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Trump says he recommended Cain for seat on Fed board

FILE PHOTO: Former Republican presidential hopeful Herman Cain in Washington
FILE PHOTO: Former Republican presidential hopeful Herman Cain in Washington January 24, 2012. REUTERS/Jonathan Ernst/File Photo

April 4, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump said on Thursday he recommended former pizza chain executive and Republican presidential candidate Herman Cain for a seat on the Federal Reserve Board.

Trump told reporters at the White House that Cain is going through checks, and he imagines he will be in good shape.

(Reporting by Jeff Mason; Writing by Doina Chiacu; Editing by Chris Reese)

Source: OANN

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Truck drivers see orders, miles fall in latest U.S. slowdown signal

FILE PHOTO: Trucks are pictured at a truck stop along I-95 in Darien
FILE PHOTO: Trucks are pictured at a truck stop along I-95 in Darien, Connecticut, U.S. January 16, 2019. REUTERS/Jessica Resnick-Ault

April 17, 2019

By Stephanie Kelly and Jessica Resnick-Ault

(Reuters) – At a truck stop in Ridgefield, New Jersey, driver Paul Richards reviews a notebook where he tracks miles driven and what he is hauling. His paycheck is down about 25 percent from the same period a year ago, and his weekly miles have dropped as well.

“This hasn’t been a very good week,” said Richards, who carries building materials and recycled goods through the U.S. Northeast. “Last week wasn’t, either.”

Across the United States, drivers, regional operators and industry officials say the $700 billion U.S. trucking sector slipped in late 2018, with the fall continuing into this year. While the decline in freight rates and hauling does not suggest the United States is headed into a recession, that softness is consistent with slippage in the economy as a whole.

The effects have been uneven nationwide, with weaker orders and miles in the U.S. Midwest and Southeast than on the West Coast, economists and regional officials said.

Trucking accounts for 70 percent of U.S. shipment tonnage, and is key to supplying the manufacturing, construction and retail sectors, all of which showed sluggishness in the first quarter. The most common factors for the decline include the U.S.-China trade war and weakness in the Farm Belt.

An ACT Research index of truck carrier volumes that surveys about 60 fleets crossed into negative territory in November for the first time since July 2016. It briefly returned to positive territory in January but dipped again in February. It matches forecasts for a soft first quarter for U.S. gross domestic product, which is expected to come in at 1.8 percent growth, according to Reuters polling.

“Clearly, the economy is slowing down,” Kenny Vieth, president of ACT Research, said in a recent interview. “When the economy moderates, the trucking industry can be exceptionally worse than the overall economy because of the deep cyclical trend that characterizes the industry.”

To be sure, another indicator, the American Trucking Associations tonnage index, is at a healthy level at 117.4, still far above recession-era levels between 2008 and 2012, when it remained below 90.

(GRAPHIC: Truck tonnage and U.S. real GDP: https://tmsnrt.rs/2OjFgls)

REGIONAL SOFTNESS

The industry’s softness is not uniform nationwide. Reuters spoke to 47 out of 50 state trucking associations, and of those that responded, 16, including Illinois, Wisconsin, Ohio and Tennessee, said activity had slowed. Another 16 said there was little change, and the rest could not say one way or another.

Shipments in the Midwestern and Southeastern United States have been hit harder than other regions, according to Bobby Holland, vice president and director of Minneapolis-based U.S. Bank Freight Data Solutions. In the Midwest, export tariffs on crops have hurt agricultural sales, and auto production is also moderating, he said.

Neal Kedzie, president of the Wisconsin Motor Carriers Association, said activity started to slow at the end of 2018. Brokers had been connecting trucking companies known as carriers with requests from those who needed to haul freight. Now, though, carriers are starting to reach out to brokers to find loads.

“Carriers are having to do more searching on their own versus the brokers, who (before) had so much to deliver that they couldn’t find enough trucks,” Kedzie said.

Northeast shipments were strong last year, U.S. Bank said, but state officials in Maine, Connecticut and Rhode Island all told Reuters that early 2019 has been weaker.

A year ago, Larry Hobson was driving 14 hours a day hauling refrigerated food from Tennessee to New England. Now he is working eight or nine hours a day, and his paycheck has dropped by about $1,000 a week because of the decrease.

“I am a lot less busy,” he said at a service center in Darien, Connecticut.

Graphic: https://tmsnrt.rs/2HP3V0ZMidwest, Southeast see shipment growth contract, click

(GRAPHIC: regional shipment growth: (https://tmsnrt.rs/2NRPt8O)

PROFIT WARNINGS

Spot total rates for freight have slumped as well, averaging $1.85 per mile in March, according to DAT Solutions, a freight exchange company. That’s the lowest seasonally since 2017.

