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Mexico’s lower house passes measure to cut short presidential term

Mexico's President Andres Manuel Lopez Obrador speaks to the media during a news conference to announce a plan to strengthen finances of state oil firm Pemex, at the National Palace in Mexico City
Mexico's President Andres Manuel Lopez Obrador speaks to the media during a news conference to announce a plan to strengthen finances of state oil firm Pemex, at the National Palace in Mexico City, Mexico February 15, 2019. REUTERS/Henry Romero

March 15, 2019

MEXICO CITY (Reuters) – Mexico’s Lower House on Thursday approved a constitutional reform that would allow for referendums to cut short the six-year presidential term, a move opposition lawmakers say opens the door to allowing re-election to the nation’s highest office.

President Andres Manuel Lopez Obrador, who took office on Dec. 1, said during the campaign that he would hold a referendum on his performance at the middle of his term and would cut it short if he loses the consultation.

Lopez Obrador’s MORENA party and its allies hold majorities in both chambers of Congress. The constitutional reform received the required support of two thirds of lawmakers in the Lower House. It now goes to the Senate for discussion and a vote.

“These changes will allow the Executive (branch) an intense political campaign in a shameless way in 2021 just when this chamber and 13 governorships are renewed,” said opposition lawmaker Xavier Azuara, from the PAN party.

It is a “path to re-election,” Azuara said.

Recent polls have shown Lopez Obrador has the support of almost four out of every five voters.

The constitutional reform also makes it easier to hold popular referendums, which Lopez Obrador has used to put infrastructure projects and other social programs to a vote by citizens.

That practice has riled markets since the leftist party swept to power last year.

In October, Lopez Obrador pulled the plug on a part-built, $13 billion new airport for the capital after citizens voted down the project.

Only about 1 percent of the Mexican electorate participated in the referendum, and critics slammed the process as unfair. Mexico’s stock exchange and peso tumbled after the decision was announced.

(Reporting by Anthony Esposito and Adriana Barrera; Writing by Julia Love & Anthony Esposito; Editing by Michael Perry)

Source: OANN

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Eddie Gallagher case: Republicans call on Navy to review treatment of SEAL being held on war crimes charges

Texas Rep. Dan Crenshaw and 17 other House Republicans sent a letter to the Secretary of the Navy this week urging him to review the pre-trial confinement of Eddie Gallagher amid concerns the decorated Navy SEAL has been receiving limited access to food, medical care and his legal team, Crenshaw's office exclusively told Fox News.

The message comes as Gallagher – accused of killing an injured ISIS prisoner of war in Iraq, amongst other charges – has passed the 6-month mark of detention at Naval Consolidated Brig Miramar in California. He is not expected to emerge until the start of his war crimes trial on May 28.

“Chief Gallagher is a decorated warfighter who, like all service members, is entitled to the presumption of innocence while awaiting court-martial,” the Republicans wrote in their letter to Richard Spencer. “We have received reports that Chief Gallagher’s access to counsel and access to food and medical care may have been restricted. As a result, we respectfully request that you review the Navy policies governing pretrial confinement for Chief Gallagher and other service members to ensure compliance with the Uniform Code of Military Justice.”

NAVY SEAL'S BROTHER, WIFE, SAY 'DIRTY GAMES' BY GOVERNMENT LED TO POSTPONEMENT OF GALLAGHER'S TRIAL

The letter was signed by Crenshaw, Mac Thornberry (Texas), Jim Jordan (Ohio), Kelly Armstrong (N. D.), Jim Banks (Ind.), Paul Cook (Calif.), Louie Gohmert (Texas), Paul Gosar (Ariz.), Jody Hice (Ga.), French Hill (Ark.), Brian Mast (Fla.), Ralph Norman (S.C.), Pete Olson (Texas), Guy Reschenthaler (Pa.), Austin Scott (Ga.), Greg Steube (Fla.), Van Taylor (Texas) and Michael Waltz (Fla.).

A Navy spokesperson told Fox News he hadn’t heard of the letter, but the “Navy has nothing to add." The spokesperson previously has declined to comment on the case, citing the ongoing legal proceedings.

Gallagher, 39, is facing premeditated murder and aggravated assault charges stemming from the alleged killing of the ISIS prisoner and alleged instances of him intentionally firing sniper rounds at civilians.

During his 19 years of service, Gallagher earned the Bronze Star with V for Valor twice, a Meritorious Unit commendation, and a trio of Navy and Marine Corps Achievement medals -- among other recognitions and decorations.

