, Britain January 28, 2019. REUTERS/Hannah McKay

March 18, 2019

By Huw Jones

LONDON (Reuters) – Euro-denominated government bond, repurchase agreement and foreign exchange trading at CME Group has moved from London to Amsterdam to avoid disruption from Brexit, the exchange said on Monday.

CME Group, one of the world’s biggest exchanges, set up new units in the Dutch financial capital to avoid European Union customers being disrupted by whatever form Britain’s departure from the bloc takes.

Clearing of its euro repo trades at London Stock Exchange’s LCH unit in London had already moved to LCH’s Paris arm in order to be inside the EU after Brexit.

Migration of trading and clearing is a blow to London as a global financial center, with more business to follow the Chicago-headquartered exchange.

While Brexit is due to take place on March 29, it now looks increasingly likely that it will be delayed.

Cboe Europe, the largest pan-European share trading platform, plans to move euro-denominated share trading from London to a new unit in Amsterdam, with trading starting on April 1.

But Cboe Europe said last week it was “closely monitoring” political discussions and would react as quickly as possible to any developments that would alter this launch date.

Britain’s government is scrambling to get support in parliament for a Brexit deal ahead of an EU summit on Thursday.

Separately on Monday, EuroCCP, a clearing house for stock trades, said it had obtained regulatory approval to clear trades for the new EU entities of Cboe Europe, Aquis Exchange, and London Stock Exchange’s Turquoise from April 1.

EuroCCP said it had also “on-boarded” six new EU-based entities acting as clearing members, and more than 10 new EU-based trading members.

EuroCCP, which clears over 30 percent of European share trades, is incorporated in the Netherlands and owned by Dutch Bank ABN Amro, Cboe Europe, Euronext, Nasdaq, and the U.S. Depository Trust & Clearing Corp (DTCC).

The announcement means that a large chunk of clearing in euro-denominated share trades, currently handled by EuroCCP and rivals like LCH in London, is also set to move to Amsterdam.

Clearing refers to a third party that ensures completion of a trade even if one side goes bust.

EuroCCP said it would activate the new clearing arrangements in EU-listed securities as soon as the new EU-based venues are ready

“While the uncertainty continues and despite the increasing likelihood that there may be a delay to Brexit, we are still focused on our preparations in case the UK leaves the EU on 29 March,” said EuroCCP Chief Executive Cécile Nagel.

Aquis is opening a new hub in Paris for trading euro-denominated shares, while the Turquoise unit is in Amsterdam.

(Reporting by Huw Jones; Editing by Louise Heavens/Mark Heinrich)

Source: OANN

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Maryland Democratic official takes heat for calls to 'dox' gun rights activists

A Democratic Party leader in Maryland is facing criticism for last month posting on Facebook a call to “dox” gun rights activists.

Maryland Democratic Party Secretary Robbie Leonard took to social media to post photos from a Maryland House Judiciary Committee meeting in late February, where gun rights activists wore “We Will Not Comply” shirts during the hearing on additional gun control measures, along with a message calling the advocates “homegrown terrorists” and calling on his followers to “dox” them.

“I hope the FBI runs the name of every witness who is wearing a t-shirt that says ‘We Will Not Comply,’ Leonard said in one Facebook message. “They’re a bunch of terrorists in the making.”

CALIFORNIA DEMS FLEX NEW SUPERMAJORITY, WITH PLANS TO PURSUE GUN TAX AND MORE

In another message, Leonard posted a photo of a protestor along with the comment: “Time to dox some homegrown terrorists.”

Doxing is a practice of researching and broadcasting over the Internet the personal and private information of an individual or organization, normally with malicious intent.

Gun rights groups and lobbyists were quick to condemn Leonard for his comments on social media, pointing out that Maryland’s criminal code prohibits doxing and that the gun rights activists are protected under the First Amendment.

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“The bizarre posts offer a glimpse into the fevered mind of the gun control advocate,” the National Rifle Association’s Institute for Legislative Action said in a post. “Revealing a severe dearth of knowledge regarding the Bill of Rights, in Leonard’s view, federal law enforcement should be employed to intimidate his political enemies for conduct expressly protected under the First Amendment.”