That weakness is starting to show up in company results. In mid-March, Chattanooga, Tennessee-based Covenant Transportation Group Inc warned of weak first-quarter results, saying average freight revenue per tractor was down 5 percent in early 2019 from the year-ago period, with average miles down more than 11 percent.

“The truckload freight environment has been weaker this year from late January through mid-March,” CEO David Parker said in a statement last month. Covenant shares are down more than 20 percent in the last six months.

Analysts have lowered quarterly per-share estimates for J.B. Hunt Transport Services Inc, Covenant and service company Knight-Swift Transportation Holdings Inc by 9 percent, 40 percent and 5 percent, respectively, according to Refinitiv Eikon data.

“There’s no doubt that we have been seeing a deceleration in volumes,” said Bob Costello, chief economist for the American Trucking Associations (ATA). “This is an indication that the economy is decelerating.”

(Reporting by Stephanie Kelly and Jessica Resnick-Ault in New York; Writing by Stephanie Kelly; Editing by David Gaffen and Matthew Lewis)

Source: OANN

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British investor group warns laggards over lack of boardroom mix

FILE PHOTO: People walk through the Canary Wharf financial district of London
FILE PHOTO: People walk through the Canary Wharf financial district of London, Britain, December 7, 2018. REUTERS/Simon Dawson

March 15, 2019

By Simon Jessop

LONDON (Reuters) – Twenty percent of Britain’s largest companies have been put on notice by the fund management industry’s trade body for failing to have more women represented on their boards.

The Investment Association said it had written to 69 British companies which it said have no women on their boards or just one asking them for explanations following the government-backed Hampton-Alexander Review which set a target of ensuring women make up at least a third of leadership teams by 2020.

“It is totally unacceptable that one in five of the UK’s biggest companies are falling so far short … Companies must do more than take the tokenistic step of appointing just one woman to their board and consider that job done,” the association’s Chief Executive Chris Cummings said in a statement on Friday.

The letter comes just ahead of the season for most companies’ annual general meeting, where investors vote on a range of issues including board membership, and which are set to see increased push-back from investors over poor performers.

The IA’s voter information service IVIS, which investors use to help them decide how to vote at AGMs, said in February it would give its highest-level ‘red-top’ warning about all companies which have just one woman on their board.

Philip Hampton, Chair of the Hampton-Alexander Review, said while most companies had made good progress, “a surprising number” had just one woman and needed to do more.

Among the biggest of the FTSE 350 companies to receive a letter are wealth manager St James’s Place, retailer JD Sports and insurer Just Group.

A spokeswoman for Just Group said it had taken action and would provide a response to the IA shortly and give more detail on its activities in a soon-to-be-published annual report.

St James’s Place said in a statement: “As a key priority, we aim to increase the representation of women in senior positions across our business, including at Board level”, and had signed up to two industry initiatives to do that.

JD Sports did not immediately respond to a request for comment.

(Reporting by Simon Jessop; Editing by Alexander Smith)

Source: OANN

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Club for Growth: Trump Budget Deficits Similar to Obama's

The Club for Growth offered some constructive criticism of the White House budget unveiled Monday, saying the Trump administration and lawmakers on Capitol Hill need to work together to lower the federal deficit.

The group's president David McIntosh first praised the 2020 spending blueprint for helping to continue economic growth, but he quickly turned into a critic.

"Club for Growth remains deeply concerned about the deficits within the budget proposal, which totals over $1 trillion each year until 2023," McIntosh said in a statement. "These deficits mirror the deficits President Obama left on the American people.

McIntosh then brought up entitlement programs, saying they need to be reformed in order to stay afloat and lower costs.

"Club for Growth encourages President Trump to work with Congress to make abrupt reforms that save these important programs for future generations," he said.

"Club for Growth also encourages every Member of the United States House of Representatives and the United States Senate to look in the mirror and demand better of yourself on federal spending."

Source: NewsMax America

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Zimbabwe’s new currency unmoved as transactions stay restricted

Zimbabweans queue outside a bank in Harare
Zimbabweans queue outside a bank in Harare, Zimbabwe, February 25, 2019. REUTERS/Philimon Bulawayo

February 26, 2019

HARARE (Reuters) – Zimbabwe’s new currency was stuck around 2.5 to the U.S dollar on Tuesday as tight restrictions on trading and exchanging it remained in place despite a central bank pledge to let the RTGS dollar trade freely.

