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Boeing shares cheaper, but are they a buy?

FILE PHOTO: The company logo for Boeing is displayed on a screen on the floor of the NYSE in New York
FILE PHOTO: The company logo for Boeing is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 11, 2019. REUTERS/Brendan McDermid/File Photo

March 14, 2019

By Lewis Krauskopf

NEW YORK (Reuters) – The fall in Boeing shares has made the stock’s valuation less expensive but that may not make it an obvious buy for investors.

The planemaker’s shares have fallen 11 percent this week after a Ethiopian Airlines crash on Sunday that killed 157 people prompted the grounding of Boeing’s global 737 MAX fleet. Boeing shares were down 0.5 percent $375.09 on Thursday afternoon.

The declines come after a run for Boeing shares that saw the price more than double over the past two years, making the company the largest U.S. industrial firm by market value.

GRAPHIC-Boeing’s soaring market value: https://tmsnrt.rs/2Cv0UyP

GRAPHIC-Boeing shares double over 2 years: https://tmsnrt.rs/2CiV8zY

This week’s slide means the stock as of Wednesday was trading at about 18.2 times earnings estimates for the next 12 months, according to Refinitiv data. That valuation is in line with its average forward P/E ratio over the past five years and well below the 20.5 times the stock was trading at a week ago.

But whether that means the stock is actually cheap at these levels could depend on the extent of the financial fallout from the crash, which investors and analysts were still assessing.

For example, according to Refinitiv data, the consensus analyst estimate for Boeing’s earnings per share this year, which calls for 26 percent growth, has not changed this week amid the evolving fallout for the company.

Boeing 737 MAX 8 and 9 planes will remain grounded for “weeks” at a minimum until a software upgrade could be tested and installed in all of the planes, U.S. lawmakers said on Thursday.

Nancy Tengler, chief investment strategist at Tengler Wealth Management in Phoenix, which bought shares more than three years ago and has since seen the stock climb, said she was neither selling nor buying the stock this week.

“It’s fully-valued, based on what we know,” Tengler said. “If people start yanking orders … then the valuation might be a little bit high.”

“This is going to be one of those restarts for the company,” she added.

GRAPHIC – Boeing valuation: https://tmsnrt.rs/2O6oKWa

Analysts were seeking to determine the bottom-line implications for Boeing, especially since Sunday’s was the second such crash involving the planemaker’s flagship new model in six months.

The 737 MAX is Boeing’s largest contributor of product revenue and earnings before interest and taxes (EBIT), according to Goldman Sachs analyst Noah Poponak.

Poponak estimates the MAX jet will account for 45 percent of total Boeing EBIT over the next five years.

“We believe investors were pricing in very limited risk to the 737 ramp-up profile, which now has greater risk within the wide range of possible outcomes following these incidents,” Poponak said in a research note.

JP Morgan analyst Seth Seifman said the situation could hurt Boeing’s cash flow in three ways: compensation of airlines for grounded planes; delays of deliveries of the jet; and any modifications for the aircraft.

“The situation will hopefully move forward sooner rather than later, with a path back into service, though we do not know how long this will take,” Seifman said in a note.

Even with the latest uncertainty and declines, Boeing shares were up 16 percent in 2019 as of Thursday afternoon.

Through Wednesday, Boeing shares had contributed more to the 10.2-percent gain for the Dow Jones Industrial Average in 2019 than any of the other 30 components of the blue-chip index, according to Bespoke Investment Group.

Following Wednesday’s decision by U.S. aviation regulators to ground the planes, Boeing shares appeared to be stabilizing, said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

“It seems like the worst is over for Boeing, and the fact that the U.S. fleet is grounded means they have time to come up with for a fix for this,” Ghriskey said.

