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Japan finance minister says mergers are ‘one option’ for ailing regional banks

Japan's Finance Minister Taro Aso attends the G20 Finance and Central Bank Deputies Meeting in Tokyo
Japan's Finance Minister Taro Aso attends the G20 Finance and Central Bank Deputies Meeting in Tokyo, Japan January 17, 2019. REUTERS/Issei Kato

April 5, 2019

TOKYO (Reuters) – Japanese Finance Minister Taro Aso said on Friday mergers could be one option for the country’s regional banks – struggling with squeezed profits amid prolonged low interest rates – to improve financial services.

Aso, who also serves as minister overseeing the financial services watchdog, made the comment days after an advisory panel to Prime Minister Shinzo Abe discussed a plan to ease antitrust rules that would enable some regional banks to merge.

“We will review oversight guidelines to urge improvement in management at an early stage. Regional financial institutions are fit right now, but we need to consider the way to respond,” Aso told reporters after a cabinet meeting.

“To maintain financial services mergers could be an option.”

The current legislation focuses on what the market share of the combined entity would be to determine whether it would hurt competition.

To address this concern, the government is likely to ease merger rules on a temporary basis and strengthen the monitoring of newly merged banks to ensure they do not abuse their larger share of local lending.

Profitability at regional banks has taken a hit as the Bank of Japan’s super-loose monetary policy has triggered a collapse in spreads between lending rates and financing rates, which depresses bank margins.

BOJ’s ultra-easy monetary policy is making it tough for commercial banks to earn profits out of lending, a problem that cannot be fixed through bank mergers, the chairman of a major regional bank in southern Japan told Reuters last month.

In light of growing concern over the plight of regional banks, the Financial Services Agency on Wednesday proposed rules to expand its oversight of regional banks, including broad stress tests, with more focus on lenders’ future profitability.

(Reporting by Tetsushi Kajimoto; Editing by Sam Holmes)

Source: OANN

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Nun to Vatican abuse summit: “This storm will not pass by”

A prominent Nigerian nun has blasted the culture of silence in the Catholic Church that has long sought to hide clergy sexual abuse, telling a Vatican summit that transparency and an admission of mistakes is needed to restore trust.

In a powerful speech Saturday, Sister Veronica Openibo told Pope Francis' gathering of the Catholic hierarchy that African and Asian church leaders must no longer justify their silence about sexual violence by claiming that poverty and conflict are more serious issues for the church.

Openibo warned: "This storm will not pass by."

She called for discussion on a host of controversial issues to address the scandal, including lay participation in the selection of bishops, whether seminaries for young boys are really healthy and why abusers aren't dismissed from the clergy.

Source: Fox News World

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Man accused of killing teens to be extradited to Virginia

A Florida man accused of killing his teenage daughter and niece will be extradited to Virginia from New York, where he's been in custody since December.

The Richmond Times-Dispatch reports a New York City judge on Monday ordered 39-year-old Abdool Zaman to be turned over to Henrico County authorities. A deputy commonwealth's attorney in Henrico, Matt Ackley, confirmed the extradition was granted Monday.

Zaman is charged with second-degree murder in the Virginia deaths of Vanessa Zaman and her cousin Leona Samlall. The 18-year-olds were fatally shot on Dec. 13 and Zaman was arrested days later in Queens, New York.

Zaman is scheduled to be picked up from New York on March 28. It's unclear when he'll appear in court in Virginia.

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Information from: Richmond Times-Dispatch, http://www.richmond.com

Source: Fox News National

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Boeing shares dip again as 737 MAX groundings spread

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, March 11, 2019. REUTERS/Brendan McDermid

March 12, 2019

(Reuters) – Boeing Co’s shares fell more than 3 percent on Tuesday as more countries grounded the planemaker’s 737 MAX 8 aircraft amid heightened anxiety among travelers about the safety of the plane.

Malaysia, Singapore and Australia became the latest nations to ground Boeing’s best-selling line of jets, one of which also crashed in Indonesia in October.

DZ Bank became the first brokerage in nearly two years to place a “sell” rating on the stock, while setting a price target of $333 – the lowest on Wall Street.

The stock was trading at $385 before the opening bell. If Tuesday’s losses, following a 5 percent fall on Monday, stick through regular trading hours, the company would have lost more than $21 billion in market value in two days.

“News that could really harm Boeing could affect markets,” said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey.

“On whether Boeing is responsible in some way or if there is a problem in its aircraft is something investors are still trying to digest.”

The United States will mandate that Boeing implement design changes by April, but said the plane was airworthy and did not need to be grounded.

Safety experts say it is too early to speculate on what caused Sunday’s crash and black box recorders were yet to yield the cause.

