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Federalist editor says Mueller probe’s full origins still require look

Mollie Hemingway, senior editor at The Federalist, says that though many think it’s important to move on from the Mueller report following Thursday’s expected release, one aspect that calls for further exploration is how it all began.

“People talk about moving on. That's important because there are serious policy issues that fixing our border and other things Congress needs to work on -- but how did the investigation ever start?” Hemingway said on “Special Report with Bret Baier” on Wednesday.

MUELLER'S QUESTIONS FOR TRUMP

“It was used, not just during the campaign but in the interim, before he [Trump] became president and for the first two years of his administration, to undermine him," she said. "It affected foreign policy and his ability to get things done.”

Hemingway emphasized that answers were needed in order to avoid a recurrence of the circumstances behind the inquiry.

“People need to make sure the report is put into context. It is not just there was a legitimate reason to look into Russia collusion and there were no indictments ... for Russia collusion or obstruction, but a story about how people weaponized information and used it to go after political opponents,” Hemingway told Baier.

“That absolutely must be looked into. We absolutely need to get answers so that it doesn't happen again and the people who did it are held accountable.”

Barr will release a redacted version of Mueller's full investigative report on Thursday morning.

Democrats are expected to file subpoenas to see what's behind the redactions.

Wall Street Journal columnist Jason Riley said Democrats will continue to second-guess the report, but its findings will stand.

“Clearly the Democrats are very upset by this finding. I think what we are going to see is them combing through this report second-guessing Mueller's findings on no collusion, second-guessing the Justice Department decision that there was no obstruction of justice because there was no underlying crime, and you will see Trump's team push back and say pick it apart all you want,” Riley said.

“Doesn't change the central conclusions, no collusion and no obstruction.”

TRUMP LEGAL TEAM PREPARES MUELLER COUNTER-REPORT ON OBSTRUCTION ALLEGATIONS

Amy Walter, national editor of the Cook Political Report, added that no matter what the report says Thursday, it will have no bearing on how the public views President Trump. “His approval ratings, disapproval ratings haven't moved much given the many things that have happened over the last two years.”

Source: Fox News Politics

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India grabs most of foreign inflows into Asian equities in March

People look at a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai
People look at a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, December 11, 2018. REUTERS/Francis Mascarenhas

April 5, 2019

By Patturaja Murugaboopathy and Gaurav Dogra

(Reuters) – Indian equities attracted the biggest foreign money in seven years in March and grabbed a major chunk of inflows into Asia on optimism about the upcoming general election, while most others in the region had a lackluster show due to lingering global slowdown worries and weaker exports.

Overseas investors bought $4.96 billion worth of Asian shares in March, data from stock exchanges in South Korea, Taiwan, India, Thailand, the Philippines, Indonesian and Vietnam showed.

Indian stock markets received $4.89 billion, the biggest since February 2012, on expectations that Prime Minister Narendra Modi will come back to power in the over-a-month-long polls that commence next week.

On the back of solid flows, the BSE and NSE indexes gained about 7.7 percent last month, the highest among emerging markets.

“Most recent opinion polls have swayed in favor of the ruling coalition compared to three months ago, which had predicted a tighter contest,” ANZ said in a report.

“This has helped revive sentiment towards Indian asset prices as a close contest is not considered the best outcome by markets.”

South Korean markets witnessed inflows of $262 million, while Indonesia, Thailand, Vietnam and Philippines all had received about $100 million or less.

However, foreigners sold $512 million worth of Thai equities due to political uncertainty after a general election.

Delays in final results from Thailand’s first polls in five years have added to uncertainties facing the slowing economy, raising the risk of political gridlock that could disrupt government spending and keep foreign investors away.

Overall, foreigners purchased $15.87 billion worth of stocks in the seven markets in the first quarter, the biggest in two years, data showed.

However, some analysts said fund flows would be difficult to sustain as the regional economy is pressured due to slowing global demand and the U.S.-China trade war.