He fought in Iraq and Afghanistan several times, reaching the status of what his brother Sean described as a “modern-day war hero” in a past interview with "Fox & Friends." But it was during Gallagher’s last combat deployment in 2017 he lost his way, prosecutors say, and reportedly “decided to act like the monster the terrorists accuse us of being.”

The concerns in the Republicans’ letter echo statements made by Gallagher’s brother Sean in a February op-ed published by Fox News, in which he implores President Trump to “review Eddie’s case, reunite him with his family, and place him back on the front lines where he belongs."

Sean Gallagher wrote that his brother is “confined with a population of convicted sex offenders, routinely denied access to his lawyers, medical appointments, and visits with his fellow soldiers."

He added: “The brig where he’s confined begins to isolate him because of all the attention he’s getting."

The Republicans, in their letter, also say “Chief Gallagher and other pretrial service members are intermingled with convicts who have been tried at court-martial, found guilty and sentenced to confinement.”

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They conclude by asking Spencer to weigh whether Gallagher should be held at Miramar – or somewhere else.

“We therefore request that you review the underlying reasons for co-locating pretrial and post-trial confinees at Consolidated Brig Miramar and whether the current arrangement fundamentally disadvantages Chief Gallagher and other pre-trial service members,” they said. “Furthermore, we request that you consider whether other locations are more appropriate for pretrial confinement.”

Source: Fox News National

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U.S. seeks to recover $38 million in assets from 1MDB case

FILE PHOTO: Men walk past a 1Malaysia Development Berhad (1MDB) billboard at the fund's flagship Tun Razak Exchange development in Kuala Lumpur
FILE PHOTO: Men walk past a 1Malaysia Development Berhad (1MDB) billboard at the fund's flagship Tun Razak Exchange development in Kuala Lumpur March 1, 2015. REUTERS/Olivia Harris/File Photo

February 22, 2019

WASHINGTON (Reuters) – The U.S. Justice Department on Friday said it had filed complaints seeking forfeiture and recovery of approximately $38 million in assets associated with its 1Malaysia Development Berhard, or 1MDB, case, bringing the assets now subject to forfeiture to a total of approximately $1.7 billion.

“These new lawsuits target assets collected by corrupt officials and their associates through a massive scheme that stole billions of dollars from the people of Malaysia and laundered the proceeds across the world,” U.S. Attorney Nick Hanna said in a statement.

(Reporting by Lisa Lambert; editing by Jonathan Oatis)

Source: OANN

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Let's Investigate Why We've Been Lied to for Two Years

As the reality sinks in that the Trump campaign didn't collude with Russia during the 2016 election – and that no obstruction of justice charges levied against President Trump are forthcoming – Americans are going to start asking why we have been lied to for two years.

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Why the media are convinced Joe Biden will implode

Well, Joe Biden didn't exactly clear the field.

I don't think it matters much that Biden waited until yesterday to become the 20th Democrat vying for the nomination, even though it exposed him to weeks of attacks while he seemed to be dithering on the sidelines.

A much greater warning sign, in my view, is the largely negative tone surrounding his debut. He is, after all, a former vice president, highly praised by Barack Obama, who has consistently led in the early primary polls, and beating President Trump in head-to-head matchups. Yet much of the press is acting like he's an old codger and it's just a matter of time before he keels over politically.

This is all the more remarkable in light of the fact that the vast majority of journalists and pundits know and like Joe Biden and his gregarious personality.

The reason is that Biden, after a half-century in politics, lacks excitement, and the press is magnetically attracted to novel and unorthodox types like Beto and Mayor Pete. You don't see Biden on the cover of Vanity Fair, and a grind-it-out win by a conventional warrior doesn't set journalistic hearts racing.

JOE BIDEN ANNOUNCES 2020 PRESIDENTIAL BID: 3 THINGS TO KNOW ABOUT THE FORMER VICE PRESIDENT

For many in the media, Biden isn't liberal enough, at least not for the post-Obama era. He doesn't promise free college and free health care and has a history of working with Republicans, such as John McCain (whose daughter Meghan loves him, and Biden will hit "The View" today.)

What's more, Biden's campaign style — speak at rallies, rack up union endorsements — seems hopelessly old-fashioned when we measure popularity by Instagram followers. News outlets are predicting he'll have trouble getting in the online fundraising game, leaving him reliant on big donors, which used to be standard practice.

And then there's the age thing. Biden would be the oldest president to be inaugurated, at 78, and he looked a step slow in encounters with reporters yesterday and a few weeks ago.

