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Morgan Stanley to become top shareholder in China funds venture with stake increase

A sign is displayed on the Morgan Stanley building in New York
A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson

April 10, 2019

SHANGHAI/HONG KONG (Reuters) – Morgan Stanley has won an auction to buy an additional 5.5 percent stake in its China mutual funds joint venture, in a deal that will make it the top shareholder of Morgan Stanley Huaxin Fund Management Co.

The Wall Street bank, which currently owns 37.4 percent in Shenzhen-based Morgan Stanley Huaxin, won the bid on March 30 to buy the additional stake for 25.04 million yuan ($3.73 million), according to the auction notice on Taobao.com.

Morgan Stanley is buying the stake from a private shareholder in a court-appointed auction, which will see its stake surpass that of Huaxin Securities, which owns 39.56 percent of the joint venture. The purchase needs to be approved by China’s securities regulators.

Morgan Stanley declined to comment.

Moves by Morgan Stanley to boost ownership in the fund venture comes as China is opening up its financial sector worth trillions of dollars – from insurance to asset management and brokerage – for bigger foreign participation.

    China has in recent months allowed many foreign financial institutions to either set up new businesses onshore or expand their presence through majority ownership in domestic joint ventures.

    Under new rules announced in late 2017, Beijing has also paved the way for foreigners to own up to 51 percent in their local mutual fund ventures.

    Besides the fund management business, Morgan Stanley also has a securities joint venture with Huaxin, in which the Wall Street bank raised its stake to 49 percent in 2017. The bank has previously expressed an interest in raising the stake further.

($1 = 6.7169 Chinese yuan renminbi)

(Reporting by Samuel Shen and Sumeet Chatterjee; Editing by Muralikumar Anantharaman)

Source: OANN

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Exclusive: Environmental review could delay Carlyle deepwater oil export project up to 18 months

FILE PHOTO: The Harbor Island in Corpus Christi Bay where the Carlyle Group one of the world's top private equity firms and its partner the Port of Corpus Christi plan to build an onshore U.S. crude export terminal
FILE PHOTO: The Harbor Island in Corpus Christi Bay where the Carlyle Group, one of the world's top private equity firms, and its partner, the Port of Corpus Christi, plan to build an onshore U.S. crude export terminal capable of fully loading supertankers known as Very Large Crude Carriers (VLCCs), is seen in Corpus Christi Bay, Texas, U.S. December 19, 2018. Picture taken December 19, 2018. REUTERS/Collin Eaton

March 14, 2019

By Collin Eaton

HOUSTON (Reuters) – A Carlyle Group $1 billion deepwater crude export project faces a delay of up to 18 months after regulators called for a full environmental review, officials said, a setback in the private equity firm’s race to be first to open a new deepwater, U.S. Gulf Coast export hub.

Carlyle and commodities trader Trafigura AG are vying to open the first Texas port in Corpus Christi that can fully load supertankers. Carlyle has partnered with the port for a dredging project that would enable it to fully load supertankers capable of carrying 2 million barrels of oil to destinations worldwide. Trafigura has proposed an offshore port, which requires no dredging and a less extensive permitting process.

The U.S. shale boom has prompted a surge in oil exports, upending global supply and sparking a race to build infrastructure that can handle those vessels. Exports recently hit a record 3.6 million barrels a day and should keep rising. The U.S. Energy Department has projected that domestic output will exceed 13 million bpd by 2020.

Currently, U.S. export capabilities are constrained because the U.S. Gulf, which handles most oil exports, only has one port, located in Louisiana, deep enough to fully load those vessels without resorting to expensive ship-to-ship transfers in deeper waters.

The U.S. Army Corps of Engineers, which issues permits for dredging projects, has recommended a full environmental impact statement (EIS) for Carlyle’s project to dredge the ship channel to a depth of 75 feet, Port of Corpus Christi Authority Chief Executive Sean Strawbridge said in an interview on the sidelines of the CERAWeek energy conference in Houston.

“They took the position that it’s better to do an EIS,” Strawbridge said referring to the lengthier, full review. “We know with 100 percent certainty it’s not going to take longer than 24 months.”

The Carlyle group had sought to complete a shorter review, called an environmental assessment, which can take as little as a few months, citing the dredging project’s similarity to an earlier proposal that had undergone a full review.