Factory activity in China slightly recovered in March, but activity in Vietnam, Indonesia and the Philippines grew only at a modest pace. South Korea’s factory activity contracted for a fifth straight month in March.

“Market participants are likely to shift their attention to slowing economic growth now that the U.S. yield curve has inverted – a development that is stoking recession fears,” said Joanne Goh, equity strategist at DBS Bank.

She said political and economic stress in some of the emerging markets such as Turkey, Argentina and Brazil could flow through into Asia and affect asset prices.

(Reporting by Patturaja Murugaboopathy and Gaurav Dogra in Bengaluru; editing by Gopakumar Warrier)

Source: OANN

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China vows to cut burden of social security costs for small firms

Woman works at a workshop of a textile manufacturer in Binzhou, Shandong
FILE PHOTO: A woman works at a workshop of a textile manufacturer in Binzhou, Shandong province, China February 11, 2019. China Daily via REUTERS

March 26, 2019

BEIJING (Reuters) – China will forbid action by local governments that boost the burden of social security costs for small and micro firms, state television said on Tuesday, citing a state cabinet meeting chaired by premier Li Keqiang.

China has vowed to reduce costs for SMEs in a move to boost the once vibrant private economy, cutting trillions in taxes and fees and directing banks to increase lending to smaller firms.

From May 1, China will cut to 16 percent the social security fees companies have to shoulder, from 20 percent.

Regional governments should not take the liberty of collecting “historically overdue taxes” without central permission, the cabinet said.

Companies’ fears had grown that China would soon introduce a tougher system of collecting social security payments to beef up tax receipts.

(Reporting by Beijing Monitoring Desk and Yawen Chen; Editing by Clarence Fernandez)

Source: OANN

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Rep. Jim Jordan: Democrats are ‘out to get’ President Trump with Mueller report demands

Rep. Jim Jordan, R-Ohio, charged Tuesday Democrats' demands to see the full Mueller report without redactions showed they are “so committed to getting at this president” and “not focused on frankly doing what’s best for the country.”

“You got the chairman of the intelligence committee, Adam Schiff, saying ‘go ahead make public classified information’ and then you have the chairman of the judiciary committee saying ‘go ahead and make public grand jury material.’ Now that’s scary,” Jordan said on “Fox & Friends.”

“This is where they’re at because the Mueller report was not the bombshell that they had hoped it would be. But when you have the head of the intelligence committee, the head of the judiciary committee saying make public material that’s not supposed to get public, that’s not consistent with the law, that’s just wrong, just plain wrong.”

Democratic lawmakers, including House Intelligence Committee Chairman Adam Schiff, D-NY and House Judiciary Committee Chairman Jerrold Nadler, D-NY, have been demanding access in full to special counsel Robert Mueller's report in. Attorney General Bill Barr has said that he and the special counsel’s team are “well along in the process of identifying and redacting” sensitive material in the more than 300-page report and can likely have it to Congress by mid-April, “if not sooner.”

But Democrats on the House Judiciary Committee are preparing to authorize subpoenas for the report this week, giving the panel the option to pursue that route if necessary.

TRUMP SAYS DEMS HAVE FORESAKEN MUELLER AFTER TREATING HIM AS 'GOD-LIKE' 

The report was first transmitted to Barr at the Justice Department last month. Barr issued a four-page initial summary of Mueller’s findings to Congress and to the public just days after. Barr’s summary said that the special counsel found no evidence of collusion between members of the Trump campaign and the Russians during the 2016 presidential election.

Immediately, Democrats began demanding to view the full Mueller report and underlying evidence that brought the special counsel to its decision.

Barr has indicated he does plan on sharing much of the report, noting that, with the help of the special counsel’s office, the Justice Department is reviewing material that “by law cannot be made public” -- covering “material the intelligence community identifies as potentially compromising sensitive sources and methods; material that could affect ongoing matters, including those that the Special Counsel has referred to other Department offices; and information that would unduly infringe on the personal privacy and reputational interests of peripheral third parties.”