GRAPHIC – Boeing leads the Dow higher in 2019: https://tmsnrt.rs/2FcTmT4

GRAPHIC-Boeing leads the Dow in 2019: https://tmsnrt.rs/2CfZisf

(Additional reporting by Caroline Valetkevitch; editing by Alden Bentley and Nick Zieminski)

Source: OANN

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PIRC recommends against re-appointing Muilenburg as Boeing Chairman, CEO

Dennis Muilenburg CEO of the Boeing Company speaks at the George W. Bush Presidential Center's 2019 Forum on Leadership in Dallas
FILE PHOTO: Dennis Muilenburg, President, Chairman, and CEO of the Boeing Company, speaks at the George W. Bush Presidential Center's 2019 Forum on Leadership in Dallas, Texas, U.S., April 11, 2019. REUTERS/Jaime R. Carrero

April 23, 2019

(Reuters) – Leading proxy voting adviser Pensions & Investment Research Consultants (PIRC) recommended on Tuesday that investors in Boeing oppose re-election of Dennis A. Muilenburg as chairman and chief executive officer.

“There should be a clear division of responsibilities at the head of the Company between the running of the board and the executive responsibility for the running of the company’s business,” PIRC, which advises pension schemes and other investors, said.

(Reporting by Justin George Varghese in Bengaluru)

Source: OANN

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Nadler requests Mueller testify before House Judiciary Committee ‘as soon as possible’

House Judiciary Committee Chairman Jerrold Nadler on Thursday requested Special Counsel Robert Mueller appear before his committee “as soon as possible”—and no later than May 23.

Nadler’s request came prior to the Justice Department’s imminent release of Mueller’s report to Nadler’s committee, the Senate Judiciary Committee, and the American public.

BARR AFFIRMS MUELLER PROBE FOUND NO EVIDENCE OF RUSSIA-TRUMP COLLUSION, PREPARES TO RELEASE REPORT

“It is clear Congress and the American people must hear from Special Counsel Robert Mueller in person to better understand his findings. We are now requesting Mueller to appear before @HouseJudiciary as soon as possible,” Nadler tweeted Thursday.

Nadler also attached an image of the letter he sent to Mueller Thursday, requesting his testimony “as soon as possible—but, in any event, no later than May 23, 2019.”

“I look forward to working with you on a mutually agreeable date,” Nadler wrote to Mueller.

He added: "We cannot take Attorney General Barr's word for it. We must read the full Mueller report, and the underlying evidence. This is about transparency and ensuring accountability."

There was no immediate response from Mueller.

Nadler’s request for Mueller’s testimony came just moments after Attorney General Bill Barr addressed the press from the Justice Department. Barr affirmed that Mueller found no evidence of collusion between members of the Trump campaign and the Russians during the 2016 presidential election.

Barr said during the press conference that, later Thursday morning, he would transmit the special counsel’s report, which is expected to be more than 300-pages-long, to the chairmen and ranking members of both the House and Senate Judiciary Committees, and would post the full report to the Justice Department’s website for the American public to review.

Barr explained that the redactions were "compelled by the need to prevent harm to ongoing matters and to comply with court orders prohibiting the public disclosure of information bearing upon ongoing investigations and criminal cases."

TRUMP BLASTS RUSSIA PROBE AS 'HOAX' AND 'HARASSMENT' AHEAD OF MUELLER REPORT RELEASE

But as the DOJ tangles with Congress over redactions, Barr vowed to make a less-redacted version available to certain lawmakers. Still, he said he will submit the first version at 11 a.m. ET Thursday, describing its redactions as "limited."

Barr vowed to work with Congress to "accommodate their legitimate oversight interests with respect to the Special Counsel's investigation."

"Given the limited nature of the redactions, I believe that the publicly released report will allow every American to understand the results of the Special Counsel’s investigation," Barr said. "Nevertheless, in an effort to accommodate congressional requests, we will make available to a bipartisan group of leaders from several Congressional committees a version of the report with all redactions removed except those relating to grand-jury information."

Barr explained that those members of Congress "will be able to see all of the redacted material for themselves – with the limited exception of that which, by law, cannot be shared," referencing grand jury material included in the report.

Despite Barr's promise, though, Nadler has already said that the committee will "very quickly" issue subpoenas for the full report, should he and his colleagues be unsatisfied with the amount of and basis for the redactions in the report released Thursday.