But what if the journalists are in something of a Twitter bubble, and the actual Democratic Party is much more moderate? We saw that with the spate of allegations by women of unwanted touching, which dominated news coverage until polls showed that most Dem voters weren't concerned. In that wider world, the Scranton guy's connection to white, working-class voters could help him against Trump in the industrial Midwest.

SUBSCRIBE TO HOWIE'S MEDIA BUZZMETER PODCAST, A RIFF OF THE DAY'S HOTTEST STORIES

Biden denounced the president's term as an "aberrant moment" in his launch video, saying four more years would damage the country's character and "I cannot stand by and watch that happen."

But first, he'd have to win the nomination in the face of an unenthusiastic press corps.

A New York Times news story said Biden would be "marshaling his experience and global stature in a bid to lead a party increasingly defined by a younger generation that might be skeptical of his age and ideological moderation."

The Washington Post quoted Democratic strategists as saying that Biden faces an "uphill battle" and "isn't necessarily the heir apparent to Obama, despite being his No. 2 in the White House for eight years. They argue voters will judge Biden by the span of his decades-long career and are worried the veteran pol hasn't yet found a winning formula for his own candidacy."

The liberal Slate said the ex-veep's rivals view him as a "paper tiger":

"Biden is something more like a 2016 Jeb Bush: a weak establishment favorite whose time might be past ... Biden's biggest challenge in the primary will be a compromised past spanning nearly 50 years."

"Compromised" suggests a history of scandal, yet what Slate means is political baggage, such as his backing of a Clinton-era crime bill unpopular with black voters today. Yet I think the rank and file isn't as concerned about a vote back in 1994, or even the Anita Hill hearings, as the chattering classes.

BIDEN'S SENATE RECORD, ADVOCACY OF 1994 CRIME BILL WILL BE USED AGAINST HIM, EX-SANDERS STAFFER SAYS

One of the few left-leaning pundits to suggest the press is underestimating Biden is data guru Nate Silver at 538:

"Media coverage could nonetheless be a problem for Biden. Within the mainstream media, the story of Biden winning the nomination will be seen as boring and anticlimactic. That tends not to lead to favorable coverage. Meanwhile, some left-aligned media outlets may prefer candidates who are some combination of more leftist, more wonkish, more reflective of the party's diversity, and more adept on social media.

"If Biden is framed as being out of touch with today's Democratic Party and that narrative is repeated across a variety of outlets, it could begin to resonate with voters who don't buy it initially. If he's seen as a gaffe-prone candidate, then minor missteps on the campaign trail could be blown up into big fumbles."

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Look, it's entirely possible that Biden could stumble, get lapped in fundraising and just be outclassed by younger and savvier rivals. He was hardly a great candidate in 1987 and in 2008.

But if the former vice president finds his footing and the field narrows, the press will be forced to change its tune, and we'll see a spate of stories about how Joe Biden has "grown."

Source: Fox News Politics

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The Birth of a Monster

The Federal Reserve’s doors have been open for “business” for one hundred years.

In explaining the creation of this money-making machine (pun intended — the Fed remits nearly $100 bn. in profits each year to Congress) most people fall into one of two camps.

Those inclined to view the Fed as a helpful institution, fostering financial stability in a world of error-prone capitalists, explain the creation of the Fed as a natural and healthy outgrowth of the troubled National Banking System. How helpful the Fed has been is questionable at best, and in a recent book edited by Joe Salerno and me — The Fed at One Hundred — various contributors outline many (though by no means all) of the Fed’s shortcomings over the past century.

Others, mostly those with a skeptical view of the Fed, treat its creation as an exercise in secretive government meddling (as in G. Edward Griffin’s The Creature from Jekyll Island) or crony capitalism run amok (as in Murray Rothbard’s The Case Against the Fed).

In my own chapter in The Fed at One Hundred I find sympathies with both groups (you can download the chapter pdf here). The actual creation of the Fed is a tragically beautiful case study in closed-door Congressional deals and big banking’s ultimate victory over the American public. Neither of these facts emerged from nowhere, however. The fateful events that transpired in 1910 on Jekyll Island were the evolutionary outcome of over fifty years of government meddling in money. As such, the Fed is a natural (though terribly unfortunate) outgrowth of an ever more flawed and repressive monetary system.

Before the Fed

Allow me to give a brief reverse biographical sketch of the events leading up to the creation of a monster in 1914.