“Bill Barr said he will err on the side of transparency, he wants to release as much possible but he’s going to do it consistent with the law, which is what we should expect from an attorney general of the United States of America, “ Jordan said on “Fox and Friends."

“Understand that this report was not what they had hoped. First the Cohen hearing they had was a flop, then the Mueller report comes out, it’s not the bombshell they hoped. Remember what Bill Barr said special council Mueller found, no new indictments, no sealed indictments, no collusion, no obstruction. As definitive as you can get. And so now what they’re saying is 'we want to find something, we have to find something, cause we’re so committed to getting at this president and not focused on frankly doing what’s best for the country.'”

On Tuesday morning, President Donald Trump blasted Nadler and Schiff on twitter.

“There is no amount of testimony or document production that can satisfy Jerry Nadler or Shifty Adam Schiff. It is now time to focus exclusively on properly running our great Country!” Trump tweeted.

Minutes later, Schiff fired back.

“The House voted 420-0 to release the full Mueller report to the public. The American people overwhelmingly support the same. What are you afraid of, Mr. President?” Schiff tweeted.

The Judiciary Committee cited “historical precedent” for the full release of the Mueller report—specifically Watergate, when a judge ordered a 55-page grand jury roadmap to be provided to the committee; and during the Ken Starr investigation of former President Bill Clinton, when a 455-page report, along with evidence including grand jury material, was provided to the panel.

On September 9, 1998, on PBS’ “Charlie Rose," Nadler said, “As a matter of decency and protecting people’s privacy rights, people who may be totally innocent, third parties, what must not be released at all,”  when talking about the Starr report on Clinton. “It’s grand jury material. It represents statements which may or may not be true by various witnesses, salacious material, all kinds of material that it would be unfair to release.” The clip aired on "Fox & Friends" Tuesday.

PRESIDENT TRUMP CALLS ON ADAM SCHIFF TO RESIGN, ACCUSES HIM OF 'KNOWINGLY AND UNLAWFULLY LYING AND LEAKING'

The president took to Twitter Tuesday morning to respond to the statements Nadler made more than a decade ago.

“In 1998, Rep. Jerry Nadler strongly opposed the release of the Starr report on Bill Clinton. No information whatsoever would or could be legally released. But with the NO COLLUSION Mueller Report, which the Dems hate, he wants it all. NOTHING WILL EVER SATISFY THEM! @foxandfriends”

“This is now about President Trump who they’re out to get,” said Jordan. “Again, this is the chairman of the judiciary, the long history the judiciary has in protecting fundamental liberties, fundamental rights and following the law and yet you now have the chairman saying ‘I don’t care. I don’t care. Give me everything we want to make public.’ That is what is so wrong.”

CLICK HERE TO GET THE FOX NEWS APP

He added, “It’s because Bill Barr’s letter spelling out what the special counsel found and the principal conclusions of his report was so strong for the president, complete vindication for the president, they are now, Jerry Nadler and Adam Schiff and others are now saying ‘We got to have stuff that’s not consistent with how the rule of law works and has historically worked in this great country.’”

Source: Fox News Politics

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Muhammadu Buhari: Nigeria’s converted democrat comes back from the brink

2019 presidential election in Nigeria
Nigerian President Muhammadu Buhari talks to the media as he arrives to cast a vote in Nigeria's presidential election at a polling station in Daura, Katsina State, Nigeria, February 23, 2019. REUTERS/Afolabi Sotunde

February 26, 2019

By Alexis Akwagyiram

ABUJA (Reuters) – Muhammadu Buhari, who has secured four more years as Nigeria’s president according to a Reuters tally of election results, proved wrong those who doubted he could survive the blows of recession, militant attacks on oilfields, and Islamist insurgency that blighted his first term.

The former military ruler showed that his pledge to fight corruption remained popular, particularly when combined with promises to extend social welfare programs aimed at feeding the poor and helping young people find work.

Experts had forecast a tough race against his main rival, Atiku Abubakar, a businessman and former vice president who sought to tap into discontent at unemployment and inflation by vowing to create jobs and double the size of Africa’s biggest economy.