The Maryland Democratic Party did not respond to Fox News’ request for comment.

Source: Fox News Politics

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California town destroyed by fire issues 1st rebuild permits

Small signs of rebuilding the California town of Paradise after it was destroyed by wildfire are sprouting this spring, including the issuing of the first permits to rebuild two the 11,000 homes destroyed five months ago.

The city issued the first permit Thursday to Jason and Meagann Buzzard, who said they never intended to leave the town of 27,000 people that was 90 percent destroyed by the Nov. 8 fire that killed 85 people.

On Friday, Colleen Corners said she and her husband picked up their permit to start building on their property.

"We are excited and fortunate," Corners said. "There are still lots of people struggling to just get their insurance straight. There's still a lot to do and lots of patience is required."

Several retail establishments have re-opened and the town is showing signs of life, she said.

"We have a grocery store, hardware store and auto repair shop," she said. "Everything a small town needs."

Still, Corners and others say the rebuilding process has been slow and hampered by hazards and hurdles that include contaminated drinking water in some neighborhoods.

Only one other property owner has been cleared to receive a building permit. Twenty other applications are pending inspections by state environmental officials.

Debris has been removed from an estimated 580 of the 11,000 lots where homes were damaged in the fire.

Officials with the town's water district have said federal and state authorities will deliver 2,500 tanks of clean water for cooking, cleaning and bathing while contaminated pipes are replaced — a process that could take up to three years. Burned cars still line roadways.

Construction crews have fanned out through the city and can be seen and heard clearing lots six days a week, weather permitting.

On Thursday, after the first building permit was issued, Paradise Mayor Jody Jones announced that grants of $3,500 for owners of every damaged property were available to help pay for the permit process. Jones said she hoped the grants would encourage more applications.

"This first building permit is a sign of the resilience and perseverance that our residents have in coming back to Paradise." Jones said. "The ball is rolling."

Source: Fox News National

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Baltimore Mayor Catherine Pugh takes indefinite leave of absence amid book controversy

Baltimore Mayor Catherine Pugh announced on Monday that she's taking an indefinite leave of absence from office after it was revealed she received $500,000 from the University of Maryland Medical System in critics have called a "self-dealing" book sale.

Pugh's office in a statement said the mayor, a Democrat, has been "advised by her physicians that she needs to take time to recover and focus on her health," and said she felt as though she was unable to fulfill her obligations as mayor due to deteriorating health brought on by a recent case of pneumonia.

City Council President Jack Young will take over Pugh's day-to-day responsibilities, according to the statement.

BALTIMORE MAYOR'S $500G DEAL FOR 'HEALTHY HOLLY' CHILDREN'S BOOKS DRAWS SCRUTINY

In a letter released earlier Monday, Maryland Gov. Larry Hogan, a Republican, called on the state prosecutor to investigate allegations of self-dealing by Pugh. State Comptroller Peter Franchot, a Democrat, urged the mayor to step down immediately.

Hogan and Franchot's calls came hours after health care firm Kaiser Permanente disclosed to The Baltimore Sun that between 2015 and 2018, it paid $114,000 for roughly 20,000 copies of Pugh's self-published "Healthy Holly" children's book series.

Since 2011, Pugh has received $500,000 for selling the books to the University of Maryland Medical System (UMMS), The Associated Press reported. The $4 billion hospital network, one of the largest private employers in the state, reportedly paid Pugh for 100,000 copies of her books between 2011 and 2018.

Pugh, who sat on the system's board since 2001, became Baltimore's mayor in 2016. The next year, Baltimore's spending board, which is controlled by the mayor, awarded a $48 million contract to the Kaiser Foundation Health Plan of the Mid-Atlantic States Inc. Kaiser previously held that contract.

JUSTIN TRUDEAU DENIES WRONGDOING, REFUSES TO APOLOGIZE IN RARE ADDRESS OF CORRUPTION SCANDAL THREATENING HIS POLITICAL LIFE

Kaiser Permanente spokesman Scott Lusk told the AP his company "purchased the books from Healthy Holly, LLC" — Pugh's firm, which she has said was meant to encourage healthy lifestyles for youngsters and their families.

