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Principal Financial to buy Wells Fargo’s retirement unit for $1.2 billion

FILE PHOTO: A Wells Fargo ATM machine in Los Angeles California
FILE PHOTO: A Wells Fargo ATM machine is shown in Los Angeles, California, U.S., October 19, 2018. REUTERS/Mike Blake/File Photo

April 9, 2019

(Reuters) – Top U.S. retirement plan administrator Principal Financial Group said on Tuesday it would buy Wells Fargo & Co’s retirement plan services business for $1.2 billion, as it seeks a larger presence in markets serving mid-sized companies.

The agreement includes an earnout of up to $150 million tied to better-than-expected revenue retention, payable two years after closing, likely in the third quarter, Principal Financial said.

“Principal will gain a strong foothold with mid-sized employers as more than two-thirds of Wells Fargo’s institutional retirement assets are in plans ranging from $10 million to $1 billion,” the company said. https://reut.rs/2uRbzQ2

The deal will be financed with cash and debt and will add to net income and adjusted earnings per share in 2020, Principal Financial said.

Wells Fargo has been looking to trim its business ever since it came under regulatory scrutiny following a sales practice scandal. In 2018, the Federal Reserve slapped it with an unprecedented asset cap, citing “widespread consumer abuses and compliance breakdowns”.

The bank is scheduled to announce its first-quarter results on Friday.

Lazard is the financial adviser to Principal, while Debevoise & Plimpton provided legal counsel.

(Reporting By Aparajita Saxena in Bengaluru; Editing by Anil D’Silva and Sriraj Kalluvila)

Source: OANN

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After Confronting Reporters, Oliver Darcy and Will Sommer, CPAC Bans Conservative Journalist Laura Loomer

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Oxon Hill, Md. — Conservative activist Laura Loomer was banned from the annual Conservative Political Action Conference (CPAC) on Saturday after confronting or “loomering” CNN reporter Oliver Darcy and Daily Beast reporter Will Sommer on Friday.

Loomer confronted Darcy on Saturday for lobbying Twitter to get Infowars founder Alex Jones banned from the social network. She alleged that Sommer has targeted her in the past, but refused to provide details.

Loomer posted a video to YouTube and Instagram of CPAC security officials confiscating her press credentials.

One America News network correspondent Jack Posobiec tweeted that CPAC revoked Loomer’s credentials after a “george soros organization” asked them to, referring to Right Wing Watch, a organization which seeks to deplatform conservatives.

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Macron meets officials, eyes Notre Dame for legacy-building

French President Emmanuel Macron is hosting officials from the United Nations' cultural agency, where he is expected to set out ideas for the reconstruction of Notre Dame Cathedral.

He will meet with state delegates from UNESCO, which oversees global heritage issues, in the Elysee Palace Friday.

Macron's push for a speedy rebuild indicates he wants the fire-ravaged monument's reconstruction to be part of his legacy, and is seizing the moment to try to move on from the divisive yellow vest protests. His initial wish for it to be rebuilt in just five years was met with incredulity.

Macron had been due to deliver an uneasy speech Monday setting out long-awaited plans to quell anti-government protests that have marred his presidency, but it was postponed after the fire broke out.

Source: Fox News World

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No. 1 Notre Dame blasts No. 2 Stanford to make Final Four

NCAA Womens Basketball: NCAA Tournament-Chicago Regional-Notre Dame vs Stanford
Apr 1, 2019; Chicago, IL, USA; Stanford Cardinal guard DiJonai Carrington (21) shoots over Notre Dame Fighting Irish guard Marina Mabrey (3) during the first half in the championship game of the Chicago regional in the women's 2019 NCAA Tournament at Wintrust Arena. Mandatory Credit: David Banks-USA TODAY Sports

April 2, 2019

Jackie Young’s 25-point, 10-rebound double-double Monday night helped top-seeded Notre Dame rally from a nine-point second-half deficit and stop second-seeded Stanford 84-68 in the title game of the Chicago Region at Wintrust Arena, earning the right to defend its national championship.

The Fighting Irish (34-3) advanced to the Final Four in the NCAA Women’s Tournament, earning a matchup Friday night in Tampa against Connecticut. It’s a rematch of a regular season game in December that the Huskies won.

Arike Ogunbowale added 21 points despite making just 6 of 19 shots for Notre Dame, while Brianna Turner scored 14. Jessica Shepard stuffed the stat sheet, finishing with 11 points, 14 rebounds and four assists.