Buhari’s comfortable victory caps a remarkable turnaround just two years after many thought the 76-year-old might not survive an undisclosed illness that had forced him to spend nearly half of 2017 being treated in Britain.

He did not respond when asked for comment after a Reuters tally showed he had an unassailable lead over Atiku, having previously stated that he would not discuss the outcome until the electoral commission declared a winner.

Atiku’s party rejected the tallies announced so far as “incorrect and unacceptable”.

But a message posted on Twitter, which had Buhari smiling and surrounded by applauding staff at his campaign office, hinted at celebration.

“I met the very hardworking members of our team, many of them young people, and was briefed on the performance of our party so far in the Presidential Elections. I am very proud of what has been accomplished,” he said.

Buhari’s win came after the opposition People’s Democratic Party had accused the government of election-rigging, which it denied.

MAKING HISTORY

Buhari made history in 2015 as the first Nigerian to oust a president through the ballot box.

That victory marked a fresh chapter for a man who described himself as a “converted democrat” after years in the political wilderness following a stint as the head of a military regime in the early 1980s.

Born on Dec. 17, 1942 in Daura in Katsina state in the north, Buhari spent his career in the army. He seized power in 1983 as military ruler, promising to clean the stables of a mismanaged country but was removed after 18 months by another army general.

As military ruler, Buhari took a tough line on everything from the conditions sought by the International Monetary Fund to unruliness in bus queues, which he brought into line with soldiers armed with whips.

Three decades later, that intransigence emerged again in policies that prevented Nigeria from making a swift recovery from its first recession in 25 years, a slump caused by a collapse in oil prices and attacks on energy facilities by armed gangs looking for a slice of the country’s hydrocarbon wealth.

The euphoria that saw his first election victory greeted by both Muslims and Christians – in a country split almost equally between the two religions – quickly turned to disappointment as the hoped-for injection of discipline failed to emerge.

Voters were prepared to overlook his advanced age and the admission that he was no economic expert, but they were less forgiving when he failed to seek expert advice to combat Nigeria’s first recession in a generation.

Cuts to an amnesty package for former militants in the oil-producing Niger Delta, followed by the deployment of troops to the region, prompted a new round of attacks on energy facilities in 2016 that reduced oil production on which the country depended.

Faced with a slowing economy, Buhari applied the same tools to drag Nigeria out of recession that had failed when he was in power in the 1980s – keeping the currency artificially high as a matter of national pride.

That forced the closure of many businesses that relied on imported goods. His economic policies also meant international investors kept their distance from Nigeria.

His critics also called into question his strongest political asset, his military credentials, when Nigeria was hit by a series of security challenges: the Niger Delta oil attacks, an upsurge in clashes between herdsmen and farmers in the central states, and a resurgence in the Boko Haram Islamist insurgency in the north.

His re-election campaign had an inauspicious start when he was forced to deny rumors that he had died and been replaced by a lookalike from Sudan called Jubril.

However, even though his appearances at campaign rallies were often restricted to brief moments on stage when he waved to supporters but said little, audiences were large.

The crowds were particularly big in Buhari’s northern heartland, where his anti-corruption message showed he retained the common touch that his tycoon opponent lacked.

That ability to mobilize his base proved to be crucial in carrying him to victory.

“One good term deserves another,” said one of Buhari’s campaign billboards. His victory suggests that, despite the travails of his first term, enough voters agreed with that message.

(Editing by James Macharia and Giles Elgood)

Source: OANN

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Senators ask U.S. border agency about reported tracking of journalists

FILE PHOTO - U.S. Customs and Border Protection agents participate in a test deployment during a large-scale operational readiness exercise at the San Ysidro port of entry with Mexico in San Diego, California, U.S, as seen from Tijuana
FILE PHOTO - U.S. Customs and Border Protection agents participate in a test deployment during a large-scale operational readiness exercise at the San Ysidro port of entry with Mexico in San Diego, California, U.S, as seen from Tijuana, Mexico January 10, 2019. REUTERS/Jorge Duenes

March 12, 2019

WASHINGTON (Reuters) – Two senior U.S. senators asked U.S. Customs and Border Protection on Monday to provide information on a report that the agency inappropriately tracked seven American journalists covering the migrant caravan from Central America last year.