Zimbabwe abandoned a discredited 1:1 dollar peg for its dollar-surrogate bond notes and electronic dollars last week, merging them into a lower-value transitional currency called the RTGS dollar in an effort to ease chronic cash shortages.

Economists welcomed the move but have urged the government let the RTGS fluctuate as it has promised.

On Tuesday, banks were only selling U.S. dollars to corporate clients and individuals with invoices or receipts for imports deemed a priority such as fuel and medicines.

Finance Minister Mthuli Ncube told Reuters in an interview on Monday that the market should determine the RTGS exchange rate, but that the government wanted to avoid excessive volatility.

Tellers at two banks in downtown Harare said they could help clients make purchases from overseas at a rate of 2.5625 RTGS to the U.S. dollar, the rate that other banks offered on Monday.

Banks were not yet selling U.S. dollars to individuals in cash, and neither was a bureau de change at the Road Port bus station.

“The Reserve Bank of Zimbabwe (RBZ) hasn’t given us any U.S. dollars in cash yet,” a teller at a CABS bank branch said.

The state-owned Herald newspaper reported that Botswana had offered to lend Zimbabwe $600 million to support its diamond industry and private firms.

A currency dealer said the RBZ had authorized banks to buy and sell foreign currency 2.5 percent either side of the rate of 2.5 RTGS at which the central bank has sold U.S. dollars to banks in recent days.

Exchange rates on the black market for the bond note – which many ordinary Zimbabweans still use in shops – were at 3.6 to the U.S. dollar, unchanged from Monday, informal currency traders said.

(Reporting by Alexander Winning and MacDonald Dzirutwe; editing by John Stonestreet)

Source: OANN

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AP Photos: Heartbroken New Zealanders mourn mass shooting

Heartbroken New Zealanders lit candles and placed flowers at makeshift memorials set up in the city of Christchurch in the wake of the deadliest mass shooting in the country's history.

Some mourners hugged their neighbors, while others stood in solemn silence at sites in the city center, not far from the two mosques where Muslims gathered for Friday prayers were mowed down by a racist gunman.

Prime Minister Jacinda Ardern said the shooter, an Australian native, had chosen to strike in New Zealand "because we represent diversity, kindness, compassion."

Source: Fox News World

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Donna Brazile: We need to see full Mueller report to get country 'back on same page,' protect from future attacks

Former Democratic National Committee chairwoman Donna Brazile says that she wants to see the full report by Special Counsel Robert Mueller to see how the Trump campaign responded to Russia’s attempts to impact the election.

“We are adults, we need to see the report. And I think once the report is out, all of the report, then I think the American people can get a better understanding of what’s happened,” Brazile told “Fox & Friends.”

“And hopefully we can stop thinking about who’s right and who’s wrong and figure out how to protect our country from the hacking.”

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Let us see the report and I think we’ll all get back on the same page when it comes to protecting our country from future attacks

— Donna Brazile on "Fox & Friends"

Brazile noted the summary released by Attorney General William Barr Sunday which said that Trump did not conspire with Russia did leave some unanswered question.

“It says that ‘the investigation did not establish that members of the Trump campaign conspired or coordinated with the Russian government in its election interference activities,’” Brazile said.

“I’m a Democrat, but I’m also an American, I want to know when the Russians came to Trump campaign and they tried to give them information did they tell the FBI, did they call the police and say, ‘hey, we got these guys from Russia trying to give us stuff we don’t need or we don’t want.’”

DONNA BRAZILE: WHAT WE REALLY NEED TO LEARN FROM THE MUELLER REPORT

Brazile added: “Let us see the report and I think we’ll all get back on the same page when it comes to protecting our country from future attacks.”

The former head of the DNC also defended Democrats talks of continuing investigations saying that they have a “constitutional responsibility,” adding it is both parties responsibility to protect the country from future hacking attempts.

CLICK HERE TO GET THE FOX NEWS APP

“Do you know what I want Democrats and Republicans to do?  I want them to make sure this never happens to our country again,” Brazile said.

Source: Fox News Politics

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Democratic presidential candidates Sen. Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont are taking aim at latest entry into the 2020 nomination race – Joe Biden.

Campaigning in Iowa hours after the former vice president officially announced his candidacy, Warren contrasted on Thursday her longtime record of taking on Wall Street with that of Biden.