Unlike many controversial laws and policies of the American government — such as the Affordable Care Act, the Troubled Asset Relief Program, or the War on Terror — the Federal Reserve Act passed with very little public outcry. Also strange for an industry effectively cartelized, the banking establishment welcomed the Fed with open arms. What gives?

By the early twentieth century, America’s banking system was in a shambles. Fractional-reserve banks faced with “runs” (which didn’t have to be runs with the pandemonium that usually accompanies them, but rather just banks having insufficient cash to meet daily withdrawal requests) frequently suspended cash redemptions or issued claims to “clearinghouse certificates.” These certificates were a money substitute making use of the whole banking system’s reserves held by large clearinghouses.

Both of these “solutions” to the common bank run were illegal as they allowed a bank to redefine the terms of the original deposit contract. This fact notwithstanding, the US government turned a blind eye as the alternative (widespread bank failures) was perceived to be far worse.

The creation of the Fed, the ensuing centralization of reserves, and the creation of a more elastic money supply was welcomed by the government as a way to eliminate those pesky and illegal (yet permitted) banking activities of redemption suspensions and the issuance of clearinghouse certificates. The Fed returned legitimacy to the laws of the land. That is, it addressed the government’s fear that non-enforcement of a law would raise broader questions about the general rule of law.

The Fed provided a quick fix to depositors by reducing cases of suspensions of their accounts. And the banking industry saw the Fed as a way to serve clients better without incurring a cost (fewer bank runs) and at the same time coordinate their activities to expand credit in unison and maximize their own profits.

In short, the Federal Reserve Act had a solution for everyone.

Taking a central role in this story are the private clearinghouses which provided for many of the Fed’s roles before 1914. Indeed, America’s private clearinghouses were viewed as having as many powers as European central banks of the day, and the creation of the Fed was really just an effort to make the illegal practices of the clearinghouses legal by government institutionalization.

Why Did Clearinghouses Have So Much Power?

Throughout the late nineteenth century, clearinghouses used each new banking crisis to introduce a new type of policy, bringing them ever closer in appearance to a central bank. I wouldn’t go so far as to say these are examples of power grabs by the clearinghouses, but rather rational responses to fundamental problems in a troubled American banking system.

When bank runs occurred, the clearinghouse certificate came into use, first in 1857, but confined to the interbank market to economize on reserves. Transactions could be cleared in specie, but lacking sufficient reserves, a troubled bank could make use of the certificates. These certificates were jointly guaranteed by all banks in the clearinghouse system through their pooled reserves. This joint guarantee was welcomed by unstable banks with poor reserve positions, and imposed a cost on more prudently managed banks (as is the case today with deposit insurance). A prudent bank could complain, but if it wanted to use a clearinghouse’s services and reap the cost advantages it had to comply with the reserve-pooling policy.

As the magnitude of the banking crisis intensified, clearinghouses started permitting banks to issue the certificates directly to the public (starting with the Panic of 1873) to further stymie reserve drains. (These issues to the general public amounted to illegal money substitutes, though they were tolerated, as noted above.)

Fractional-Reserve Free Banking and Bust

The year 1857 is a somewhat strange one for these clearinghouse certificates to make their first appearance. It was, after all, a full twenty years into America’s experiment with fractional-reserve free banking. This banking system was able to function stably, especially compared to more regulated periods or central banking regimes. However, the dislocation between deposit and lending activities set in motion a credit-fueled boom that culminated in the Panic of 1857.

This boom and panic has all the makings of an Austrian business cycle. Banks overextended themselves to finance the booming industries during America’s westward advance, primarily the railways. Land speculation was rampant. As realized profits came in under expectations, investors got skittish and withdrew money from banks. Troubled banks turned to the recently established New York Clearing House to promote stability. Certain rights were voluntarily abrogated in return for a guarantee on their solvency.

The original sin of the free-banking period was its fractional-reserve foundation. Without the ability to fund lending activity with their deposit base, banks never would have financed the boom to the extent that it became a destabilizing factor. Westward expansion and investment would still have occurred, though it would have occurred in a sustainable way funded through equity investments and loans. (These types of financing were used, though as is the case today, this occurred less than would be the case given the fractional-reserve banking system’s essentially cost-free funding source: the deposit base.)

In conclusion, the Fed was not birthed from nothing in 1913. The monster was the natural outgrowth of an increasingly troubled banking system. In searching for the original problem that set in motion the events culminating in the creation of the Fed, one must draw attention to the Panic of 1857 as the spark that set in motion ever more destabilizing policies. The Panic itself is a textbook example of an Austrian business cycle, caused by the lending activities of fractional-reserve banks. This original sin of the banking system concluded with the birth of a monster in 1914: The Federal Reserve.