Republican Chuck Grassley, chairman of the Senate Finance Committee, and Ron Wyden, the panel’s top Democrat, wrote a letter to CBP Commissioner Kevin McAleenan asking for an unclassified briefing no later than Thursday.

They cited news reports alleging the border agency and the Department of Homeland Security “inappropriately flagged for scrutiny seven American journalists.”

“Unless CBP had reason to believe the individuals in question were inciting violence or physical conflict, it is deeply concerning that CBP appears to have targeted American journalists at our borders,” Grassley and Wyden wrote.

Representatives of the agency did not immediately respond to Reuters requests for comment on Monday.

The senators referred to an NBC News report last week about documents listing 10 journalists, an attorney and 47 others, some of them labeled organizers and instigators from the United States and elsewhere.

The NBC affiliate in San Diego, KNSD-TV, said it received the documents from an unidentified source in the Department of Homeland Security, which includes Customs and Border Protection.

At least three journalists and the attorney listed on the documents were unable to enter Mexico to work because of alerts placed on their passports and others have been subject to secondary screenings when crossing the border, the news station reported.

Reuters did not see the documents and was unable independently to corroborate NBC’s findings. One of the journalists the station said was listed was Go Nakamura, a photographer who has done several freelance assignments for Reuters and began covering the caravan on Nov. 10.

CBP spokesman Andrew Meehan said in a statement last week that the tracking was related to assaults on agents that occurred during November and January. CBP does not target journalists for inspections, he said.

(Reporting by Mohammad Zargham; Editing by Peter Cooney)

Source: OANN

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Trump slams EU in aircraft dispute, pushes tariffs on $11 billion of imports

FILE PHOTO: U.S. President Trump participates in Opportunity and Revitalization Council meeting at the White House in Washington
FILE PHOTO: U.S. President Donald Trump speaks during a meeting of the White House Opportunity and Revitalization Council in the Cabinet room at the White House in Washington, U.S., April 4, 2019. REUTERS/Kevin Lamarque/File Photo

April 9, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump said on Tuesday the United States would impose tariffs on $11 billion of products from the European Union, a day after U.S. trade officials proposed a list of EU products to target as part of an ongoing aircraft dispute.

“The World Trade Organization finds that the European Union subsidies to Airbus has adversely impacted the United States, which will now put Tariffs on $11 Billion of EU products! The EU has taken advantage of the U.S. on trade for many years. It will soon stop!” Trump said in a post on Twitter.

The two sides have been locked in a years-long global trade dispute over mutual claims of illegal aid to plane giants, Netherlands-based Airbus and U.S.-based Boeing, to gain advantage in the world jet business.

The U.S. Trade Representative on Monday announced the planned products targeted in retaliation for European aircraft subsidies, with a final list expected this summer.

Meanwhile, the EU has started preparing to retaliate over Boeing subsidies, an EU official said on Tuesday.

The moves comes as the record subsidy dispute, which has been grinding its way through the WTO for almost 15 years, reaches a climax, with both sides in arbitration to decide the size of any countermeasures.

(Reporting by Susan Heavey; Editing by Mohammad Zargham and Bernadette Baum)

Source: OANN

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A worker walks on the roof of a new home under construction in Carlsbad
FILE PHOTO: A worker walks on the roof of a new home under construction in Carlsbad, California September 22, 2014. REUTERS/Mike Blake

April 26, 2019

NEW YORK (Reuters) – The U.S. economy is growing at a 2.08% annualized pace in the second quarter based on upbeat data on durable goods orders and new home sales in March, the New York Federal Reserve’s Nowcast model showed on Friday.

This was faster than the 1.92% growth rate calculated by the N.Y. Fed model the week before.