Nadler’s request for Mueller’s testimony also comes after a joint-statement from House Speaker Nancy Pelosi, D-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y., who also called for Mueller to appear before Congress.

“We believe the only way to begin restoring public trust in the handling of the Special Counsel’s investigation is for Special Counsel Mueller himself to provide public testimony in the House and Senate as soon as possible,” they wrote.

Later, Pelosi tweeted: "AG Barr has confirmed the staggering partisan effort by the Trump Admin to spin public’s view of the #MuellerReport – complete with acknowledgment that the Trump team received a sneak preview. It’s more urgent than ever that Special Counsel Mueller testify before Congress."

Source: Fox News Politics

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Stolen $28M Picasso painting found by 'Indiana Jones of the art world' after 20 years

A painting by Pablo Picasso worth millions that was stolen from a yacht in France 20 years ago has been tracked down thanks to a renowned Dutch art detective.

Arthur Brand said Tuesday he recovered the 1938 painting "Buste de Femme" 2 weeks ago after trailing it for years in Amsterdam. The artwork had been stolen from a wealthy Saudi sheikh's yacht in 1999.

Brand estimates the portrait to be worth $28 million and said he knew it was the real deal as soon as he saw it, according to Sky News.

"You know it's a Picasso because there is some magic coming off it," he said Tuesday.

CRIMINAL GANGS USING STUFFED, DEAD RODENTS TO SMUGGLE DRUGS INTO PRISON

Dutch newspaper De Volkskrant reported the painting was confirmed by a former art investigator from Scotland Yard, who is now acting on behalf of the insurance company, and an expert from the US who flew over to the Netherlands to verify the portrait's authenticity.

This image released on Tuesday March 26, 2019 by Arthur Brand, shows Dutch art detective Arthur Brand with "Buste de Femme", a recovered Picasso painting.

This image released on Tuesday March 26, 2019 by Arthur Brand, shows Dutch art detective Arthur Brand with "Buste de Femme", a recovered Picasso painting. (Arthur Brand via AP)

"This is the stolen Picasso," Dick Ellis told the news outlet. "It is still in good condition, with slight damage."

MEXICO ASKS VATICAN, SPAIN TO APOLOGIZE FOR CENTURIES-OLD CONQUEST, SAYS IT WAS CARRIED OUT WITH 'SWORD AND CROSS'

Brand, a renowned sleuth whose previous finds include a pair of bronze horses sculpted for Adolf Hitler, had teased the find last week on Twitter, saying he was working on "one of the biggest cases of my career."

CLICK HERE FOR THE FOX NEWS APP

He made headlines last year after tracking down a Byzantine mosaic of Saint Mark that was stolen from Cyprus, the BBC previously reported.

Tracking down stolen artwork has earned him the moniker "the Indiana Jones of the art world." Brand has previously told the AFP News agency that recovering the mosaic was "one of the greatest moments of my life."

The Associated Press contributed to this report.

Source: Fox News World

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Aramco’s new bonds inch up in early trade: sources

FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference
FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo

April 10, 2019

DUBAI (Reuters) – Saudi Aramco’s newly issued dollar-denominated bonds inched up on Wednesday, with longer-dated paper outperforming, sources familiar with the matter said.

The company on Tuesday issued $12 billion worth of paper, disappointing much of the over $100 billion in demand.

Of the five tranches, the $3 billion 30-year bonds were the best performers, up by slightly over 1 cent, the sources said, while shorter-dated paper made more modest gains.

The sources said there would be a clearer picture of the bonds’ performance once markets in London and New York open later on Wednesday.

(Reporting by Davide Barbuscia; Editing by Kirsten Donovan)

Source: OANN

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Swampy: Ocasio-Cortez Reportedly Used PAC To Funnel Cash To Boyfriend

Socialist Rep. Alexandria Ocasio-Cortez (D-N.Y.) used a political action committee (PAC) to funnel campaign funds back to her boyfriend, according to reports.

Republican strategist Luke Thompson first made known on Twitter last week that Ocasio-Cortez’s boyfriend Riley Roberts had a house.gov email address and was designated as one of her “Staff,” therefore “drawing a salary on the taxpayer’s dime.”