Stewart Rhodes and Alex Jones reveal to listeners how lawmakers in the Texas State Government are taking building the wall into their own hands.

Source: InfoWars

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Dems publicly tout small dollar donations, while quietly courting big dollar donors

Following the financial success of Vermont Sen. Bernie Sanders' presidential run in 2016, the growing field of Democratic candidates in 2020 are publicly all about the small dollar donations.

But as the first quarterly fund-raising deadline comes to a close on Sunday, the candidates in the Democratic field are all also trying to quietly haul in as many big dollar donations as they can get.

Sen. Cory Booker, D- N.J., was recently in California for a fundraiser attended by tech bigwigs and venture capitalists, while New York Sen. Kirsten Gillibrand was at the home of a Manhattan investor to gather donations. On Sunday evening, Sen. Kamala Harris, D-Calif., will be in Los Angeles to mix and mingle with Hollywood’s heavy-hitters at the home of MGM Motion Picture Group President Jonathan Glickman.

GILLIBRAND, CHAMPION OF #METOO MOVEMENT, SAW AIDE RESIGN IN PROTEST OVER SEXUAL HARASSMENT CASE

In years past, candidates in both major parties would flaunt their big dollar donations – up to $2,800 during the primary season, as stipulated by federal law – as a sign of their formidability and political strength. But with the success of Sanders’ online donor network of small dollar donations, and the populist, grassroots movement within the party, many Democrats are trying to keep their big dollar donations off the public’s radar.

“Candidates talk more about how many different donors they have and how many states they’re in,” Amy Dacey, the former chief executive officer of the Democratic National Committee, told the New York Times. “It’s more about the donor amounts than the dollar amounts.”

But unlike 2016, where it was all but a given from the start that former Secretary of State Hillary Clinton was going to be the Democratic nominee, there is currently no clear favorite among the large group of Democrats vying to take on President Trump. This has kept some big money donors from reaching into their wallets just yet.

This hesitancy is one of the reasons why candidates like Booker, Gllibrand, Harris and Sen. Amy Klobuchar, D-Minn., have been busy on the cocktail circuit. Others -- like Sen. Elizabeth Warren, D-Mass -- are hoping to play of the success of Sanders, an Independent, and fund their campaigns largely through the small dollar donations.

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“This is our chance to run a grass-roots movement, not just to go around the country scooping up as much money as we can,” Warren said in an interview.

Warren, however, isn’t totally closing the door on donations from big spenders and has left open the prospect of also taking money from big dollar donors.

“I do not believe in unilateral disarmament,” she said.

Source: Fox News Politics

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FILE PHOTO: The Credit Suisse logo is pictured on a bank in Geneva
FILE PHOTO: The Credit Suisse logo is pictured on a bank in Geneva, Switzerland, October 17, 2017. REUTERS/Denis Balibouse/File Photo

April 26, 2019

ZURICH (Reuters) – Shareholders approved Credit Suisse’s 2018 compensation report with an 82 percent majority on Friday, overriding frustrations expressed at its annual general meeting over jumps in executive pay during a year its share price plummeted.

Three shareholder advisers had recommended investors vote against Switzerland’s second-biggest bank’s remuneration report, while a fourth backed the report but expressed reservations about whether management pay matched performance.

The approval marked a slight increase over the 80.8 percent support garnered for the bank’s 2017 compensation report.

(Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

Source: OANN

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FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London
FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London, Britain December 7, 2018. REUTERS/Simon Dawson/File Photo

April 26, 2019

By Simon Jessop and Sinead Cruise

LONDON (Reuters) – Activist investor Edward Bramson is likely to fail in his attempt to get a board seat at Barclays’ annual meeting next week, even though shareholders are dissatisfied with performance of the group’s investment bank.

New York-based Bramson’s Sherborne Investors and the board of the British bank have been sparring for months over Barclays’ strategy.

Bramson wants to scale back Barclays’ investment bank to reduce risk and boost shareholder returns. Barclays Chief Executive Jes Staley remains staunchly committed to growing the business out of trouble.

After failing to persuade Staley to change course since he began building a 5.5 percent stake in the bank in March last year, Bramson hopes a board seat will rachet up the pressure.

Both sides have written to shareholders pitching their case and Bramson has courted investors in one-on-one meetings, although none have publicly backed him yet.

Interviews by Reuters with five institutional investors in Barclays suggest Bramson has failed to persuade them.