(Reporting by Sruthi Shankar in Bengaluru, additional reporting by Amy Caren Daniel; Editing by Saumyadeb Chakrabarty)

Source: OANN

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India, Pakistan exchange goodwill messages as tensions ease

The prime ministers of India and Pakistan have exchanged goodwill messages in a sign of easing tensions between the two nuclear-armed rivals.

Indian Prime Minister Narendra Modi offered "best wishes" to his counterpart Imran Khan ahead of Saturday's Pakistan national day. Khan welcomed the statement late Friday and called for a comprehensive dialogue on all issues, including the disputed Kashmir region.

Tensions between India and Pakistan flared last month after a suicide attack killed 40 Indian paramilitary soldiers in the Indian-controlled portion of Kashmir. The Indian air force launched an airstrike inside Pakistan, saying it was targeting militants it blamed for the bombing.

Pakistan retaliated and said it shot down two Indian air force planes. One pilot was captured and later released. India says it lost only one plane.

Source: Fox News World

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Iran’s Rouhani urges Pakistan to act against group behind border attack

Iranian President Hassan Rouhani is seen during a public speech in the northern province of Gilan
Iranian President Hassan Rouhani is seen during a public speech in the northern province of Gilan, Iran March 6, 2019. Official President website/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. NO RESALES. NO ARCHIVES

March 9, 2019

DUBAI (Reuters) – Iranian President Hassan Rouhani on Saturday called for “decisive” action by Pakistan against a militant group behind a deadly suicide attack in a border area, and said inaction by Islamabad could jeopardize relations between the neighbors.

Iran’s state news agency IRNA said Rouhani’s remarks came in a telephone conversation with Pakistani Prime Minister Imran Khan, who said he would soon have “good news” for Iran, according to the agency.

A suicide bomber killed 27 members of Iran’s elite Revolutionary Guards in mid-February in a southeastern region where security forces are facing a rise in attacks by militants from the country’s Sunni Muslim minority.

The Sunni group Jaish al Adl (Army of Justice), which says it seeks greater rights and better living conditions for the ethnic minority Baluchis, claimed responsibility for the attack.

“We are awaiting your decisive operations against these terrorists,” IRNA quoted Rouhani as telling Khan.

“We should not allow decades of friendship and fraternity between the two countries to be affected by the actions of small terrorist groups, the source of whose financing and arms is known to both of us,” Rouhani said.

Iran has blamed its regional rival Saudi Arabia and arch-enemies Israel and the United States for the attack and other cross-border raids, an accusation rejected by the countries.

“It is in Pakistan’s own interest not to allow our territory to be used by terrorist groups, and the Pakistani army is prepared to confront the terrorists more decisively with the information provided by Iran,” IRNA quoted Khan as saying.

Khan said Pakistani forces had come close to the terrorists’ hideout and there would soon be “good news” for Iran, IRNA reported.

(Reporting by Dubai newsroom; Editing by Ros Russell)

Source: OANN

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Indian police detain 10 teens for playing ‘violent’ PUBG

Cosplayer with PlayerUnknown's Battlegrounds character helmet seen at Gamescom in Cologne
A cosplayer wears a self-made helmet of a character from the computer game PlayerUnknown's Battlegrounds, a survival-shooter game of South Korean game developer Bluehole Studio Inc., while testing Ubisoft Montreal's Tom Clancy's Rainbow Six Siege, at Gamescom in Cologne, Germany August 23, 2017. REUTERS/Wolfgang Rattay

March 14, 2019

(Reuters) – Police in the western Indian state of Gujarat detained 10 teenagers for breaking a newly announced ban on playing videogame “PUBG,” the forerunner of global smash “Fortnite,” officials said on Thursday.

The ban was announced last week by local authorities to combat what they called the spread of “violent traits” in kids playing PUBG and “Momo challenge,” a so-called suicide game.

The detained teenagers were taken into custody but later released with a warning, said Manoj Agrawal, police commissioner of Rajkot city in Gujarat.

“Due to these games, the education of children and youth are being affected and it affects the behaviour, manners, speech and development of the youth and children,” an order by local police dated March 6, said.

Police in Gujarat have not banned Fortnite, a popular rival to PUBG developed by U.S.-based Epic Games.

PUBG, or PlayerUnknown’s Battlegrounds, made by South Korean firm Bluehole Inc, is a survival-themed battle game that drops dozens of online players on an island to try and eliminate each other.

Asked in a public debate in January about the negative effects of videogames on kids, Indian Prime Minister Narendra Modi said: “Was he playing PUBG? Like everything else, technology too comes with its positives and negatives”.

“As parents, we must guide our children to get the most from technology. We should encourage their curiosity to learn new things”.

Fortnite and PUBG, each backed by Chinese internet giant Tencent, are credited with helping take videogames to new audiences.