The full review could push back by 18 months until early 2022 Carlyle’s plan to expand a pathway for fully loaded supertankers, Strawbridge said. The facility will begin partially loading those vessels late next year, using smaller tankers to complete loading at sea, a process called reverse lightering used at several locations along the U.S. Gulf.

Mark Williford, a spokesman for the Army Corps, would not confirm whether it had recommended a full EIS for the project.

Carlyle remains committed to the project, expects to begin partially loading tankers on its original 2020 schedule and will be able to fully load by the third quarter of 2021, said Ferris Hussein, a Carlyle managing director.

It still hopes to convince regulators to streamline the environmental review and believes the dredging needed could be completed in six to eight months after permits are received. Carlyle faces contract penalties if it is unable to fully load supertankers at its dock by late 2021.

“The EIS hasn’t changed our development plans. We have had internal discussions about ‘do we want to amend our agreements with shippers?’ and we said ‘no, we can make it,'” said Hussein. “Everything is still on time.”

Trafigura has proposed a deep water port 13 miles off the Texas coast. Offshore projects face different regulations and a shorter review process. It has said its export port could be operating by mid-2021.

The Port of Corpus Christi Authority, Carlyle’s partner, is proposing to dredge its ship channel to a depth of 75 feet from 47 feet now. That would allow the loading of supertankers carrying up to 2 million barrels of oil to Asia, Latin America and Europe from a dock on a harbor island.

Corpus Christi’s port shipped about 710,000 bpd in December, according to public data.

[For a graphic on U.S. oil production topping Russia and Saudi Arabia, see: https://tmsnrt.rs/2R69s7G]

Strawbridge said the partners hope to shorten the onshore project’s 24-month review by at least six months by appealing to the Federal Permitting Improvement Steering Council, a Trump administration effort to speed regulatory decisions on infrastructure.

Alex Herrgott, executive director of the steering council, declined to comment, a spokeswoman for the council said.

(Reporting by Collin Eaton in Houston; Editing by David Gregorio)

Source: OANN

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Swedish Leftist Blows Kiss to Refugee Convicted of Raping Underage Girls

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Source: InfoWars

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Five dead, 36 injured in foot bridge collapse in Mumbai

Rescue members stand at the site of a footbridge collapse outside the Chhatrapati Shivaji Terminus railway station in Mumbai
Rescue members stand at the site of a footbridge collapse outside the Chhatrapati Shivaji Terminus railway station in Mumbai, India, March 14, 2019. REUTERS/Danish Siddiqui

March 14, 2019

By Rajendra Jadhav

MUMBAI (Reuters) – Five people were killed and 36 injured when part of a pedestrian bridge collapsed during evening rush hour on Thursday in India’s financial capital Mumbai, police said.

At least three of the dead were women, Mumbai police spokesman Manjunath Singe said. The injured have been taken to hospital.

An excavator was brought in to clear the debris that had blocked the movement of traffic on a busy road in south Mumbai. Fire engines and an ambulance were also at the site.

The bridge connects to one of Mumbai’s biggest local stations, Chhatrapati Shivaji Terminus, which was the site of a militant attack in 2008, and is used by tens of thousands of commuters each day.

Maharashtra state chief minister Devendra Fadnavis said on Twitter he was pained to hear about the accident and had asked municipal and police officials to ensure speedy relief efforts.

The incident brought back memories of a rush hour stampede that killed at least 22 people and injured 36 in 2017 at a busy railway station in Mumbai.

(Writing by Aditi Shah; Editing by Angus MacSwan)

Source: OANN

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Man stabbed to death in Warsaw, police make arrest

Police officers investigate the site of stabbing in Warsaw
Police officers investigate the site of stabbing in Warsaw, Poland, April 11, 2019. Agencja Gazeta/Adam Stepien via REUTERS

April 11, 2019

WARSAW (Reuters) – Polish police on Thursday detained one man in central Warsaw after another died of stab wounds, but there was no suspicion of a terrorist motive or further danger to citizens, a spokeswoman said.

Police were informed at 6:55 p.m. (1655 GMT) that a man was lying bloodied on a street in central Warsaw, but paramedics were unable to revive him.

