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Reel World Witness with Chrissy and Doug Tues and Thurs 10pm Eastern

Reel World Witness with Chrissy and Doug Tues and Thurs 10pm Eastern Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!

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Watches of Switzerland has further U.S. acquisitions in its sights

Rolex Datejust watches are displayed at the Baselworld Watch and Jewellery Show in Basel
FILE PHOTO: Rolex Datejust watches are displayed at the Baselworld Watch and Jewellery Show in Basel, Switzerland March 22, 2017. Picture taken March 22, 2017. REUTERS/Arnd Wiegmann

March 22, 2019

By Silke Koltrowitz

BASEL, Switzerland (Reuters) – Watches of Switzerland expects to make further acquisitions in the United States, which it first entered in 2017 with the purchase of jeweler Mayors, its chief executive told Reuters.

Owned by U.S.-based private equity firm Apollo Global Management, Watches of Switzerland has since opened several stores, including in Las Vegas and New York.

“Could we add other businesses? Very easily,” Brian Duffy said in an interview at this week’s Baselworld watch fair.

The Watches of Switzerland Group, which sells brands such as Rolex, Richemont’s Cartier and Swatch Group’s Omega and has more than 130 showrooms, is the biggest watch retailer in Britain and a candidate for a stock market listing.

Luxury watch distribution is undergoing major changes, with many small, family-owned businesses unable to keep up with the challenges of e-commerce, while watch brands are shutting down shops which do not meet their standards.

“If it’s a quality business, the right location of stores and support from the brands, it would be obvious that we’d be open to it. Probably over the couple of years ahead, we’ll do some deals in the area,” Duffy said of his U.S. plans.

Watches of Switzerland, which spans its eponymous stores as well as Mappin & Webb, Goldsmiths, Mayors, Watchshop and Watch Lab competes with rivals such as Lucerne-based Bucherer, which last year bought U.S. jeweler Tourneau.

Last year the company, which has been under Apollo’s control for more than six years, flagged that its owners were working with advisers on strategic options, including a potential initial public offering (IPO).

Duffy said that an IPO, if it happened, would most likely be on the London Stock Exchange.

“It would be good for our group with its size and scale to have public ownership, reduced leverage and great governance and accountability, sources of capital if that’s ever necessary,” he said, without giving further detail.

Apollo declined to comment.

The group’s revenue grew 21 percent to 685 million pounds ($902 million) in 2017/2018, and its operating profit rose by more than a third to 37 million pounds, about twice the levels when Apollo bought it in 2013.

(Reporting by Silke Koltrowitz; Editing by Alexander Smith)

Source: OANN

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U.S. lawmakers blast Trump’s plan for diplomacy, foreign aid cuts

FILE PHOTO: U.S. President Trump arrives for closed Senate Republican policy lunch on Capitol Hill in Washington
FILE PHOTO: U.S. President Donald Trump talks to reporters as he arrives for a closed Senate Republican policy lunch on Capitol Hill in Washington, U.S., March 26, 2019. REUTERS/Brendan McDermid

March 27, 2019

By Lesley Wroughton and Patricia Zengerle

WASHINGTON (Reuters) – Democrats and Republicans in the U.S. Congress rejected President Donald Trump’s proposed cuts to diplomacy and foreign aid budgets as dangerous to national security on Wednesday, setting the stage for a budget battle with the White House.

The ranking Republican on the House of Representatives subcommittee that oversees State Department spending, Hal Rogers, said he was “disappointed” after viewing Trump’s budget request, which he said slashes the State Department budget by about $11 billion to $40 billion.

Rogers said spending on diplomacy and foreign aid was “a central component of our national security.”

Democratic Representative Nita Lowey, who chairs the full Appropriations committee and the subcommittee, also rejected the proposed cuts. “I am astonished that three years into his administration the president still does not appreciate the merits of sustained investments in diplomacy and development,” she said.

In written remarks submitted to the committee, Secretary of State Mike Pompeo said the proposed budget covered diplomatic efforts in trouble spots in Asia, the Americas, Europe and Latin America.

He said it proposed boosting State Department funding focused on countering China’s increased aggression in Asia and strengthening systems to target Russia’s growing threats to the United States and Western world.

