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Pelosi: Dems Rejected Wall Funding 'Because It Was Wrong'

It was essential for congressional Democrats to not cave in to President Donald Trump's demand for billions to build a border wall "because it was wrong," House Speaker Nancy Pelosi, D-Calif., says.

In The Washington Post interview posted Monday, Pelosi said the president's "advocating for a wall . . . [was] in sharp contrast to every president before him in modern times."

"[T]he wall is not even a campaign promise because he promised Mexico was going to pay for it," she added. "It's a campaign applause line of discrimination and bigotry. And it's just not right, and it doesn't do the job."

Pelosi told the news outlet the president she quotes "most on the campaign trail" is Ronald Reagan.

'He talks about the Statue of Liberty and what it means to the world to see this beacon of hope, what it means to people who came here, people who are coming here," she says. "Except this president used a message of fear against immigrants . . ."

Source: NewsMax Politics

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India bans key highway in Kashmir for 2 days a week

Authorities in Indian-controlled Kashmir have begun enforcing a government ban on the movement of civilian vehicles for two days a week on a key highway to keep it open exclusively for military and paramilitary convoys.

Indian soldiers patrolled the highway and erected barricades by steel and razor wire at intersections with neighborhood roads in disputed Kashmir to stop any civilian vehicular movement on Sunday.

India's government issued the order on Wednesday reserving the 270-kilometer (170-mile) stretch of the highway for the exclusive movement of government forces convoys on Sundays and Wednesdays until the end of May.

The order follows a recent suicide bombing of a paramilitary convoy that killed 40 soldiers and brought rivals India and Pakistan to the brink of war.

Source: Fox News World

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Blackout hits much of Venezuela, including Caracas; second in a month

People wait for transportation outside a closed metro station during a blackout in Caracas
People wait for transportation outside a closed metro station during a blackout in Caracas, Venezuela March 25, 2019. REUTERS/Carlos Garcia Rawlins

March 25, 2019

CARACAS (Reuters) – Lights went out across much of Venezuela including many areas of the capital city of Caracas on Monday, according to Reuters witnesses, less than two weeks after power was restored following a prolonged blackout.

Power was out in much of eastern Caracas as well as downtown, where the Miraflores presidential palace and most government ministries are located. Authorities announced that the Caracas subway was shutting down due to the lack of power.

Several western states had no power, according to Reuters witnesses, though it remained on in the southern city of Puerto Ordaz and in parts of Valencia, the country’s third largest city. Neither state electricity company Corpoelec nor the Venezuelan information ministry responded to requests for comment.

Electricity went out in much of the OPEC nation on March 7, and reliable service was only restored four to six days later in most major cities. The blackout led to widespread looting in parts of the country, and briefly paralyzed oil exports.

President Nicolas Maduro blamed the blackout on cyber “sabotage” by his U.S. counterpart, Donald Trump, but former energy officials and local engineers told Reuters it was likely caused by a technical problem with transmission lines linking the Guri hydroelectric plant to the national power grid.

Blackouts have long been common in Venezuela due to years of underinvestment and lack of maintenance.

The outage earlier this month was the most severe in the country’s history. It took place as the country slipped into a deep political crisis after National Assembly President Juan Guaido invoked the constitution to assume the interim presidency in January, arguing that Maduro’s May 2018 re-election was illegitimate.

Guaido has been recognized as Venezuela’s rightful leader by most Western countries, including the United States. Maduro, a socialist who took office in 2013, says Guaido is a U.S. puppet attempting to lead a coup against him, and has the support of Russia and China.

(Reporting by Caracas newsroom; Editing by Jeffrey Benkoe)

Source: OANN

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Salvadoran pleads not guilty to 4 northern Nevada murders

A 20-year-old Salvadoran immigrant in the U.S. illegally has pleaded not guilty to charges that he killed four people in Nevada in January.

Wilber Martinez-Guzman entered the pleas to four counts of open murder at his arraignment in Washoe County District Court on Tuesday. He also pleaded not guilty pleas to burglary and possession of stolen weapons charges.

His trial was scheduled for April 6, 2020.

Prosecutors announced last week they want Martinez-Guzman to be executed if he is convicted.

The case has drawn the attention of President Donald Trump, who says it shows the need for his proposed border wall.

Prosecutors say the president's opinion played no role in their decision to seek the death penalty.

