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Cryptocurrency companies use ‘backdoor’ listings to ease into mainstream

Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on motherboard in this illustration picture
Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 13, 2018. REUTERS/Dado Ruvic/Illustration

February 22, 2019

By Alun John and Anna Irrera

HONG KONG (Reuters) – Several cryptocurrency exchanges have moved closer to mainstream markets by buying listed companies, looking to raise funds and present themselves as embedded in the traditional financial services world they once spurned.

In the most recent deal, U.S. crypto broker-dealer Voyager Digital on Feb. 11 achieved a “backdoor” listing on Toronto’s Venture Exchange after it bought control of mineral exploration firm UC Resources.

Such purchases, also known as reverse mergers, allow companies to offer shares to the public without the rigors and regulatory scrutiny of a full initial public offering (IPO).

“Many (cryptocurrency) exchanges have put a lot of strategic effort into trying to legitimize their operations and their reputations, and for some there’s an assumption that having some exposure to the traditional public market will help,” said Fei Ding’an, managing partner at Ledger Capital, a digital asset investment firm.

Japan’s Financial Services Agency (FSA) is the only major national regulator so far to have drawn up a definitive framework to govern digital assets and the platforms where they are traded.

In January, OKC Holdings, a company controlled by Star Xu, the founder of crypto-exchange OK Coin, bought 60.5 percent of LEAP Holdings, a Hong Kong-listed construction firm, for HK$484 million ($61.69 million).

Days later, the parent of Korean crypto exchange Bithumb announced plans for a U.S. listing via the purchase of Blockchain Industries.

Last year, investors that included the co-founders of crypto-exchange software producer ANX International bought a controlling stake in Hong Kong-listed marketing firm Branding China, while Huobi, a Singapore based exchange, bought a 72 percent stake in Hong Kong-listed power electrical company Pantronics Holdings.

Voyager said its listed shares could help fund growth.

“Being a public company enables Voyager to operate with the transparency that the crypto market deserves from its institutions,” Voyager CEO Steve Ehrlich said in an email.

Neither Huobi nor OKCoin has given details of their plans for the purchases.

ANX International remains separate from the renamed BC Group, but since the change in ownership the listed unit has launched new businesses that include a digital asset trading and exchange platform.

A spokesman for BC Group said being publicly traded gave clients “additional confidence in knowing we are a credible company and here for the long game.”

Spokespeople for OKCoin and Huobi declined to comment.

Neither Bithumb nor its parent Blockchain Exchange Alliance responded to requests for comment.

LEGITIMACY

Crypto experts said the deals could help the industry gain greater mainstream acceptance.

The reputation of cryptocurrencies, and particularly exchanges, has been hit hard by fears of price volatility and possible uses for laundering money alongside high-profile hacks and infrastructure failures.

Last year, the New York attorney general’s office warned that several cryptocurrency exchanges were plagued by poor market surveillance and pervasive conflicts of interest, saying some may be operating illegally.

This month, $137 million in cryptocurrencies was frozen in the user accounts of Canadian digital platform Quadriga after the founder, the only person with the password to gain access, died unexpectedly.

The crypto market peaked in late 2017, when trading volumes surged and bitcoin, the largest cryptocurrency, reached a high just above $20,000. Bitcoin’s price has fallen more 80 percent since then, and trading volumes have slumped.

Some exchanges may also feel pressure from investors seeking a means of realizing their profits.

“With the market turning south and regulators not being happy, this is an opportunity to satisfy investors and founders who are looking for an exit,” said Zennon Kapron, director at financial technology consultancy Kapronasia.

WRESTLING WITH REGULATORS

Public listings of cryptocurrency exchanges also pose a challenge for regulators, who are only beginning to grapple with the issues of overseeing the trading of digital currencies.

Japan’s FSA became the first major jurisdiction to regulate the exchanges in 2016, but has since refined its rules to allow the industry to largely self-regulate.

In the United States, New York state has, so far, issued a handful of so-called BitLicences for companies doing any sort of virtual currency business.

Both Hong Kong’s market watchdog, the Securities and Futures Commission, and the Hong Kong Exchange declined to comment.

But the commission is considering whether some cryptocurrency trading platforms are suitable for regulation, a process it hopes to finish this year, its chief executive, Ashley Alder, told legislators on Tuesday.

Hong Kong officials have already questioned the sustainability of crypto businesses when last year, the world’s largest makers of cryptocurrency mining rigs did not follow through on IPO plans in Hong Kong, in part because of the questions officials raised.

