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UBS to cut deeper into 2019 costs as first quarter revenues slide

FILE PHOTO: Logo of Swiss bank UBS is seen in Zurich
FILE PHOTO: The logo of Swiss bank UBS is seen in Zurich, Switzerland October 25, 2018. REUTERS/Arnd Wiegmann

March 20, 2019

By Brenna Hughes Neghaiwi

ZURICH (Reuters) – Swiss bank UBS is cutting an extra $300 million from 2019 costs after investment banking revenues plunged and wealth management remained under pressure in the first quarter, its chief executive told a conference in London on Wednesday.

Calling investment banking conditions among the toughest seen in years, especially outside the United States, Sergio Ermotti said investment banking revenues were down about a third compared to the euphoric first quarter that kicked off 2018.

“We’ve seen some improvement lately but it remains patchy, and not enough to offset the challenging start to the year,” he said. The investment bank now expects to achieve mid-single-digit adjusted returns on attributed equity for the first quarter, compared to its 15 percent target over the 2019-2021 period and 12.9 percent achieved in 2018.

“While clearly not in line with our long-term aspirations, I find it to be an acceptable outcome if it is a one-off in one of the worst first-quarter environments in recent history.”

Shares in UBS fell 2.1 percent by 1000 GMT, while shares in rival Credit Suisse fell 2.6 percent, with traders citing the downbeat tone of Ermotti’s comments.

“UBS sent a negative signal that Q1 investment banking revenues will be down across major European banks,” one trader said.

Switzerland’s biggest bank has now slowed hiring as well as its work on a number of IT projects to help the group save an additional $300 million this year, with most of the savings coming through in the second half of the year, Ermotti said.

While its flagship wealth management business looked set to return to targeted inflows after a brutal $7.9 billion in net new money outflows over the final three months of 2018, investor sentiment continued to weigh on revenues.

A continued somber view amongst Asian clients, coupled with U.S. clients sticking more to the sidelines, kept transaction-based income under pressure, Ermotti said, leading to a roughly 9 percent slide in wealth management revenues this quarter.

U.S. clients have boosted their cash holdings to record highs, Ermotti said, with about 24 percent of their balances in cash.

(Reporting by Brenna Hughes Neghaiwi; additional reporting by Danilo Masoni; Editing by Michael Shields)

Source: OANN

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Standard Life Aberdeen wins 100 billion pounds mandate dispute against Lloyds

FILE PHOTO: The offices of Standard Life Aberdeen in Saint Andrew Square Edinburgh, Scotland
FILE PHOTO: The offices of Standard Life Aberdeen in Saint Andrew Square Edinburgh, Scotland, Britain February 15, 2019.REUTERS/Russell Cheyne/File Photo

March 19, 2019

LONDON (Reuters) – Standard Life Aberdeen said on Tuesday that a tribunal has ruled in its favor regarding a dispute over an investment contract it had with Lloyds Banking Group

The tribunal ruled that the bank was not entitled to give notice to terminate the investment management agreements in respect of around 100 billion pounds ($132.61 billion) in assets managed by Standard Life Aberdeen.

Lloyds had argued that an 11 billion pound merger between fund firms Standard Life and Aberdeen triggered the right to review an agreement struck in 2014 for Aberdeen to manage its pension assets on behalf of its wealth and insurance businesses, because it saw Standard Life as a “material competitor” to both.

Standard Life Aberdeen said it was considering the terms of the decision and appropriate next steps.

(Reporting by Sinead Cruise, editing by Huw Jones)

Source: OANN

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2 children dead, many homes damaged as storms pummel South

Powerful storms that rolled across the South on Saturday spawned at least two suspected tornadoes, damaged homes and killed two children in Texas, authorities said.

The Angelina County Sheriff's Office said an 8-year-old and a 3-year-old died when strong winds toppled a tree onto the back of their family's car in Lufkin while it was in motion. Capt. Alton Lenderman said the parents, who were in the front seats, were not injured.

Lufkin is about 115 miles (185 kilometers) northeast of Houston. Additional information was not immediately available.

In Central Texas, Robertson County Sheriff Gerald Yezak told The Associated Press a suspected tornado hit the small city of Franklin, overturning mobile homes and damaging other residences. Franklin is located about 125 miles (200 kilometers) south of Dallas.

Two people were hospitalized for injuries not thought to be life-threatening, while others were treated at the scene for minor injuries, Yezak said. Some people had to be extricated from their homes.

National Weather Service meteorologist Monique Sellers said they've received reports of downed trees, as well as damage to buildings and a transmission tower.

The storms are part of a large system moving through the southern United States, knocking out power to thousands and causing some flash flooding. The weather service said the system is expected to shift to the Ohio Valley and the Southeast on Sunday.