The revelation was met with fierce opposition by Ocasio-Cortez and her Chief of Staff Saikat Chakrabarti, who accused Thompson of “doxxing” Roberts despite the information being publicly available, and failed to explain why Roberts would need such access.

Per the House Admin office, a family member can, in special circumstances, get a house.gov email address,” Thompson reported Wednesday.

“But Roberts is not a family member, and although AOC referred to him as her partner in November of last year, she omitted him from her mandatory candidate financial disclosures for 2017 and 2018. Perhaps they’ve gotten married since. If so — if he is her spouse now — we should see his finances disclosed along with hers in her 2019 disclosure form due in May. But to be clear, AOC did not disclose Roberts’s finances as a spouse during her campaign.”

As Chakrabarti noted, Roberts also isn’t an unpaid volunteer and “isn’t doing any government work.”

Additionally, instead of producing the appropriate evidence to refute Thompson’s claims, the mainstream media attempted to provide cover for Ocasio-Cortez using their own talking points.

Instead of asking if Roberts had been supplied with the badge and pin appropriate to a Congressional spouse, evidence of which her office should have been able to produce easily, AOC’s worshipful stenographers in the press went into overdrive witlessly repeating her talking-points,” Thompson wrote.

Former chairman of the House Oversight Committee Jason Chaffetz said Friday that such an arrangement was “inappropriate.”

“It’s totally naïve and inappropriate – you wouldn’t allow it in most companies, let alone the House of Representatives. There should be real consequences,” he told Fox News.

“When I was in the House, my scheduler would forward my wife my schedule once a week. But you’re not allowed unfettered access. And he isn’t even her spouse…It should be referred to the ethics committee for further investigation,” he added.

It gets deeper: Chakrabarti co-founded a PAC called Brand New Congress LLC in 2017, which Ocasio-Cortez paid for “strategic consulting” for her campaign.

Brand New Congress LLC then hired Roberts as a “marketing consultant” for AOC’s campaign, paying him approximately $6,000.

Why would Chakrabarti, a founding engineer at Stripe and a wealthy veteran of Silicon Valley, be hiring a no-name ‘UX Experience’ guy with little discernible marketing experience to serve as Brand New Congress PAC’s sole marketing consultant?” Thompson asked.

The answer seems to be that Chakrabarti was funneling money paid to him by AOC’s campaign back to Roberts and by extension to AOC,” Thompson wrote.

In effect, Chakrabarti likely reimbursed AOC through Brand New Congress LLC to mitigate her campaign’s mounting debt, he says.

Regardless of whether or not Roberts was officially AOC’s spouse at that time, it seems probable Chakrabarti was reimbursing her for her campaign expenses off-books. Brand New Congress PAC simply served as a pass-through to do so,” Thompson continued.

After Ocasio-Cortez won in the 2018 midterms, she then hired Chakrabarti as her Chief of Staff.

That’s definitely unethical and potentially illegal,” Thompson wrote. “Chakrabarti may have made an illegal campaign contribution in excess of federal limits. Regardless, it raises questions about Chakrabarti’s hiring as AOC’s Chief of Staff after her election.”

A shocking aspect of this is that the mainstream media failed to uncover (or simply ignored) any of this information despite the fact it was publicly available for scrutiny.

For now, it appears AOC is adjusting to the swamp just fine.


Twitter: 

Democrats continue the calls to remove President Trump even citing the 25th Amendment as reason for his removal. Owen Shroyer exposes their motive is to cover their own criminality.

Source: InfoWars

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U.S. intelligence says Huawei funded by Chinese state security: report

Huawei logo is pictured during the media day for the Shanghai auto show in Shanghai
A Huawei logo is pictured during the media day for the Shanghai auto show in Shanghai, China April 16, 2019. REUTERS/Aly Song

April 20, 2019

(Reuters) – U.S. intelligence has accused Huawei Technologies of being funded by Chinese state security, The Times said on Saturday, adding to the list of allegations faced by the Chinese technology company in the West.