(Reporting by Joanna Plucinska; Editing by Kevin Liffey)

Source: OANN

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Paul Ryan: AOC Didn’t Listen to My Advice

Freshman lawmaker Alexandria Ocasio-Cortez, D-N.Y., ignored former House Speaker Paul Ryan’s advice to “take it easy, just watch things for a while,” the Wisconsin Republican said Tuesday at an annual dinner in his hometown of Janesville per The Hill.

"I talked to her, AOC — everybody calls her AOC ... She's the youngest person now there. I gave her just a few little tips on just being a good member of Congress, new. I don't think she really listened to a thing I said," Ryan said.

"Take it easy, just watch things for a while, don't ruffle any — see how it works first," he added of the advice he gave her.

Ryan, now a contributor for Fox News, was the second-youngest member of the House when he was elected in 1998. Ocasio-Cortez, 29, became the youngest woman ever to serve in Congress when she beat Republican opponent Anthony Pappas for a House seat in the November 2018 election.

Ocasio-Cortez has cosponsored 148 bills in the 116th Congress and has sponsored just one, the Green New Deal, which gained plenty of traction before failing in the Senate.

Her proposal calls for a significant overhaul of our economic system that would drastically reduce greenhouse gas emissions and pollution. It was blocked in the Senate last week after Majority Leader Mitch McConnell, R-Ky., brought it up for a vote. 

Source: NewsMax Politics

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Roman Catholic liberal Cardinal Danneels dies aged 85: Vatican

FILE PHOTO: Cardinal Danneels waits to testify before the Parliamentary Committee hearing on child sexual abuse in Brussels
FILE PHOTO: Belgian Cardinal Godfried Danneels waits to testify before the Parliamentary Committee hearing on child sexual abuse in the Belgian Catholic Church, at the Belgian Parliament in Brussels December 21, 2010. REUTERS/Francois Lenoir/File Photo

March 14, 2019

VATICAN CITY (Reuters) – Belgian cardinal Godfried Danneels, a strong liberal voice within the Roman Catholic Church and once seen as a outside contender to succeed Pope John Paul II, has died, the Vatican said on Thursday.

Danneels, 85, was a jovial and gifted preacher who spoke out on sensitive issues such as whether condoms could be used in the fight against AIDS and if women should have a larger role in running the Church. He also urged the Church to scale back the power of the Vatican and focus less on the pope.

Danneels once predicted that future popes were likely to retire before dying because modern medicine was extending life — something that came to pass in 2013 when Pope Benedict unexpectedly stood down as pontiff.

“We live too long and people cannot continue to carry that responsibility if they turn 90 or 100. It doesn’t matter how well they are looked after,” said Danneels, one of the most media-friendly members of the College of Cardinals.Born on June 4, 1933 in western Flanders, Danneels was made archbishop of Mechelen-Brussels in 1979 and took part in the 2005 conclave that chose Benedict and the 2013 conclave that elected Pope Francis.

(Reporting by Crispian Balmer; Editing by Catherine Evans)

Source: OANN

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A man accused of fatally beating a 4-month-old boy after finding out the infant wasn’t his son had been previously deported from the United States five times, most recently in late 2016, immigration officials said.

Carlos Zuniga-Aviles, a 33-year-old Honduran national, has used multiple aliases, including the fake name of Jose Agurcia-Avila he gave police in Memphis, Tennessee, following his arrest in the boy’s death earlier this month, US Immigration and Customs Enforcement officials told WMC-TV.

ICE officials have since filed an immigration detainer against Zuniga-Aviles, who was initially deported back to Honduras in February 2010. He was also returned to the Central American country in 2011, 2012, 2015 and 2016.

CLICK HERE TO READ MORE FROM THE NEW YORK POST

“ICE will seek to take him into custody to reinstate his removal order following the resolution of the criminal charges he currently faces,” the statement reads. “Mr. Zuniga-Aviles has been removed from the US five prior times: his most recent removal by ICE to Honduras took place in December 2016.”

ILLEGAL IMMIGRANT WITH CRIMINAL HISTORY ARRESTED IN CALIFORNIA WOMAN’S MURDER

Zuniga-Aviles later returned to the U.S. following his removal, a felony under federal law, immigration officials said. It’s unclear exactly when he returned, but he was living with his girlfriend and the woman’s 4-month-old son in Memphis at the time of his arrest, WREG reports.