JOE BIDEN OFFCIALLY LAUNCHES LONG AWAITED 2020 BID

“At a time when the biggest financial institutions in this country were trying to put the squeeze on millions of hard-working families who were in bankruptcy because of medical problems, job losses, divorce and death in the family, there was nobody to stand up for them,” said the populist senator who’s producing progressive policy proposal after another as she runs for the White House.

“I got in that fight because they just didn’t have anyone,” she said. “And Joe Biden was on the side of the credit card companies.”

The comments reignited a nearly two decades old fight between the two over the country’s bankruptcy laws.

Fox News reached out to the Biden campaign for reaction to Warren’s words but had yet to receive a response at the time this article was published.

WARREN NOT WORRIED ABOUT POLLS: ‘IT’S EARLY.. I’M RUNNING THE CAMPAIGN ITHAT I WANT TO RUN’

It’s not just Warren. The head of the Progressive Change Campaign Committee – which has backed the senator from Massachusetts – also took aim at Biden, who enters the race as the front runner in most national polls and early primary and caucus voting state surveys, slightly atop of Sanders and well ahead of the rest of the large field of 20 contenders.

“With billionaires deciding not to run, progressive candidates have been in need of a foil. If Joe Biden positions himself as the political insider from yesteryear who says big ideas like universal child care, student debt relief, and a wealth tax on ultra-millionaires are not possible, he would be an easy foil, Adam Green, the co-founder of PCCC, told Fox News.

BIDEN LAUNCH SETS UP 2020 NOMINATION FIGHT WITH FELLOW FRONT-RUNNER SANDERS

Sanders’ campaign also jabbed at Biden.

The former vice president spent Thursday evening raising campaign cash at the suburban Philadelphia home of David Cohen, a senior executive of the Comcast Corp. and a former Democratic operative.

In a fundraising email to supporters around the same time, Sanders’ campaign manager Faiz Shakir wrote that “it’s a big day in the Democratic primary and we’re hoping to end it strong. Not with a fundraiser in the home of a corporate lobbyist, but with an overwhelming number of individual donations in response to today’s news.”

Earlier in the day, a rising progressive group called Justice Democrats that has championed Sanders and Rep. Alexandria Ocasio-Cortez of New York called Biden “out of touch” and stressed that “we can’t let a so-called ‘centrist’ like Joe Biden divide the Democratic Party and turn it into the party of ‘No, we can’t.’”

Biden, of course, is considered to be more moderate than many of the current contenders for the Democratic presidential nomination, especially Warren and Sanders, who describes himself as a democratic socialist.

These kind of jabs from the candidates, their campaigns and outside groups could be foreshadow a building clash between the progressive and establishment sings of the party.

Biden has pushed back against the perception that he’s a moderate in a party that’s increasingly moving to the left. Earlier this month he described himself as an “Obama-Biden Democrat.”

Former President Barack Obama, Biden’s boss for eight years, remains extremely popular with Democrats.

BIDEN SAYS HE ASKED OBAMA NOT TO ENDORSE HIM

And Biden said he’d stack his record against “anybody who has run or who is running now or who will run.”

Highlighting his early public push for same-sex marriage, he said, “I’m not sure when everybody else came out and said they’re for gay marriage.”

Source: Fox News Politics

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FILE PHOTO: An aerial photo looking north shows shipping containers at the Port of Seattle and the Elliott Bay waterfront in Seattle
FILE PHOTO: An aerial photo looking north shows shipping containers at the Port of Seattle and the Elliott Bay waterfront in Seattle, Washington, U.S. March 21, 2019. REUTERS/Lindsey Wasson/File Photo

April 26, 2019

NEW YORK (Reuters) – U.S. economic growth is running at a 1.1% pace in the second quarter as the gains in exports and inventories recorded in the first quarter are expected to reverse, Morgan Stanley economists said on Friday.

“Our preliminary expectations for growth in the second quarter sees large drags from net exports and inventories after their contributions in 1Q,” they wrote in a research note.

Gross domestic product increased at a 3.2% annualized rate in the first three months of the year, driven by a smaller trade deficit and the largest accumulation of unsold merchandise since 2015, the Commerce Department said earlier Friday.

(Reporting by Richard Leong)

Source: OANN

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FILE PHOTO: The Deutsche Bank headquarters are pictured in Frankfurt
FILE PHOTO: The Deutsche Bank headquarters are pictured in Frankfurt, Germany, April 25, 2019. REUTERS/Ralph Orlowski/File Photo

April 26, 2019

By Tom Sims

FRANKFURT (Reuters) – Within hours of the collapse of merger talks with Commerzbank, Christian Sewing scrambled to convince investors and employees that Deutsche Bank can stand on its own two feet.