The CIA accused Huawei of receiving funding from China’s National Security Commission, the People’s Liberation Army and a third branch of the Chinese state intelligence network, the British newspaper reported, citing a source.

Earlier this year, U.S. intelligence shared its claims with other members of the Five Eyes intelligence-sharing group, which includes Britain, Australia, Canada and New Zealand, according to the report http://bit.ly/2KT7ztd.

Huawei dismissed the allegations in a statement cited by the newspaper.

“Huawei does not comment on unsubstantiated allegations backed up by zero evidence from anonymous sources,” a Huawei representative told The Times.

The company, the CIA and Chinese state security agencies did not respond immediately to requests for comment.

The accusation comes at a time of trade tensions between Washington and Beijing and amid concerns in the United States that Huawei’s equipment could be used for espionage. The company has said the concerns are unfounded.

Authorities in the United States are probing Huawei for alleged sanctions violations.

Meng Wanzhou, Huawei’s chief financial officer and daughter of its founder, Ren Zhengfei, was arrested in Canada in December at the request of the United States on charges of bank and wire fraud in violation of U.S. sanctions against Iran.

She denies wrongdoing and her father has previously said the arrest was “politically motivated”.

Amid such charges, top educational institutions in the West have recently severed ties with Huawei to avoid losing federal funding.

Another Chinese technology company, ZTE Corp, has also been at the center of similar controversies in the United States.

U.S. sanctions forced ZTE to stop most business between April and July last year after Commerce Department officials said it broke a pact and was caught illegally shipping U.S.-origin goods to Iran and North Korea. The sanctions were lifted after ZTE paid $1.4 billion in penalties.

Reuters reported earlier this week that the United States will push its allies at a meeting in Prague next month to adopt shared security and policy measures that will make it more difficult for Huawei to dominate 5G telecommunications networks.

(Reporting by Kanishka Singh in Bengaluru; Editing by Nick Macfie)

Source: OANN

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FILE PHOTO: The logo of the OPEC is seen at OPEC's headquarters in Vienna
FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries at OPEC’s headquarters in Vienna, Austria December 5, 2018. REUTERS/Leonhard Foeger/File Photo

April 26, 2019

JOINT BASE ANDREWS, Md. (Reuters) – U.S. President Donald Trump said on Friday he called the Organization of the Petroleum Exporting Countries and told the cartel to lower oil prices.

“Gasoline prices are coming down. I called up OPEC, I said you’ve got to bring them down. You’ve got to bring them down,” Trump told reporters.

(Reporting by Roberta Rampton; Writing by Makini Brice; Editing by Chizu Nomiyama)

Source: OANN

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Sonia Bompastor, director of the Olympique Lyonnais womenÕs Youth Academy, leads a training at the OL Academy near Lyon
Sonia Bompastor, director of the Olympique Lyonnais womenÕs Youth Academy, leads a training at the OL Academy in Meyzieu near Lyon, France, April 16, 2019. REUTERS/Emmanuel Foudrot

April 26, 2019

By Julien Pretot

MEYZIEU, France (Reuters) – Olympique Lyonnais president Jean-Michel Aulas was wringing out his women’s team shirts in the locker room on a rainy London day eight years ago when he decided it was time to take gender equality more seriously.

It was halftime in their Champions League semi-final second leg against Arsenal at Meadow Park with 507 fans watching and Aulas realized that his players did not have a another kit for the second half.

“Next time, there will be a second set just like for the men, that’s how it’s going to work from now on,” he said.

Lyon have since won five Champions League titles to become the most successful women’s team in Europe and recently claimed a 13th consecutive domestic crown.

They visit Chelsea on Sunday in the second leg of their Champions League semi-final, with a fourth straight title in their sights.

At the heart of their achievements is a pervasive ethos that promotes gender equality throughout the club, starting in the youth academy.

In 2013, Aulas appointed former Lyon and France player Sonia Bompastor as head of the Women’s Academy — the female equivalent of one of France’s top youth set-ups that has produced players such as Karim Benzema, Alexandre Lacazette and Hatem Ben Arfa.