“It’s possible a crypto exchange could incubate a new crypto business inside a Hong Kong-listed company, maintain the listed company’s existing operations, and not be treated as a new IPO, but it is a very difficult tightrope to walk,” said a person familiar with the listing committee’s processes, speaking anonymously because he was not authorized to speak to the media on the subject.

The Hong Kong Stock Exchange’s Listing Committee must be satisfied that a company’s business is sustainable before it can list. The miners’ bids were stymied by fears that the falling price of bitcoin made their business models unworkable, sources said.

Although backdoor listings are permitted in most countries, some regulators, including those in Hong Kong, can review the deals and can in some circumstances require a full IPO instead.

“Crypto companies may struggle to demonstrate suitability for listing given the state of regulation of the industry and uncertain business models,” said Jason Sung, a Hong Kong-based partner at law firm Herbert Smith Freehills.

Exchanges like Bithumb that are looking to the United States could also similar roadblocks.

The SEC has authority both over U.S. companies selling digital securities and companies conducting a reverse merger in the United States.

“Depending on what the companies are planning to do they very well might have to seek regulatory approval from the SEC or the CFTC,” said Richard Levin, chairman of the financial technology and regulatory practice at the U.S. law firm Polsinelli.

(Reporting by Alun John in Hong Kong and Anna Irrera in New York; Editing by Jennifer Hughes and Gerry Doyle)

Source: OANN

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Ex-tenant pleads not guilty in blaze that killed firefighter

A former apartment building tenant accused of setting a blaze that killed a firefighter has pleaded not guilty to murder, arson and other charges.

Worcester (WUH'-stur) firefighter Christopher Roy was a single father who is survived by his 9-year-old daughter. He died Dec. 9 after he became trapped on the second floor of the six-unit building. He was rescued by fellow firefighters and died at the hospital of smoke inhalation.

Worcester District Attorney Joseph Early Jr. announced Friday that 21-year-old Momoh Kamara had been indicted on charges including second-degree murder and arson.

Kamara was held without bail after pleading not guilty. His attorney kept the right to seek bail in the future, saying Kamara has no record and has lived in the area since childhood.

Source: Fox News National

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Report: Medicare for All Will Boot 181M Off Private Coverage

The new Medicare For All bill introduced by Sen. Bernie Sanders, I-Vt., would kick 181 million Americans off their existing private healthcare coverage, according to The Daily Signal.

In a breakdown of the bill, The Daily Signal reported the legislation would create a new national health insurance plan to provide universal coverage to all U.S. residents, regardless of their legal status, and be phased in over four years.

But, under Section 107, the Daily Signal reported the bill would outlaw private health coverage, including employer-sponsored coverage, that "duplicates" the coverage provided under the government health plan. 

The Daily Signal reported that would mean about 181 million Americans would lose their existing private coverage. 

It would also abolish other federal health programs, including Medicare, Medicaid, the Children’s Health Insurance Program, Tricare, and tthe Federal Employees Health Benefits Program — programs that cover tens of millions of Americans — and absorb them into the larger program.

According to The Daily Signal, the consequences of the bill will be slower care, fewer available doctors and new taxation.

Source: NewsMax America

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Officials: gunmen kill police officer, driver in Cairo

Egypt's Interior Ministry says a police officer and his driver have been killed when unknown gunmen opened fire on a patrol in Cairo.

The ministry said in a statement another two policemen were wounded in Sunday's attack which took place when police officers went to inspect a parked car in the Heliopolis district.

It says the gunmen got out of the car with automatic rifles and fired on the policemen, before fleeing the scene.

Authorities have not identified the assailants.

Police face occasional gun violence in Cairo. Egypt has also been battling Islamic militants for years, and an IS affiliate based in northern Sinai has carried out attacks across Egypt.

Source: Fox News World

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Fla. GOP Rep. Gaetz Threatens to Expose Cohen on Eve of Testimony

A Florida Republican is threatening to expose an alleged extramarital affair between President Donald Trump's former lawyer Michael Cohen and multiple women.

Cohen answered questions from lawmakers behind closed doors Tuesday and will do the same Thursday. He is scheduled to testify in an open setting Wednesday as politicians look for answers about any illegal activity Trump might have been involved in during his campaign and after he was elected.