Source: Fox News National

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Japan imperial couple mark Diamond anniversary ahead of abdication

Japan's Emperor Akihito and Empress Michiko greet heads of diplomatic missions during a tea party in the celebration to mark the 30th year of his reign at the Imperial Palace in Tokyo
FILE PHOTO - Japan's Emperor Akihito and Empress Michiko greet heads of diplomatic missions during a tea party in the celebration to mark the 30th year of his reign at the Imperial Palace in Tokyo, Japan February 26, 2019, In this photo released by Imperial Household Agency of Japan. Imperial Household Agency of Japan/Handout via Reuters

April 10, 2019

By Linda Sieg

TOKYO (Reuters) – Japanese Emperor Aikihito and Empress Michiko celebrated their Diamond anniversary on Wednesday, marking six decades of a marriage that helped modernize the monarchy.

Akihito, 85, will abdicate on April 30 and be succeeded by his elder son, Crown Prince Naruhito.

“Sixty shining years of mutual support” wrote the often-staid Nikkei business daily in a take-out on their marriage – including a photo of Michiko, 84, calmly helping Akihito when he mixed up the pages of his speech at a recent ceremony.

The fairy-tale romance that began on a tennis court and captured popular imagination also led to strains for Michiko, the first commoner to marry an heir to the ancient Japanese throne.

“To break with tradition in Japan is extremely difficult,” said Kazuo Oda, who was present when Akihito and Michiko met at a tennis match in August 1957, two years before they wed.

Their marriage, widely portrayed as a love-match, fanned hopes that Michiko, the vibrant daughter of a wealthy businessman, would modernize the tradition-bound court.

In many ways, Michiko did just that. She raised her two sons and daughter herself, even making them pack their school lunches. By tradition, royal children had been raised by wet nurses and royal helpers.

She also took the lead in a popular outreach to common folk including elderly, handicapped and victims of disaster, often kneeling down to embrace or speak to people – a gesture that shocked conservatives but endeared her to the general public.

But the public picture was often marred by news of Michiko’s ill-health, which commentators and insiders attributed to harsh treatment by royal courtiers and her imperial mother-in-law.

Michiko has often referred to her own “sadness and anxiety”.

“Living as crown princess and later empress was not an easy position for me by any means,” she said in remarks ahead of her 84th birthday last October.

Akihito has often expressed his gratitude to Michiko and on their 50th anniversary acknowledged he was not always “sufficiently considerate”, given their different backgrounds.

“The empress suffered various rough times. That was natural given her position,” said one acquaintance. “A lot of time has passed, but I think the emperor wonders what he should have done at those times.”

The imperial couple was marking their anniversary with a series of low-key ceremonies including formal congratulations by family and officials and a dinner at the imperial palace.

(Reporting by Linda Sieg; Editing by Michael Perry)

Source: OANN

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This 2020 Candidate Puts His Money on Universal Income

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America needs a new vision of what it means for humans to work. That is the unique message of entrepreneur Andrew Yang, a man who hopes – against all odds – to ride his vision to the White House. Even in a large presidential primary field – and the 2020 roster of legitimate or semi-legitimate contenders is shaping up as the largest in party history – there are Americans who fill out the qualifying forms every four years, only to be completely ignored and then forgotten.

On paper, Andrew Yang is one of those Democratic presidential candidates. But he’s more entertaining than most -- “The opposite of Donald Trump is an Asian man who likes math,” he quips – and he has interesting things to say about the future. Besides, a political neophyte just so happened to win the last presidential election, so it’s possible Yang’s ideas will take him beyond a mere 15 minutes of fame.

A 44-year-old graduate of Brown and Columbia Law, an entrepreneur and former CEO of Venture for America, Yang shares with many of his better-known Democratic opponents support for universal Medicare, addressing climate change, and a reduction in incarceration. But he has primarily differentiated himself with a more radical proposal: Universal Basic Income (UBI).

“Every member of a society gets a certain amount of money, no questions asked, to meet his or her basic needs,” Yang told RealClearPolitics when asked to define it. His proposal, which he calls the “Freedom Dividend,” would give every American $1,000 a month for life once they turn 18.

In one form or another, basic income has been supported by those across the political spectrum, including Martin Luther King Jr. and libertarian Charles Murray, a scholar at the American Enterprise Institute. Wealthy tech leaders such as Mark Zuckerberg and Stewart Butterfield have also expressed support for some kind of basic income. “It’s not left or right, it’s forward,” said Yang.

He has high expectations for his UBI proposal, to which he ascribes near-miraculous powers. Among other benefits, he predicts that it would create millions of jobs, empower women, reduce domestic violence, improve mental health, and reduce hospital visits. Most significantly, he cites it as the answer to a potentially destabilizing crisis looming on the horizon: the coming automation of an unprecedented number of jobs – a fear that the New York Times dubbed the “robot apocalypse.”

“We’re in the third inning of the greatest economic and technological transformation in the history of our country,” said Yang, who adds that after the deregulation of financial services, and the decimation of manufacturing workers, the third inning is the “phasing out of brick-and-mortar retail.”