Kiana Williams paced Stanford (31-5) with 20 points, but converted only 8 of 22 attempts from the field. Dijonai Carrington chipped in 18 and Alanna Smith scored 14 points. The Cardinal made just 39.7 percent of their field goals and were outrebounded 48-38.

The Irish outscored Stanford 58-35 in the second half, pulling away with a 32-point fourth quarter. Ogunbowale’s 3-point play with 7:47 left in the game gave them a 59-48 lead, and the Cardinal couldn’t get closer than eight for the night’s remainder.

Stanford controlled most of the first half, using an excellent defensive effort to keep its high-scoring opponent under wraps. Notre Dame endured a 3 1/2-minute scoring drought after Ogunbowale opened the game with a 3-pointer, and the Cardinal took a 13-11 edge to the second quarter.

Stanford found a little more traction offensively in the final 6 1/2 minutes of the first half. It closed the half with an 8-2 spurt, capped by a Lexie Hull jumper with 49 seconds left that put it in the locker room with a 33-26 lead.

The margin was still seven almost halfway through the third quarter when the Irish finally got going. Young’s seven points in an 11-2 run over the final 2:17 of the period not only activated the large Notre Dame crowd, but gave their team a 52-46 advantage.

–Field Level Media

Source: OANN

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Missouri official investigates day care 'fight club' claims

Missouri Attorney General Eric Schmitt is launching his own investigation of a St. Louis day care center where two workers were accused of facilitating a "fight club" among small children.

The announcement Wednesday came two weeks after St. Louis prosecutors dropped criminal charges against the former Adventure Learning Center workers.

Schmitt's office says it served the day care with a "civil investigative demand" Tuesday to get the center to turn over documents.

The day care's attorney did not immediately respond to a message for comment.

Tena Dailey and Mickala Guliford were charged in November with endangering the welfare of a child after video surfaced from December 2016 showing small boys punching each other. The case went to a grand jury before charges were dropped, with prosecutors citing "insufficient evidence."

Source: Fox News National

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Maldives leader celebrates victory in parliamentary election

Maldives President Ibrahim Mohamed Solih's party is leading in the vote count in the parliamentary election and has already declared a landslide victory that could give him a free hand in efforts to restore political freedoms and tackle corruption.

The official results are expected late Sunday. Local reports say Solih's Maldivian Democratic Party is leading at 60 out of the 87 seats in Parliament.

This could be the first time that a single party has won the majority in Parliament since the Indian Ocean archipelago nation became a multiparty democracy in 2008 after decades of autocratic rule.

More than 264,000 people were eligible to vote for 386 candidates running for the 87 seats. Voter turnout in Saturday's election was over 78 percent.

Source: Fox News World

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EU cannot keep granting two-week Brexit delays: Timmermans

European Commission Vice President Timmermans holds a news conference in Brussels
European Commission Vice President Frans Timmermans holds a news conference after the weekly college meeting in Brussels, Belgium, April 3, 2019. REUTERS/Francois Lenoir

April 3, 2019

BERLIN (Reuters) – The European Union cannot keep delaying Britain’s departure from the bloc by another two weeks, the deputy head of the European Commission said in remarks published on Thursday.

First Vice President Frans Timmermans told Germany’s Die Welt newspaper that the European Union had reached the limit of what it can offer Britain in terms of concessions to break the deadlock.

“We cannot forever continue this way in the Brexit negotiations and always extend by two weeks,” he said. “The British parliament must now make a decision and finally say what London wants.”

He added: “The key is not with London. We have a commitment toward EU citizens, to protect the EU single market, to protect Ireland and protect the principles of the European Union.

“We will continue to do this with all determination. The EU also has its limits. And we have reached those limits.”

He said it was important that British Prime Minister Theresa May and Labour leader Jeremy Corbyn reach a deal to overcome the deadlock created by parliament’s rejection of an exit deal May had reached with the EU.

At a summit last week, EU leaders gave Britain effectively until next week either to ratify May’s deal and then exit by May 22, present a credible alternative plan to secure a much longer extension, or leave without a deal on April 12.

Timmermans said that, in the event of a no-deal Brexit, British citizens were unlikely to need a visa if they wished to visit the EU for a short period of time.

(Reporting by Joseph Nasr; Editing by Kevin Liffey)

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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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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