Meteorologist John Moore said a possible twister touched down Saturday in the Vicksburg, Mississippi, area. No injuries have been reported, but officials said several businesses and vehicles were damaged.

Winds of up to 60 mph (96.56 kph) were reported in Cherokee County, Texas, damaging two homes in Alto but not injuring anyone. Alto is situated about 140 miles (225 kilometers) north of Houston.

Source: Fox News National

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War Room – 2019-April 15, Friday – Three Hate Crimes In One Day Against Trump Supporters Ignored By MSM

Today's War Room breaks a very important story of a father losing his rights to raise his son because he refuses to allow the mother to raise the boy as if it were a girl, only it's much worse than that. We also highlight the legal President of internet censorship. Also, Frank Cavanaugh joins the show for Full Metal Maga Hour.

Source: The War Room

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Man’s ‘badly decomposed’ body found inside closet in Texas, police say

A grisly discovery was made in Texas on Thursday when a man’s body was found inside a closet, authorities said.

Officers with the San Antonio Police Department arrived at the scene in response to “a call for a DOA,” police said in a statement. At the address was an apartment building, MySanAntonio.com reported.

INDIANA POLICE DISCOVER VEHICLE SEAT WITH BLOOD AND TEETH IN PARKING LOT

The location had been “opened by maintenance workers” by the time officers got there as a result of “a strong foul odor,” police said. Within the closet was a man’s “badly decomposed” body, according to the statement.

Officials suspect the remains had been there for several months, according to the outlet.

"It's safe to say this is beginning to look more and more like a homicide," San Antonio Police Chief William McManus said.

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The Bexar County Medical Examiner’s Office will conduct an autopsy, police said.

The dead man is thought to have been his 40’s, MySanAntonio.com said.

Source: Fox News National

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Shares in Australia’s Crown tumble after Wynn walks from takeover talks

FILE PHOTO: The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne
FILE PHOTO: The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia, June 13, 2017. REUTERS/Jason Reed

April 10, 2019

SYDNEY (Reuters) – Shares in Australian casino operator Crown Resorts Ltd tumbled on Wednesday after U.S. casino giant Wynn Resorts Ltd abruptly ended takeover talks overnight.

Wynn, the world’s second-largest casino operator, had proposed a buyout valuing Crown at A$10 billion ($7.1 billion), Crown disclosed on Tuesday, but it walked away from the deal after details of the offer became public.

Crown shares fell 10 percent to A$12.50 at the open of trade while the broader market opened 0.1 percent lower.

(Reporting by Tom Westbrook and Paulina Duran; Editing by Michael Perry)

Source: OANN

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Cesar Sayoc: August sentencing set for Florida pipe bomb suspect

A Florida man who pleaded guilty to sending pipe bombs to prominent critics of President Donald Trump will be sentenced in August rather than September, a judge said Monday.

U.S. District Judge Jed S. Rakoff set the Aug. 5 date to determine the penalty for Cesar Sayoc after his lawyer, Sarah Jane Baumgartel, said Sayoc was anxious about the sentencing.

Sayoc, 57, could face life in prison for spreading terror in the days leading up to the midterm election last year. One charge carries a mandatory 10-year prison sentence.

His March guilty plea to explosives charges was a deal with prosecutors that eliminated a charge that would have carried a mandatory life prison sentence. Sentencing was originally set for Sept. 12.

He wrote letters to the judge after the plea insisting that he never meant to say he knew the 16 rudimentary pipe bombs could injure someone when he mailed them to addresses in New York, New Jersey, Delaware, California, Washington, D.C., and Atlanta, Georgia.

Cesar Sayoc, left, sits with his lawyers in Manhattan federal court Monday.

Cesar Sayoc, left, sits with his lawyers in Manhattan federal court Monday. ( JANE ROSENBERG)

"The intention was to only intimidate and scare," he wrote in one letter, a sentiment he repeated Monday when questioned by Rakoff.

He also admitted that he knew the devices he described as "sparkler fireworks" could injure someone if they caught fire or detonated.

Assistant U.S. Attorney Jason Richman said prosecutors would present the judge with an FBI report longer than 100 pages to show the devices could have exploded if they were properly assembled.

Baumgartel responded by saying the defense would show they were not properly constructed.

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Sayoc has been held without bail since his late-October arrest outside a South Florida auto parts store. He had been living in a van plastered with Trump stickers and images of Trump opponents with crosshairs over their faces.

Authorities say he targeted numerous Democrats, including former Democratic presidential nominee Hillary Clinton, former President Barack Obama, former Vice President Joe Biden, several members of Congress and actor Robert De Niro. He also sent explosives to CNN.

None exploded.

Source: Fox News National

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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)

Source: OANN

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