At the Youth Academy, girls and boys share the same facilities.

“Pitches, physiotherapy rooms are the same for all,” the 38-year-old Bompastor told Reuters.

As the girls train under the watch of former Lyon and France international Camille Abily, the screams of the boys practicing can be heard nearby.

The boys and girls also benefit from the same psychological support that includes hypnosis sessions and yoga.

“We have a ‘mental ability’ cell and the hypnotist acts on the girls’ subconscious, on their deeply held beliefs after observing them on and off the pitch,” Bompastor added.

SAME TREATMENT

One message the Academy staff are trying to convey is that girls are as good as boys.

“Women’s nature is such that we have low self-esteem. So self-esteem is a big topic for our girls,” said Bompastor.

This is not the case with the boys, she added.

“Some 14, 15-year-old boys still think they would beat our professional players, we tell them this would not be happening. We still need to work on those beliefs,” she said.

Female players also have to face questions that their male counterparts do not, Bompastor explained.

“In France there is a problem with the way women are considered, there are high aesthetic expectations. So we get heavy questions on femininity, intimate questions that men don’t get,” she said.

OL’s Academy has been held up as a shining example for others to follow, even in the U.S., where women’s soccer has a wider audience than in Europe.

“About one third of the (senior women’s) squad comes from the Academy, we have a good balance,” said Bompastor.

“I’m getting tons of requests from American universities and foreign clubs, who want to come and visit our facilities.”

‘ONE CLUB’

The salaries of the senior players is one area where there remains a large discrepancy between Lyon’s men’s and women’s teams.

While the three best-paid women players in the world are at Lyon with Ballon d’Or winner Ada Hegerberg earning 400,000 euros ($445,520) a year, this figure is dwarfed by the around 4 million euros earned annually by men’s player Memphis Depay.

There is, however, a level of interaction between the men’s and women’s players that is not present at many other clubs.

“When you talk about OL you talk about women and men, you talk about one club and you feel it when you are here or outside in the city,” Germany defender Carolin Simon told Reuters.

“We see it when we play in the big stadium. It’s not ‘normal’ for women’s football,” the 26-year-old, who joined the club last year, added.

Lyon’s female players also enjoy respect from their male counterparts, Simon said.

“It’s very cool, it’s a big honor to feel that it doesn’t matter if you are a professional man or woman. We talk with the men, there are handshakes, it’s a good atmosphere and it’s also why we are successful,” said Simon.

“The men respect us and it’s not just for the cameras.”

Her team mate, England’s Lucy Bronze, sees the men’s respect as key to improving women’s football.

“We might not be paid the same but they are just normal with us, they see us as footballers the same as they are,” Bronze told Reuters.

“Being at Lyon has really opened my eyes. To improve women’s football, it starts with having the respect of your male counterparts. It’s the biggest thing because they can influence so many people.”

(Reporting by Julien Pretot; Editing by Toby Davis)

Source: OANN

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FILE PHOTO: Ethiopian migrants, stranded in war-torn Yemen, sit on the ground of a detention site pending repatriation to their home country, in Aden, Yemen
FILE PHOTO: Ethiopian migrants, stranded in war-torn Yemen, sit on the ground of a detention site pending repatriation to their home country, in Aden, Yemen April 24, 2019. REUTERS/Fawaz Salman/File Photo

April 26, 2019

GENEVA (Reuters) – Yemeni authorities have rounded up about 3,000 irregular migrants, predominantly Ethiopians, in the south of the country, “creating an acute humanitarian situation,” the U.N. migration agency said on Friday.

“IOM is deeply concerned about the conditions in which the migrants are being held and is engaging with the authorities to ensure access to the detained migrants,” the International Organization for Migration said.

The migrants are held in open-air football stadiums and in a military camp, it said in a statement.

The detentions began on Sunday in the city of Aden and the neighboring province of Lahj, which are under the control of the internationally recognized government backed by Saudi Arabia and the United Arab Emirates. Iran-aligned Houthi rebels control Sanaa, the capital, and other major urban centers.