DAD OF MAN KILLED BY ILLEGAL IMMIGRANT BLASTS CALIFORNIA GOV. NEWSOM’S TRIP TO CENTRAL AMERICA: ‘IT’S DISGUSTING’

The infant, Alexander Lizondro-Chacon, was pronounced dead at a hospital from blunt force trauma to the head after his mother, Mercy Lizondro-Chacon, called police on April 12 to report that the boy was having trouble breathing, according to an affidavit of complaint obtained by the Commercial Appeal.

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This article originally appeared in the New York Post. For more from the Post, click here.

Source: Fox News National

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Democratic presidential candidates Sen. Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont are taking aim at latest entry into the 2020 nomination race – Joe Biden.

Campaigning in Iowa hours after the former vice president officially announced his candidacy, Warren contrasted on Thursday her longtime record of taking on Wall Street with that of Biden.

JOE BIDEN OFFCIALLY LAUNCHES LONG AWAITED 2020 BID

“At a time when the biggest financial institutions in this country were trying to put the squeeze on millions of hard-working families who were in bankruptcy because of medical problems, job losses, divorce and death in the family, there was nobody to stand up for them,” said the populist senator who’s producing progressive policy proposal after another as she runs for the White House.

“I got in that fight because they just didn’t have anyone,” she said. “And Joe Biden was on the side of the credit card companies.”

The comments reignited a nearly two decades old fight between the two over the country’s bankruptcy laws.

Fox News reached out to the Biden campaign for reaction to Warren’s words but had yet to receive a response at the time this article was published.

WARREN NOT WORRIED ABOUT POLLS: ‘IT’S EARLY.. I’M RUNNING THE CAMPAIGN ITHAT I WANT TO RUN’

It’s not just Warren. The head of the Progressive Change Campaign Committee – which has backed the senator from Massachusetts – also took aim at Biden, who enters the race as the front runner in most national polls and early primary and caucus voting state surveys, slightly atop of Sanders and well ahead of the rest of the large field of 20 contenders.

“With billionaires deciding not to run, progressive candidates have been in need of a foil. If Joe Biden positions himself as the political insider from yesteryear who says big ideas like universal child care, student debt relief, and a wealth tax on ultra-millionaires are not possible, he would be an easy foil, Adam Green, the co-founder of PCCC, told Fox News.

BIDEN LAUNCH SETS UP 2020 NOMINATION FIGHT WITH FELLOW FRONT-RUNNER SANDERS

Sanders’ campaign also jabbed at Biden.

The former vice president spent Thursday evening raising campaign cash at the suburban Philadelphia home of David Cohen, a senior executive of the Comcast Corp. and a former Democratic operative.

In a fundraising email to supporters around the same time, Sanders’ campaign manager Faiz Shakir wrote that “it’s a big day in the Democratic primary and we’re hoping to end it strong. Not with a fundraiser in the home of a corporate lobbyist, but with an overwhelming number of individual donations in response to today’s news.”

Earlier in the day, a rising progressive group called Justice Democrats that has championed Sanders and Rep. Alexandria Ocasio-Cortez of New York called Biden “out of touch” and stressed that “we can’t let a so-called ‘centrist’ like Joe Biden divide the Democratic Party and turn it into the party of ‘No, we can’t.’”

Biden, of course, is considered to be more moderate than many of the current contenders for the Democratic presidential nomination, especially Warren and Sanders, who describes himself as a democratic socialist.

These kind of jabs from the candidates, their campaigns and outside groups could be foreshadow a building clash between the progressive and establishment sings of the party.

Biden has pushed back against the perception that he’s a moderate in a party that’s increasingly moving to the left. Earlier this month he described himself as an “Obama-Biden Democrat.”

Former President Barack Obama, Biden’s boss for eight years, remains extremely popular with Democrats.

BIDEN SAYS HE ASKED OBAMA NOT TO ENDORSE HIM

And Biden said he’d stack his record against “anybody who has run or who is running now or who will run.”

Highlighting his early public push for same-sex marriage, he said, “I’m not sure when everybody else came out and said they’re for gay marriage.”

Source: Fox News Politics

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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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