Next, he says, comes automated cars and trucks. What will people do when “the trucks start driving themselves in the next five to 10 years”? After that, Yang predicts, artificial intelligence risks putting call center workers, bookkeepers, accountants, and attorneys, among others, out of work.

Not everyone is impressed by Yang’s forecast. According to the Bureau of Labor Statistics, unemployment is at 4 percent, a large decrease since 2009, and the labor participation rate is at 63.2 percent, the highest it has been since 2014. As for future job losses due to technology, “I think it’s overstated,” said Mike Tanner, a senior fellow at the Cato Institute. The idea that “we’re simply not going to have enough jobs in the future – I don’t believe that.”

While Yang estimates on his website that in the next 12 years one in three American workers is at risk of losing his or her job to new technologies, many economists have significantly less worrisome predictions. Researchers at the Organization for Economic Cooperation and Development estimate the risk of job loss at less than 10 percent in the United States. In many cases, according to MIT economist David H. Autor, new technologies do not simply replace jobs, but instead complement work. Technology can also indirectly create new jobs. “The truck driver goes away,” said Tanner, “but somebody is out there programming the automated cars.” 

UBI has advantages over the current welfare system that make it attractive to libertarians and conservatives. The current system involves “huge amounts of complex bureaucracy,” said Tanner. “You could get rid of all that.” Plus, Universal Basic Income is far less paternalistic, he added. Under the current welfare system, people receive support that they can only use for particular kinds of goods. With UBI, recipients would make their own decisions.

But it is unclear whether Yang can muster support from Republicans given that his proposal doesn’t “make any real attempt to get rid of current programs,” said Vijay Menon, a research assistant at the Heritage Foundation. Yang’s version of Universal Basic Income would be layered on top of the current welfare system.

By Yang’s own estimate, his proposal would cost $1.8 trillion annually. Others at the Center on Budget and Policy Priorities estimate that UBI would cost much more — up to $30 trillion to $40 trillion over 10 years. That is more than three-fourths of the entire yearly federal budget. 

The Freedom Dividend would be opt-in, according to Yang, and his cost estimate assumes that a large portion of Americans currently receiving government services simply won’t take basic income – for, under Yang’s proposal, anyone who receives UBI has to give up some other supports, such as food stamps. It will not require an increase in incomes taxes, Yang asserts. Rather, it will be paid for through a new value-added tax on goods and services that businesses produce, new revenues, and cost-savings from other social services.

Another concern is that Universal Basic Income could disincentivize work. Unlike simply getting a check from the government, work gives people dignity, said Menon. “Our policies should be promoting work whenever we can,” he said.

Recent data from Finland, which began a two-year experiment with Universal Basic Income in 2017, seems to support this fear. Findings show that UBI does not have a significant beneficial impact on employment.

But Yang, who believes that soon the vast majority of Americans will be simply unable to work in anything like the current economy, envisions a new mode of working life.   “We have to create an economy that actually does give people paths to structure purpose and fulfillment that may not look like the job of today where they go to an office from 9 to 5.”

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Police: Aurora Attacker Shouldn't Have Owned Gun

Police: Aurora Attacker Shouldn't Have Owned Gun

Police say the fired worker who killed five people at a warehouse in Aurora, Illinois, was able to buy the gun he used because an initial background check didn't catch that he had a prior felony conviction in Mississippi.

Aurora police Chief Kristin Ziman said Saturday that Gary Martin was issued a firearm owner's identification card in January of 2014 after he passed the initial background check.

She said he bought the Smith and Wesson .40-caliber handgun on March 11, 2014, and that his 1995 felony conviction for aggravated assault in Mississippi wasn't flagged until he applied for a concealed carry permit five days later. That application process includes vetting using a more rigorous digital fingerprinting system.

Authorities say Martin fatally shot five Henry Pratt Co. workers and wounded a sixth and five police officers on Friday before officers killed him.e.

Source: NewsMax America

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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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FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City
FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, January 29, 2016. REUTERS/Mike Segar/File Photo

April 26, 2019

(Reuters) – Shares of Walmart, Target and other U.S. retailers fell on Friday as Amazon.com Inc unveiled a one-day delivery plan for its Prime members in a move to further disrupt the fiercely competitive retail landscape.

The e-commerce giant’s announcement on Thursday could cause other brands, manufacturers, retailers, and logistics companies to have to invest more aggressively to compete with Amazon and its delivery, analysts said.

Retailers in recent years have poured billions into ecommerce and faster shipping options and are trying to close the gap with Amazon.

“This is about making it more expensive to catch up and affirms our world view that only the largest and smartest will survive,” Bernstein analyst Brandon Fletcher said.

The move is expected to heighten consumer expectations on e-commerce delivery just like Amazon did with its two-day shipping option for members of its loyalty club Prime, noted analysts.