Rep. Matt Gaetz, R-Fla., started things off with this strongly worded tweet:

"Hey @MichaelCohen212 - Do your wife & father-in-law know about your girlfriends? Maybe tonight would be a good time for that chat. I wonder if she'll remain faithful when you're in prison.  She's about to learn a lot…"

Gaetz immediately started catching heat for the tweet because of its threatening nature. Law & Crime even raised the question of whether Gaetz committed witness tampering with his tweet.

After his tweet started to go viral, Gaetz talked to The Daily Beast and said he did not intend to intimidate Cohen.

"No, it is challenging the veracity and character of a witness," Gaetz said. "We do it every day. We typically do it during people's testimony. This is what it looks like to compete in the marketplace of ideas."

Later, according to Mediaite, Gaetz insisted he was engaging in "witness testing, not witness tampering."

Cohen met with the Senate Intelligence Committee on Tuesday behind closed doors. He will also meet privately Thursday with the House Intelligence Committee. His public testimony Wednesday, during which he is expected to accuse Trump of illegal acts, will be in front of the House Oversight Committee.

Gaetz is not a member of either of those panels.

Source: NewsMax Politics

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Colombia’s Duque to return peace legislation to congress

A cloth embroidered by the victims of the armed conflict in Colombia, with the phrase that reads:
A cloth embroidered by the victims of the armed conflict in Colombia, with the phrase that reads: "the history of Colombia is always cruel and heavy for us women", is seen in the Special Jurisdiction for Peace (JEP) in Bogota, Colombia December 10, 2018. REUTERS/Luisa Gonzalez

March 11, 2019

BOGOTA (Reuters) – Colombia’s President Ivan Duque on Sunday said he objected to several items in legislation implementing a peace accord with the Revolutionary Armed Forces of Colombia (FARC) rebel group and will return the law to congress to be adjusted.

In an address to the nation, Duque, who campaigned for president pledging to alter the 2016 agreement, said for “reasons of inconvenience” the government objected to six of the 159 articles in the so-called Special Jurisdiction for Peace (JEP).

The JEP law established a tribunal to investigate, judge and sentence those considered responsible for crimes during a five-decade war with the government.

    Duque’s decision may create problems in the implementation of the agreement that put an end to the FARC’s role in a conflict that killed 260,000 people and displaced millions.

The terms of the JEP had been criticized by Duque for being too lenient on rebel commanders accused of committing war crimes.

“Colombians want and we need a peace that unites us and we all must contribute permanently to achieve that goal,” Duque said in a televised speech.

“All Colombians, with the exception of those who today are unable to renounce violence and stop their crimes, want peace in our nation. There is no false division between friends and enemies of peace. But we want a peace that genuinely guarantees truth, justice, reparation and non-repetition.”

Among objections, Duque said he wants the law to better clarify that the FARC must repay its victims with assets, he called for clarification over terms of extradition for crimes, and wants to toughen rules over sentencing for war crimes. He also objected to an article that suspends investigations by the ordinary judicial system to those who submit to the JEP.

Duque also said he would seek a constitutional reform that would exclude sexual crimes from being taken up in the tribunal, to clarify that repeat offenders lose peace accord benefits and crimes committed after Dec. 1, 2016, would not go to the JEP but would be tried in the ordinary judicial system.

Under the terms of the peace deal between the FARC and the government of former President Juan Manuel Santos, the group formed a political party, kept its famous acronym as the Revolutionary Alternative Common Force, and was awarded five seats in the 108-member Senate and five in the 172-member lower house through to 2026.

The peace accord said that former rebels who submit to the tribunal can receive reduced sentences and avoid prison, but they must confess to any crimes and repay victims.

Duque, a 42-year-old protege of former President Alvaro Uribe, whose hardline offensive against the rebels helped push them to the negotiating table, has said he is incensed there would be “criminals” in Congress shaping laws after decades of kidnapping, extortion and killing.

(Reporting by Helen Murphy; Editing by Robert Birsel)

Source: OANN

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Romance Under the Radar Creates Above Normal Stress   

Is Forbidden Fruit Worth All the Trouble?

Anyone who has ever strategized time with a forbidden friend or secret paramour knows that planning time together can be both exciting and exhausting. Both thrilling and taxing. And depending on the reason for wanting to lay low, maintaining such relationships can also be complicated and challenging — not a great recipe for success over time.

The Study of Secret

Researching hidden romance is challenging due to the clandestine nature of such relationships. Some stealth daters avoid ever being seen in public together, while others go out together but maintain they are "just friends." In either case, the true nature of such relationships often flies under the radar. But the relevant question is always there: can covert couplings survive — and thrive?