The Deutsche Bank chief executive told staff, many of whom opposed a merger because of significant job losses, that while he had not been “skeptical” about the Commerzbank talks, he was cautious about the chances of success from the start.

And another top Deutsche Bank executive said on Friday that it had been Commerzbank that initiated the talks, suggesting there was no desperation on their part for a deal.

Commerzbank denied that version of events, ending the apparent truce between the normally highly competitive cross-town Frankfurt rivals over the past six weeks.

German hopes of creating a national banking champion able to challenge global competitors were finally dashed on Thursday when Deutsche Bank and Commerzbank ended their talks due to the risks of doing a deal, restructuring costs and capital demands.

For Sewing, the failure to clinch a deal has left the 49-year-old chief executive of Germany’s largest bank, who took over just over a year ago, with his back to the wall.

Credit ratings agency Standard & Poor’s, which downgraded Deutsche Bank last year, said on Friday that Deutsche Bank “will remain under strain”, adding that it “seems to have acknowledged the need to adjust its strategy”.

Under Sewing, a new leadership has tried to revive Deutsche Bank’s fortunes, but it has faced money laundering allegations and failed stress tests, as well as ratings downgrades.

At the heart of the debate over its future is whether it should focus its business on Germany and draw a line under its costly global ambitions to take on Wall Street’s big guns.

“MARKET PLAY”

Without a deal, Deutsche Bank now finds itself back at the mercy of equity and debt markets, with UBS analysts warning that in a “stress scenario” it could again “be forced into a ‘debt-driven capital increase’ even with solid capital ratios”.

“Deutsche remains a levered market play vulnerable to external events,” the UBS analysts said in a note.

Sewing, along with many analysts, believes Deutsche Bank can go it alone in the short-term, but will be counting on a turnaround in market conditions to do so in the long-run given its dependence on volatile investment bank earnings.

“To reach our return objective, we also need to see a revenue recovery in our more market-sensitive business,” Sewing said on Friday after reporting results.

“These revenues are available to us in better market conditions given our leading positions in many of these businesses, but we need to capture them,” he added.

Revenue at Deutsche Bank’s bond trading division fell 19 percent in the first quarter, it said on Friday, underscoring weakness at its investment bank.

If those earnings do not improve, Berlin’s desire to keep its biggest bank out of foreign hands may start to wane.

“Germany’s globally active companies need competitive financial institutions that can support them around the world,” German finance minister Olaf Scholz said on Thursday.

(Writing by Alexander Smith; Editing by Keith Weir)

Source: OANN

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Panama's former president Ricardo Martinelli yells to the media while arriving to the Electoral Court in Panama City
Panama’s former president Ricardo Martinelli reacts to the media while arriving to the Electoral Court in Panama City, Panama April 26, 2019. REUTERS/Erick Marciscano

April 26, 2019

PANAMA CITY (Reuters) – Panama’s electoral tribunal has ruled that former President Ricardo Martinelli, who is awaiting trial on wiretapping charges, cannot take part in elections on May 5 in which he was running for mayor of Panama City and a seat in Congress, a spokesman for Martinelli said on Friday.

“The ruling of the electoral tribunal has disqualified him as candidate,” said the spokesman, Eduardo Camacho, calling the court’s ruling a “political decision.”

Officials at the tribunal did not immediately confirm the ruling, which also was reported in local media in Panama.

Martinelli, a supermarket tycoon who ran the Central American country from 2009 to 2014, was extradited to Panama last June from the United States and charged with spying on 150 people, including politicians, union leaders and journalists.

A judge had previously cleared Martinelli to run for mayor of the capital. His critics vowed to appeal that decision.

(Reporting by Elida Moreno and Stefanie Eschenbacher; Editing by Bill Trott)

Source: OANN

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Kosovo’s parliament has called the country’s president into a hearing on the secret deportation of six Turkish men who Turkey claims were supporters of an alleged 2016 coup attempt.

President Hashim Thaci on Friday questioned the credibility of the parliamentary investigative committee for involving an international expert. He declined to answer questions before clarifying the expert’s legality.

In 2018, five Turkish teachers and a Turkish doctor in Kosovo were deported to Turkey. Prime Minister Ramush Haradinaj dismissed his interior minister and intelligence chief for making the move without his permission.

Turkey accuses U.S-based cleric Fethullah Gulen of masterminding the 2016 failed coup. He denies the accusations. Those deported from Kosovo worked in schools and clinics supported by Gulen’s movement.

The deportations were criticized by rights groups in Kosovo and abroad.

Source: Fox News World

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