Both sides are under international diplomatic pressure to implement a United Nations-sponsored ceasefire deal agreed last year in Sweden and to prepare for a wider political dialogue that would end the four-year-old war.

Thousands of migrants arrive in Yemen every year, mostly from the Horn of Africa, driven by drought and unemployment at home and lured by the wages available in the Gulf.

(Writing by Maher Chmaytelli, Editing by William Maclean)

Source: OANN

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U.S. dollar notes are seen in this picture illustration
U.S. dollar notes are seen in this November 7, 2016 picture illustration. Picture taken November 7. REUTERS/Dado Ruvic/Illustration

April 26, 2019

(Reuters) – Following are five big themes likely to dominate thinking of investors and traders in the coming week and the Reuters stories related to them.

1/DOLLAR JUGGERNAUT

The dollar has zipped to near two-year highs, leaving many scratching their heads. To many, it’s down to signs the U.S. economy is chugging ahead while the rest of the world loses steam. After all, Wall Street is busily scaling new peaks day after day.

Never mind the cause, the effect is stark. The euro has tumbled to 22-month lows against the dollar and investors are preparing for more, buying options to shield against further downside. Emerging-market currencies are also in pain, with Turkish lira and Argentine peso both sharply weaker.

Now U.S. data need to keep surprising on the upside or even just meet expectations. The International Monetary Fund sees U.S. growth at 2.3 percent this year. For Germany, the forecast is 0.8 percent. The U.S. economy’s rude health has given rise to speculation the Fed might resume raising interest rates. Unlikely. But as other countries — Canada, Sweden and Australia are the latest — hint at more policy easing, there seems to be one way the dollar can go. Up.

(GRAPHIC: Dollar outperforms G10 FX – https://tmsnrt.rs/2Dz17S5)

2/FED: UP OR DOWN?

Wall Street is near record highs and recession worries are receding, so as we mentioned above, investors might wonder if the Federal Reserve will start raising rates again.

Such a pivot is unlikely after the Fed killed off rate-rise expectations at its March meeting. And the latest Reuters poll all but puts to bed any risk of rates will go up this economic cycle, given inflation remains below the Fed’s alarm threshold and unemployment is the lowest in generations.

Before the March rate-pause announcement, a preponderance of economists penciled in one or more increases this year. But that has flipped. A majority of those surveyed April 22-24 see no further tightening through December and more are leaning toward a cut by the end of next year.

Indeed, interest rate futures imply Fed Funds will be below the current 2.25-2.50 percent target range by this December.

Recent positive consumer spending and exports data have eased market concerns of a sharp economic slowdown. But inflation probably needs to run hot for a long period to panic policymakers off their wait-and-see course.     

(GRAPHIC: Federal funds and the economy – https://tmsnrt.rs/2DzjTZz)

3/HEISEI TO REIWA

Next week ends three decades of Japan’s Heisei era. Heisei, or Achieving Peace, began in 1989 near the peak of a massive stock market bubble and closes with the country trapped in low growth, no inflation, and negative interest rates.

The new era that dawns on May 1 is called Reiwa, meaning Beautiful Harmony. It begins when Crown Prince Naruhito ascends the Chrysanthemum Throne. But do investors really want harmony? What they want to see is a bit of economic growth and inflation to shake up the status quo.

The Bank of Japan’s stimulus toolkit to revive a long-suffering economy is anything but harmonious and yet it’s set to stay. The central bank confirmed recently rates will stay near zero for a long time. But the coming days may not be harmonious or peaceful for currency markets. A 10-day Golden Week holiday kicks off on April 29 and investors are fretting over the risk of a “flash crash” – a violent currency spasm that can occur in times of thin trading turnover.

The year has already seen two yen spikes and many, including Japan’s housewife-trader brigade – so-called Mrs Watanabes – appear to have bought yen as the holiday approaches. Their short dollar/long yen positions recently reached record highs, stock exchange data showed.

(GRAPHIC: Japan stocks: from Hensei to Reiwa – https://tmsnrt.rs/2W6a7Fe)

4/EARNING TURNING

Quarterly earnings were supposed to be the worst in Europe in almost three years, but with a third of results in, things are looking a little rosier.