“The faster you ship, the more people buy,” RBC Capital Markets analyst Mark Mahaney said.

The challenge for non-Amazon players was that very few of the existing logistics and parcel delivery players now have the ability to do nationwide one-day delivery, Morgan Stanley analyst Brian Nowak said.

“And even fewer can do it at the vast scale and reasonable cost that AMZN would need for Prime delivery,” Nowak said in a note.

Walmart Inc’s shares fell about 3 percent, while Target Corp dropped about 5 percent in morning trade.

Shares of Kohl’s Corp, Macy’s Inc and Nordstrom Inc fell about 1 percent. Grocer Kroger Co was nearly 3 percent lower, while consumer electronics retailer Best Buy Inc dropped 2.1 percent.

(Reporting by Soundarya J and Akanksha Rana in Bengaluru; Editing by Maju Samuel)

Source: OANN

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A Chinese woman adjusts a Chinese national flag next to U.S. national flags before a Strategic Dialogue expanded meeting, part of the U.S.-China Strategic and Economic Dialogue (S&ED) in Beijing
A Chinese woman adjusts a Chinese national flag next to U.S. national flags before a Strategic Dialogue expanded meeting, part of the U.S.-China Strategic and Economic Dialogue (S&ED) held at the Diaoyutai State Guesthouse in Beijing, July 10, 2014. REUTERS/Ng Han Guan/Pool (CHINA – Tags: POLITICS BUSINESS)

April 26, 2019

By April Joyner

NEW YORK (Reuters) – Even as the lift from optimism over prospects for U.S.-China trade detente shows signs of wearing off for the wider U.S. stock market, upbeat sentiment around China’s economy could bolster shares of materials companies.

Shares of S&P 500 industrial and technology companies, which were buffeted by last year’s tit-for-tat tariffs as well as slowing global demand, have been very responsive to progress in U.S.-China trade relations and a strengthening Chinese economy. This year, those sectors have outpaced the ascent in the S&P 500, which reached a record closing high on Tuesday.

Materials stocks have not been as sensitive, however, even though they also stand to benefit as a stronger Chinese economy lifts global consumption and industrial output. As China has taken measures to stimulate its economy, its economic data have turned more upbeat. That in turn could aid global growth, which has flagged as a result of China’s cooldown.

“What we’re seeing is China spending more on stimulus: fiscal stimulus and monetary stimulus,” said Kristina Hooper, chief global market strategist at Invesco in New York. “That’s likely to be a positive for materials.”

The People’s Bank of China has cut banks’ reserve requirement ratio five times over the past year and is widely expected to ease policy further to spur lending and reduce borrowing costs. The stimulus appears to have boosted Chinese economic data, with factory activity growing in March for the first time in four months.

Yet so far in 2019, the S&P 500 materials index has underperformed the S&P 500 at large, rising just 11.9% compared with 16.7% for the benchmark index. Moreover, it is among the biggest decliners in the period since the S&P’s previous record closing level on Sept. 20. The materials index has fallen 7% over those seven months, versus a 5.2% gain for technology and a 3% loss for industrials. Only the energy index has dropped more over that period.

A trade agreement could serve as a catalyst for a bump in materials shares as a drag on China’s economy is lifted, some market strategists say. Some commodity prices, including those for copper and oil, have ascended this year as the prospects for the global economy have somewhat brightened.

“It all goes back to the global growth outlook,” said Andrea DiCenso, portfolio manager for alpha strategies at Loomis Sayles in Boston. “With the front run in hard data, we’re beginning to see a pretty significant rally.”

Additionally, a trade agreement is expected to include commitments from China to purchase higher quantities of U.S. products such as soybeans, which could benefit companies that make agricultural chemicals, including DowDuPont Inc and CF Industries Holdings Inc.

CF Industries is scheduled to report quarterly results after the bell on Wednesday, and DowDuPont is scheduled to report before the market open on Thursday.

To be sure, even with a trade agreement, some materials companies could face price pressures. Shares of Freeport-McMoRan Inc fell 10.1% on Thursday after the copper mining company posted a lower-than-expected profit as its production slipped and its costs rose.

A rollback of tariffs on Chinese imports, particularly aluminum and steel, would likely prompt a fall in some commodity prices, which could hurt prospects for certain materials companies, said Gene Goldman, chief investment officer at Cetera Investment Management in El Segundo, California.

Even so, those drawbacks may be outweighed by the support for global demand fostered by a U.S.-China trade agreement.

“You could see a number of companies with lowered expectations bring them back up as they talk favorably about the impact that a trade deal would have on them,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

(Reporting by April Joyner; additional reporting by Sinéad Carew; editing by Jonathan Oatis)

Source: OANN

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