(Reporting by Richard Leong; Editing by Chizu Nomiyama)

Source: OANN

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Extraordinary European Union leaders summit in Brussels
FILE PHOTO: Italian Prime Minister Giuseppe Conte arrives at an extraordinary European Union leaders summit to discuss Brexit, in Brussels, Belgium April 10, 2019. REUTERS/Yves Herman

April 26, 2019

(Reuters) – Italian Prime Minister Giuseppe Conte said on Friday he had assured China’s Huawei Technologies that it would not face discrimination in the rollout of Italy’s 5G telecoms network.

Conte was speaking on a visit to China where he said he met Huawei’s chief executive, Ren Zhengfei. The prime minister’s comments were carried in Italy by TV broadcaster Sky Italia.

“I told him that we have adopted some precautions, some measures to protect our interests that demand very high levels of security … not only from Huawei but any company entering into the 5G arena,” he said.

Huawei, the world’s biggest producer of telecoms equipment, is under intense scrutiny after the United States told allies not to use its technology because of fears it could be a vehicle for Chinese spying. Huawei has categorically denied this.

(Writing by by Mark Bendeich; Editing by Angelo Amante)

Source: OANN

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U.S. President Trump departs for travel to Indianapolis from the White House in Washington
U.S. President Donald Trump talks to reporters as he departs for travel to Indianapolis, Indiana from the White House in Washington, U.S., April 26, 2019. REUTERS/Jonathan Ernst

April 26, 2019

WASHINGTON (Reuters) – President Donald Trump on Friday was expected to announce his intention to revoke the United States’ status as a signatory of the Arms Trade Treaty, which was signed in 2013 by then-President Barack Obama but never ratified by Congress, two U.S. officials said.

Trump was expected to announce the decision in a speech in Indianapolis, to the National Rifle Association, the officials said. The NRA, a powerful gun lobby group, has long been opposed to the treaty, which was negotiated at the United Nations.

(Reporting By Steve Holland; Editing by Bill Trott)

Source: OANN

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A remote controlled robot for the 'Isotopium: Chernobyl' game is seen at the game's location in Brovary
A remote controlled robot for the ‘Isotopium: Chernobyl’ game is seen at the game’s location in Brovary, Ukraine April 25, 2019. REUTERS/Valentyn Ogirenko

April 26, 2019

By Margaryta Chornokondratenko

KIEV (Reuters) – A Ukrainian computer game that brings to life a town abandoned after the Chernobyl nuclear disaster may not sound like everyone’s idea of fun but has attracted 60,000 people globally since its launch in October.

Players of “Isotopium: Chernobyl” drive tanks around the ghost town of Prypyat near Chernobyl, knocking out competitors as they search for an energy source called isotopium and collecting points every time they find some.

While the game takes its theme from the nuclear disaster at Chernobyl in northern Ukraine, which marked its 33rd anniversary on Friday, it was also inspired by the 2009 science fiction film “Avatar”.

Newcomers to the game think they have entered a virtual world when in fact they are controlling a real robot, equipped with a camera and computer, which makes its way around a model of the town rendered down to the tiniest detail.

“When playing our game, for the first 5-10 minutes many players don’t understand that it is not fictional,” said the game’s co-founder Sergey Beskrestnov. “They message us saying: ‘You have cool texture, you have good graphics, your designer is good, well done. You have a cool operating system.’

“People then reply: ‘It is not an operating system, it is real,’ and the player can’t believe it is real,” said Beskrestnov, speaking mid-game from Prypyat city square as he towers over surrounding five-storey buildings.

Kiev-born Beskrestnov was just 12 years old when on April 26, 1986 a botched test at the nuclear plant in the then Soviet Union sent clouds of smoldering nuclear material across large swathes of Europe, forced over 50,000 people, including Beskrestnov’s family, to evacuate and poisoned unknown numbers of workers involved in its clean-up.

Beskrestnov and his partner Alexey Fateyev used Google maps and hundreds of pictures from the Chernobyl area to recreate Prypyat landmarks, including residential buildings, a hotel, concert hall, amusement park and a stadium.