Bluehole and Epic Games did not immediately respond to requests for comment.

(Reporting by Pushkala Aripaka, Arjun Panchadar, Kanika Sikka and Arathy S Nair in Bengaluru; Editing by Sai Sachin Ravikumar)

Source: OANN

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Britain's Chancellor of the Exchequer Philip Hammond looks on during an interview with Reuters at the British Ambassador's residence in Beijing
Britain’s Chancellor of the Exchequer Philip Hammond looks on during an interview with Reuters at the British Ambassador’s residence in Beijing, China April 26, 2019. REUTERS/Florence Lo/Pool

April 26, 2019

BEIJING (Reuters) – British finance minister Philip Hammond said on Friday that he had a “very constructive meeting” with his counterpart in the opposition Labour Party before leaving for Beijing and that he was optimistic about finding common ground.

Hammond, speaking on the sidelines of a summit on China’s Belt and Road initiative in Beijing, said talks with Labour aimed at finding a way forward on Brexit had not stalled.

“I’m optimistic that we will find common ground,” he said. “Both sides have got clear positions and both sides will have to compromise in order to reach an agreement.”

Hammond added that he absolutely did not favor a no deal exit from the European Union.

(Reporting by Ben Blanchard; editing by Darren Schuettler)

Source: OANN

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Police secure the area where the body of a woman was discovered near the village of Orounta
Police secure the area where the body of a woman was discovered near the village of Orounta, Cyprus, April 25, 2019. REUTERS/Stefanos Kouratzis

April 26, 2019

NICOSIA (Reuters) – Cypriot police searched on Friday for more victims of a suspected serial killer, in a case which has shocked the Mediterranean island and exposed the authorities to charges of “criminal indifference” because the dead women were foreigners.

The main opposition party, the left-wing AKEL, called for the resignation of Cyprus’s justice minister and police chief.

Police were combing three different locations west of the capital Nicosia for victims of the suspected killer, a 35-year-old army officer who has been in detention for a week.

The bodies of three women, including two thought to be from the Philippines, have been recovered. Police sources said the suspect had indicated the location of the third body, found on Thursday, and had said the person was “either Indian or Nepali”.

Police said they were searching for a further four people, including two children, based on the suspect’s testimony.

“These women came here to earn a living, to help their families. They lived away from their families. And the earth swallowed them, nobody was interested,” AKEL lawmaker Irene Charalambides told Reuters.

“This killer will be judged by the court but the other big question is the criminal indifference shown by the others when the reports first surfaced. I believe, as does my party, that the justice minister and the police chief should resign. They are irrevocably exposed.”

Police have said they will investigate any perceived shortcomings in their handling of the case.

One person who did attempt to alert the authorities over the disappearances, a 70-year-old Cypriot citizen, said his motives were questioned by police.

The bodies of the two Filipino women reported missing in May and August 2018 were found in an abandoned mine shaft this month. Police discovered the body of the third woman at an army firing range about 14 km (9 miles) from the mine shaft.

Police are now searching for the six-year-old daughter of the first victim found, a Romanian mother who disappeared with her eight-year-old child in 2016, and a woman from the Phillipines who vanished in Dec. 2017.

The suspect has not been publicly named, in line with Cypriot legal practice.

A public vigil for the missing was planned later on Friday.

(Reporting By Michele Kambas; Editing by Gareth Jones)

Source: OANN

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An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard
FILE PHOTO: An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard, Britain December 3, 2018. REUTERS/Simon Dawson

April 26, 2019

LONDON, April 26 – British factories stockpiled raw materials and goods ahead of Brexit at the fastest pace since records began in the 1950s, and they were increasingly downbeat about their prospects, a survey showed on Friday.

The Confederation of British Industry’s (CBI) quarterly survey of the manufacturing industry showed expectations for export orders in the next three months fell to their lowest level since mid-2009, when Britain was reeling from the global financial crisis.

The record pace of stockpiling recorded by the CBI was mirrored by the closely-watched IHS Markit/CIPS purchasing managers’ index published earlier this month.

(Reporting by Andy Bruce, editing by David Milliken)

Source: OANN

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Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing
Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing, China April 26, 2019. REUTERS/Florence Lo

April 26, 2019

KUALA LUMPUR (Reuters) – Fewer than half of Malaysians approve of Prime Minister Mahathir Mohamad, an opinion poll showed on Friday, as concerns over rising costs and racial matters plague his administration nearly a year after taking office.

The survey, conducted in March by independent pollster Merdeka Center, showed that only 46 percent of voters surveyed were satisfied with Mahathir, a sharp drop from the 71 percent approval rating he received in August 2018.

Mahathir’s Pakatan Harapan coalition won a stunning election victory in May 2018, ending the previous government’s more than 60-year rule.