Sherborne declined to comment.

Mirza Baig, head of investment stewardship at top-40 shareholder Aviva Investors, said Bramson was welcome on the bank’s register but the boardroom was a step too far.

“He has created a lot of value at other businesses, but, generally, when he has come in as executive chair and taken full control. This would be a different case where he would just be one lone voice on the board,” he said.

A second Barclays shareholder said he backed Bramson’s goal of improving returns but via an “evolutionary” approach.

“If you look at banks that have tried to restructure their operations in investment banking – you look at Natwest Markets, Deutsche Bank – I struggle to think of an example where a roughshod restructuring has been accretive to shareholder value.”

A third, top-30 investor said he had been impressed by incoming Chairman Nigel Higgins’ grasp of the challenge in hand, and felt investors would give him time.

“Management know they have to execute and deliver improved returns… [Higgins] will continue to re-shape the board but obviously he didn’t feel that having someone with a diametrically opposed view on it would be helpful.”

A fourth, top-30 investor agreed: “We voted for the chairman to come in and it would be crazy to allow an activist to join the board (at this time).”

Jupiter Fund Management, the 24th largest investor, said it also planned to vote against Bramson.

Barclays has nearly 500 institutional shareholders, Refinitiv data showed.

Since Staley joined Barclays in 2015, the investment bank returns relative to capital invested have increased but are still underperforming the overall business.

Barclays’ first-quarter figures showed the investment bank posted a 6 percent drop in income from its markets business and a 17 percent fall in banking advisory fees.

Returns in the investment bank fell to 9.5 percent from 13.2 percent a year ago.

Famed for successful campaigns against smaller British companies in sectors from chemicals to advertising, Bramson’s board seat pitch has been rebuffed by shareholder advisory firms.

Institutional Shareholder Services, the world’s biggest, said Bramson’s proposal “falls short of what can reasonably be expected from a shareholder trying to address issues at a 28 billion pounds, systemically important bank”.

Glass Lewis also flagged concern about Bramson’s lack of banking experience and “questionable” shareholding structure, referring to Sherborne’s use of derivative contracts to hedge losses should its strategy fail.

Critics said the arrangement meant his interests are not truly aligned with those of other long-term shareholders.

British advisory firm Pirc, however, said it recommended that investors abstain in the vote on Bramson’s proposal as a challenge to the board to do better in the year ahead – or face a similar contest in 2020.

(Editing by Jane Merriman)

Source: OANN

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https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2019/04/918/516/02_2.jpg?ve=1&tl=1

After an over 15-month pregnancy, “Akuti,” a 7-year-old Greater One Horned Indian Rhinoceros, gave birth as a result of induced ovulation and artificial insemination at Zoo Miami, April 23, 2019.

Ron Magill/Zoo Miami

https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2019/04/918/516/02_2.jpg?ve=1&tl=1

Source: Fox News World

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FILE PHOTO: File photo of a Chevron gas station sign in Del Mar, California
FILE PHOTO: A Chevron gas station sign is seen in Del Mar, California, in this April 25, 2013 file photo. REUTERS/Mike Blake/File Photo

April 26, 2019

(Reuters) – U.S. oil and natural gas producer Chevron Corp reported a 27 percent fall in quarterly earnings on Friday, hit by lower crude prices and weaker margins in its refining and chemicals businesses.

Net income attributable to the company fell to $2.65 billion, or $1.39 per share, for the first quarter ended March 31, from $3.64 billion, or $1.90 per share, a year earlier.

Earlier in the day, larger rival Exxon Mobil Corp reported earnings well below analysts’ estimates, as margins in its refining business were hurt by higher Canadian prices and heavy scheduled maintenance.

(Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)

Source: OANN

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FILE PHOTO: Ford logo is seen at the North American International Auto Show in Detroit, Michigan
FILE PHOTO: The Ford logo is seen at the North American International Auto Show in Detroit, Michigan, U.S., January 15, 2019. REUTERS/Brendan McDermid/File Photo

April 26, 2019

(Reuters) – Ford Motor Co said on Friday the U.S. Department of Justice had opened a criminal investigation into the automaker’s emissions certification process in the United States.

The potential concern does not involve the use of defeat devices, the company said in a regulatory filing. (https://bit.ly/2VqjHpl)

Ford had voluntarily disclosed the matter to the U.S. Environmental Protection Agency and the California Air Resources Board in February.

(Reporting by Ankit Ajmera in Bengaluru; Editing by James Emmanuel)

Source: OANN

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