The game’s real-scale model occupies a 180 square meter (1,938 sq. ft) basement of a residential building in the Ukraine city of Brovary, just 150 km (93 miles) from the Chernobyl Exclusion Zone and 30 km east of Kiev.

Miniature radioactivity warning signs, graffiti on the walls of abandoned buildings and tables and chairs left scattered inside a small cafe all add to the creepy atmosphere of a once lively town.

“It’s a really neat concept …,” Shaun Prescott wrote in a review of the game published by PC Gamer magazine in January. “Controlling the tanks is kinda cumbersome, but they are tanks, after all.”

An attentive player will notice at least one inaccuracy – the real Chernobyl nuclear power plant is not located in town as it is in the game.

It costs $9 to immerse in the atmosphere of a post-apocalyptic town for an hour but only 20 people at a time can play simultaneously. Beskrestnov’s company, Remote Games, said 62,615 people around the world have registered to play the game, including around 15,000 in France and 10,000 in the United States.

A camera fixed on top of a moving tank broadcasts high quality signal in real time, allowing players from as far apart as Australia and Canada enjoy the game without facing any time delay in delivering video signals.

Its creators next ambition is to devise a game featuring the colonization of Mars in which 1,000 people will be able to simultaneously control robots on different missions involved in the operation.

“Many people advise us to contact Elon Musk directly because it resonates his dreams and ideas,” Beskrestnov jokes.    

(Editing by Susan Fenton)

Source: OANN

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FILE PHOTO: A Starbucks sign is show on one of the companies stores in Los Angeles, California
FILE PHOTO: A Starbucks sign is show on one of the companies stores in Los Angeles, California, U.S. October 19,2018. REUTERS/Mike Blake/File Photo

April 26, 2019

(Reuters) – Initial optimism over first-quarter results from Starbucks Corp was waning fast on Wall Street on Friday, as analysts questioned the longer-term prospects of its new sales push given subdued overall customer traffic numbers especially in China.

The company on Thursday beat brokerage estimates for quarterly same-store sales on the back of demand for its new Cloud Macchiato, Matcha tea and cold brews in the United States.

However, BTIG’s Peter Saleh was one of a number of sector analysts who said while customers forking out for higher-priced new drinks had helped drive growth in same-store sales, “anemic” traffic at cafes remained a concern.

He and others pointed to a 1 percent decline in footfall at cafes in the Chinese market, viewed as crucial to the chain’s growth for the foreseeable future.

More broadly, transaction numbers, the substitute analysts use for customer traffic, were unchanged in all three of the company’s global regions.

Shares in the company, which hit a record high after the results on Thursday, fell 1 percent in morning trade.

“We remain cautious given near-term headwinds surrounding China, including cannibalization, increasing competition (and) a slowing economy,” Wedbush analyst Nick Setyan said.

Starbucks has also poured money into beefing up its delivery network in China as it battles with local startup Luckin Coffee, whose speedy growth led it to file for an IPO in the United States earlier this week.

New menu items and partnerships with delivery services, the heart of the company’s strategy to win back customers lost to artisanal coffee shops and cheaper fast-food rivals, did help Starbucks’ sales in its home market.

However, analysts said growth in China may continue to be subdued.

Wells Fargo analyst Bonnie Herzog said she expects store expansion in China to take priority over comparable sales growth.

She downgraded her rating on Starbucks’ to “market perform” from “outperform”, arguing that the company facing tough sales comparisons later on in 2019 from last year and the current rich valuation of shares meant the stock had limited room to rise.

“Investors will be hesitant to invest new money in a stock with a topline that, while still strong, is unlikely to meaningfully accelerate,” Herzog said.

Still, the company’s solid same-store growth in the United States, improving profit margins and a lower tax rate for the rest of the year led at least 6 Wall Street brokerages to raise their price targets on the stock to as high as $81.

11 of 29 brokerages rate Starbucks “buy” or higher, 17 “hold” and 1 “sell” or lower. Their median price target is $75.

(Reporting by Uday Sampath in Bengaluru)

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