One obvious answer has to do with the reason the partners are keeping the relationship secret. Couples engaging in infidelity should be justifiably pessimistic of a relational future. On the other hand, single co-workers attempting to downplay a budding romance in order to avoid workplace gossip or the drama of dating on the job may have a higher likelihood of relational success.

We can all, however, relate to one of the biggest challenges of secret relationships: the difficulty of keeping them secret. The time, trouble, and tactics necessary to keep romance under wraps is one of the reasons many such relationships are ultimately unsuccessful. But research indicates there are other reasons pairings made in private are not matches made in heaven.

Stealth Dating: Weighing Secret Relationships

Craig A. Foster et al. (from 2010) in an article entitled "Are Secret Relationships Hot, then Not?” examined the association between romantic secrecy and relational duration. They recognized prior research suggesting that secrecy enhances relational satisfaction by increasing obsessive preoccupation with romantic partners.

They also, however, recognize research pointing in the opposite direction, suggesting that secrecy undermines romantic relationships because it is burdensome.

In seeking to explain these conflicting results and determine whether secret romance is, in their words, "alluring or aversive," Foster et al. examined the issue using an Internet-based sample of 564 individuals. They predicted romantic secrecy might benefit new relationships, but burden older ones. Their results, however, showed that romantic secrecy negatively impacted all relationships.

Despite the popular Romeo and Juliet stereotypical allure of secret romance, romantic secrecy is apparently experienced as burdensome during all stages of a relationship.

Some of the complicating factors noted by Foster et al., experienced by participants in covert couplings, include the deception and relational costs involved in secret relationships, as well as the lack of social support.

Secrets: The Fast Way to Sabotage Emotional, Physical Health

Other research describes the potentially negative impact of covert relationships on relational well-being, and even physical health.

Justin J. Lehmiller (in 2009) examined the impact of relational secrecy on well-being.

Building on prior research finding that keeping a relationship hidden from other people predicts lower relational quality, he sought to examine the potential impact of relationship concealment on personal health and relational commitment.

He found that greater secrecy was linked to lower relational commitment, decreased self-esteem, and a greater number of health consequences. He also found that romantic secrecy limits psychological closeness, which undermines relational commitment, and threatens personal health through symptoms of negative affect such as fear and nervousness.

Consequently, he notes that his findings may signal harmful consequences for both partners, as well as the relationship itself.

How exactly does relational secrecy adversely affect relational commitment?

Lehmiller explains that although as a practical matter, although relational concealment curtails physical engagement and behavior, it is secrecy-induced cognitive constraints that appears to undermine relational commitment.

Secrecy apparently has the potential to limit relational interconnectedness, which otherwise could allow partners to bond on a cognitive level, and become a central part of each other´s lives. He explains that this lack of cognitive interdependence may adversely impact relational quality.

But there were even more negative findings.

Lehmiller found that higher relational secrecy was associated with reduced self-esteem, and negative personal health. He notes that other research corroborates the fact that secret-keeping in general has a deleterious affect on well-being, and that romantic secrecy in particular may pose a personal health threat because it causes partners to feel bad about their relationship.

Secret Relationships Have a Short Lifespan

The bottom line appears to be that in many cases, despite the stereotype that "forbidden fruit tastes sweeter," most secret relationships are not satisfying unions.

The balance of risks and rewards inherent in covert couplings cause many prospective partners to re-evaluate romantic prospects, with the goal of establishing relationships that are healthy, durable, and visible.

This article was originally published in Psychology Today.

Wendy L. Patrick is a career prosecutor, named the Ronald M. George Public Lawyer of the Year, and recognized by her peers as one of the Top Ten criminal attorneys in San Diego by the San Diego Daily Transcript. She has completed over 150 trials ranging from human trafficking, to domestic violence, to first-degree murder. She is President of the Association of Threat Assessment Professionals San Diego Chapter and an ATAP Certified Threat Manager. Dr. Patrick is a frequent media commentator with over 3,00 appearances including CNN, Fox News Channel, Newsmax, and many others. She is author of "Red Flags" (St. Martin´s Press), and co-author of the revised version of the New York Times bestseller "Reading People" (Random House). On a personal note, Dr. Patrick holds a purple belt in Shorin-Ryu karate, is a concert violinist with the La Jolla Symphony, and plays the electric violin with a rock band. To read more of her reports — Click Here Now.

Source: NewsMax America

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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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