Additionally, The Sun reported that CareFirst BlueCross BlueShield, another city health provider, effectively bought Pugh's roughly 20-page illustrated books for $14,500 in 2011 and 2014. In an email, CareFirst said it made contributions to Associated Black Charities, a nonprofit that manages the city's Children and Youth Fund, to fund its purchase and distribution of books.

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The firm Pugh identified as her books' printer said it produced only 60,000 copies and did not have any more orders from Pugh. She had acknowledged sales of her book to UMMS and said they were meant to be distributed to city schools and daycares.

Pugh, at a news conference last week, described the book deal with the university-based health care system as a "regrettable mistake," and apologized for "any lack of confidence or disappointment" citizens and colleagues may have felt.

Fox News' Brie Stimson and The Associated Press contributed to this report.

Source: Fox News Politics

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Finland tops global happiness index for 2nd consecutive year

Finland has topped an index of the happiest nations for the second consecutive year, with researchers saying the small Nordic country has succeeded in generating a happiness recipe not simply dependent on economic wealth.

The World Happiness Report, produced by the U.N Sustainable Development Solutions Network, ranks 156 countries by how happy their citizens see themselves to be. It's based on factors including economic wealth, life expectancy, social support and freedom to make life choices.

The index, published Wednesday, showed the other Nordic countries did well, with Denmark, Norway and Iceland taking the next spots.

The United States dropped from the 18th to 19th place.

Happiness has declined the most drastically in the past ten years in the 108th placed Venezuela, currently in political crisis.

Source: Fox News World

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Brazil’s Bolsonaro says he has ‘no problem’ with house speaker in pension row

FILE PHOTO: Brazil's President Jair Bolsonaro attends a signing ceremony for 13.2 billion reais in contracts for electricity transmission lines, at the Planalto Palace in Brasilia
FILE PHOTO: Brazil's President Jair Bolsonaro attends a signing ceremony for 13.2 billion reais in contracts for electricity transmission lines, at the Planalto Palace in Brasilia, Brazil March 25, 2019. REUTERS/Ueslei Marcelino/File Photo

March 28, 2019

BRASILIA (Reuters) – Brazil President Jair Bolsonaro said on Thursday that he has “no problems” with House Speaker Rodrigo Maia, with whom he traded insults via Twitter and in statements to the press in recent days, casting serious doubts on the fate of the leader’s proposed reforms to the pension system.

Asked about whether he would move Brazil’s Israel embassy to Jerusalem as he has repeatedly floated, Bolsonaro backtracked and told reporters in Brasilia that the government may instead open a “business office” in Jerusalem. Brazil’s agriculture sector is ardently against any embassy move, as it would threaten the country’s halal meat trade with Middle Eastern countries.

(Reporting by Lisandra Paraguassu)

Source: OANN

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US to designate Iran’s Guards Corps a terrorist organization

The Trump administration is preparing to designate Iran's Revolutionary Guards Corps as a "foreign terrorist organization" — an unprecedented move that could have widespread implications for U.S. personnel and policy.

U.S. officials say an announcement could come as early as Monday, after a monthslong escalation in the administration's rhetoric against Iran.

The move would be the first such designation by any U.S. administration of an entire foreign government entity, although portions of the Guard Corps have been targeted before.

Two U.S. officials and a congressional aide are confirming the move. They're not authorized to discuss the matter publicly and are speaking on condition of anonymity.

The designation comes with sanctions, including freezes on some assets and a ban on Americans doing business with the group.

Source: Fox News National

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The headquarters of Wirecard AG is seen in Aschheim near Munich
FILE PHOTO: The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder

April 26, 2019

BERLIN (Reuters) – Wulf Matthias will not stand for a second term as Wirecard’s chairman in 2020, German daily Handelsblatt said on Friday, citing sources in the financial industry.

For age reasons alone this would not be an option for Matthias, aged 75, Handelsblatt added.

Matthias will keep his mandate until it ends in 2020, the paper quoted a company spokeswoman as saying.

Wirecard was not immediately available for comment when contacted by Reuters.

(Reporting by Tassilo Hummel; Editing by Thomas Seythal)

Source: OANN

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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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