Two-thirds of companies’ results have beat expectations, and they point to earnings growth of 4.5 percent year-on-year. Financials have delivered the biggest surprises, according to analysis by Barclays.

That might just show how low expectations were. In fact, analysts are still taking a red pen to their estimates.

The latest I/B/E/S data from Refinitiv shows analysts on average expect first-quarter earnings-per-share for STOXX 600-listed companies to fall 4.2 percent. That would be their worst quarter since 2016 and down sharply from an estimated 3.4 percent just a week earlier.

Those estimates may end up being a little too bearish as earnings season goes on, quelling worries that Europe is heading toward a corporate recession.

GSK and Reckitt Benckiser will give the market a glimpse of the health of the consumer products market and spending on everything from toothpaste, washing powder and paracetamol.

(GRAPHIC: Earnings forecasts – https://tmsnrt.rs/2DuO2ZF)

5/WAITING FOR THE OLD LADY

Sterling has gone into the doldrums amid the Brexit delay and unproductive talks between the UK government and the opposition Labour party on a EU withdrawal deal. The resurgent dollar, meanwhile, has taken 2 percent off the pound in April. It is unlikely the Bank of England will be able to rouse it at its May 2 meeting.

Despite robust retail and jobs data of late, the economic picture is gloomy – 2019 growth is likely to be around 1.2 percent, the weakest since 2009, investment is down and Governor Mark Carney says business uncertainty is “through the roof”.

Indeed, expectations for an interest rate increase have been whittled down; Reuters polls forecast rates will not move until early 2020, a calendar quarter later than was forecast a month ago. The hunt for a new governor to replace Carney in October adds more uncertainty to the mix.

The recent run of UK data has fueled hopes of economic rebound. That’s put net hedge fund positions in the pound into positive territory for the first time in nearly a year. The Old Lady of Threadneedle Street might temper some of that optimism.

(GRAPHIC: Sterling positions – https://tmsnrt.rs/2XJwUXX)

(Reporting by Alden Bentley in New York, Vidya Ranganathan in Singapore; Karin Strohecker, Josephine Mason and Saikat Chatterjee in London; compiled by Sujata Rao; edited by Larry King)

Source: OANN

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Democratic presidential candidate Elizabeth Warren suggested that doctors and nurses don’t treat African American women the same way they do white women.

Warren appeared on Wednesday together with a number of other 2020 Democratic candidates at the She The People Forum in Houston, discussing issues concerning women of color.

WARREN’S $1.25T EDUCATION PLAN ‘SWEEPING’ GIVEAWAY TO THE WEALTHY AT EXPENSE OF THE POOR, WAPO EDITORIAL BOARD SAYS

The Massachusetts senator announced on stage a plan to decrease the childbirth mortality rate among black women while identifying a systematic problem with how they are treated.

“And there is a specific problem, as you rightly identified, for women of color who are three, four times more likely to die in childbirth,” Warren said.

“And here’s the thing, even after we do the adjustments for income, for education, this is true across the board. This is true for well-educated African American women, for wealthy African American women, and the best studies that I’m seeing put it down to just one thing, prejudice,” she added.

“That doctors and nurses don’t hear African American women’s medical issues the same way that they hear the same things from white women.”

“That doctors and nurses don’t hear African American women’s medical issues the same way that they hear the same things from white women.”

— Elizabeth Warren

CHARLIE KIRK: WARREN AND OTHER DEMS OFFER FREE MONEY – BUT DON’T TELL YOU PRICE WILL BE YOUR FREEDOM

Warren went on to get into details of her plan, noting that hospitals will be given bonuses if they manage to reduce the childbirth mortality rate among black women in an effort to give financial incentives for those doctors and nurses to provide better care.

“And if they don’t, then they’re going to have money taken away from them,” Warren added.

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“I want to see the hospitals see it as their responsibility to address this problem head-on and make it a first priority. The best way to do that is to use the money to make it happen because we gotta have change, and we gotta have change now.”

Source: Fox News Politics

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