But his administration has since been criticized for failing to deliver on promised reforms and protecting the rights of majority ethnic Malay Muslims.

Of 1,204 survey respondents, 46 percent felt that the “country was headed in the wrong direction”, up from 24 percent in August 2018, the Merdeka Center said in a statement. Just 39 percent said they approved of the ruling government.

High living costs remained the top most concern among Malaysians, with just 40 percent satisfied with the government’s management of the economy, the survey showed.

It also showed mixed responses to Pakatan Harapan’s proposed reforms.

Some 69 percent opposed plans to abolish the death penalty, while respondents were sharply divided over proposals to lower the minimum voting age to 18, or to implement a sugar tax.

“In our opinion, the results appear to indicate a public that favors the status quo, and thus requires a robust and coordinated advocacy efforts in order to garner their acceptance of new measures,” Merdeka Center said.

The survey also found 23 percent of Malaysians were concerned over ethnic and religious matters.

Some groups representing Malays have expressed fear that affirmative-action policies favoring them in business, education and housing could be taken away and criticized the appointments of non-Muslims to key government posts.

Last November, the government reversed its pledge to ratify a UN convention against racial discrimination, after a backlash from Malay groups.

Earlier this month, Pakatan Harapan suffered its third successive loss in local elections since taking power, which has been seen as a further sign of waning public support.

Despite the decline, most Malaysians – 67 percent – agreed that Mahathir’s government should be given more time to fulfill its election promises, Merdeka Center said.

This included a majority of Malay voters who were largely more critical of the new administration, it added.

(Reporting by Rozanna Latiff; Editing by Nick Macfie)

Source: OANN

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The German share price index DAX graph at the stock exchange in Frankfurt
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 25, 2019. REUTERS/Staff

April 26, 2019

By Medha Singh and Agamoni Ghosh

(Reuters) – European shares slipped on Friday after losses in heavyweight banks and Glencore outweighed gains in healthcare and auto stocks, while investors remained on the sidelines ahead of U.S. economic data for the first quarter.

The pan-European STOXX 600 index was down 0.1 percent by 0935 GMT, eyeing a modest loss at the end of a holiday-shortened week. Banks-heavy Italian and Spanish indices were laggards.

The banking index fell for a fourth day, at the end of a heavy earnings week for lenders.

Britain’s Royal Bank of Scotland tumbled after posting lower first quarter profit, hurt by intensifying competition and Brexit uncertainty, while its investment bank also registered poor returns.

Weakness in investment banking also dented Deutsche Bank’s quarterly trading revenue and sent its shares lower a day after the German bank abandoned merger talks with smaller rival Commerzbank.

“The current interest rate environment makes it challenging for banks to make proper earnings because of their intermediary function,” said Teeuwe Mevissen, senior market economist eurozone, at Rabobank.

Since the start of April, all country indexes were on pace to rise between 1.8 percent and 3.4 percent, their fourth month of gains, while Germany was strongly outperforming with 6 percent growth.

“For now the current sentiment is very cautious as markets wait for the first estimates of the U.S. GDP growth which could see a surprise,” Mevissen said.

U.S. economic data for the first-quarter is due at 1230 GMT. Growth worries outside the United States resurfaced this week after South Korea’s economy unexpectedly contracted at the start of the year and weak German business sentiment data for April also disappointed.

Among the biggest drags on the benchmark index in Europe were the basic resources sector and the oil and gas sector, weighed down by Britain’s Glencore and France’s Total, respectively.

Glencore dropped after reports that U.S authorities were investigating whether the company and its subsidiaries violated certain provisions of the commodity exchange act.

Energy major Total said its net profit for the first three months of the year fell compared with a year ago due to volatile oil prices and debt costs.

Chip stocks in the region including Siltronic, Ams and STMicroelectronics lost more than 1 percent after Intel Corp reduced its full-year revenue forecast, adding to concerns that an industry-wide slowdown could persist until the end of 2019.

Meanwhile, healthcare, which is also seen as a defensive sector, was a bright spot. It was helped by French drugmaker Sanofi after it returned to growth with higher profits and revenues for the first-quarter.

Luxembourg-based satellite operator SES led media stocks higher after it maintained its full-year outlook on the back of the company’s Networks division.

Automakers in the region rose 0.4 percent, led by Valeo’s 6 percent jump as the French parts maker said its performance would improve in the second half of the year.

Continental AG advanced after it backed its outlook for the year despite reporting a fall in first-quarter earnings.

Renault rose more than 3 percent as it clung to full-year targets and pursues merger talks with its Japanese partner Nissan.

(Reporting by Medha Singh and Agamoni Ghosh in Bengaluru; Editing by Gareth Jones and Elaine Hardcastle)

Source: OANN

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