“China is proactively applying its power and exerting its influence in the Indo-Pacific region and beyond,” Pompeo said, adding: “This budget prioritizes countering Russian malign influence in Europe, Eurasia, and Central Asia, and further strengthens the Department’s own systems against malign actors.”

Pompeo said resources would also fund efforts to reach an agreement with North Korea on ending its nuclear program and push back against Iran’s activities in Iraq, Yemen and Syria.

“The proposed request will allow us to protect our citizens at home and abroad, advance American prosperity and values, and support our allies and partners overseas,” Pompeo said.

He said the budget also requests new authority to support a democratic transition in Venezuela, including transferring up to $500 million to foreign assistance accounts.

Trump’s proposal calls for spending more U.S. taxpayer money on the military and a U.S.-Mexico border wall, while overhauling social safety-net programs in a budget plan likely to die in Congress but live on in his 2020 re-election campaign.

Democratic Representative Lois Frankel called Trump’s budget proposal “embarrassing and dangerous.”

Frankel, like Lowey, sharply criticized an expanded anti-abortion policy outlined by Pompeo on Tuesday, which cuts funding to groups that support abortion. “Your budget and action is devastating to the health of women around the world,” Frankel said.

“Your administration is abortion obsessed,” she said, adding that removing funding for women’s health issues had “devastating effects” for the health of women around the world.

Committee Republicans said they backed the policy. Representative Martha Roby thanked Pompeo for his stance.

(Reporting by Lesley Wroughton; Editing by Susan Thomas)

Source: OANN

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Fugitive Indian diamond tycoon’s art collection worth millions to be auctioned

Sixty-eight pieces of art owned by Indian diamond tycoon Nirav Modi, whom state authorities accuse of being involved in a $1.8 billion bank fraud, will be auctioned Tuesday.

Modi, 48, who is one of India’s richest men and believed to be worth $1.75 billion, was arrested in London last Tuesday and ordered to be held without bail. Indian authorities have sought Modi's arrest since February 2018, when they alleged companies he controlled defrauded the state-owned Punjab National Bank by using fake financial documents to get loans to buy and import jewels.

Police in India later raided the homes and offices of Modi and business partner Mehul Choksi, seizing nearly $800 million in jewels and gold. The men are thought to have left India before the alleged fraud was discovered.

UK POLICE ARREST WEALTHY INDIAN JEWELER NIRAV MODI

His collection, which includes rare oil paintings and works by Raja Ravi Varma and V.S. Gaitonde, will be auctioned. A piece from his collection, “Untitled,” was sold at an auction in Mumbai in 2015 for $4.4 million, the BBC reported. Auctioneers said they believed a Varma painting could be auctioned for up to $2.5 million. Officials said the art is expected to “fetch anywhere between $4.4 million to $7.3 million,” Reuters reported.

“We believe that the collection’s intrinsic value will garner a positive response from collectors,” Dinesh Vazirani, the Saffronart’s chief executive told Reuters.

INDIAN DIAMOND TYCOON ARRESTED IN LONDON OVER ALLEGED ROLE IN $2 BILLION BANKING SCANDAL

Modi has denied the allegations and has sought political asylum in the U.K. His jewelry has been worn by stars such as actress Priyanka Chopra-Jonas.

The Associated Press contributed to this report.

Source: Fox News World

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High-sulfur fuel oil demand to fall 60 percent next year on IMO rules: IEA

FILE PHOTO: Ship unloads a cargo of fuel at the port of Hodeida, Yemen
FILE PHOTO: A ship unloads a cargo of fuel at the port of Hodeida, Yemen April 1, 2018. REUTERS/Abduljabbar Zeyad

March 11, 2019

By Julia Payne

LONDON (Reuters) – High-sulfur fuel oil demand will fall 60 percent next year while marine gasoil demand will more than double due to new international regulations on shipping fuel, the International Energy Agency forecast on Monday.

A new 0.5 percent sulfur content cap in shipping fuel set by the International Maritime Organization (IMO) will come into effect in 2020, one of the biggest fundamental events to hit oil markets in years.

Refiners and shipping firms have had years to prepare, but disruptions are still anticipated. Vessels will have to stop using high sulfur fuel oil (HSFO) unless they install filters, or use far more expensive compliant fuels.

A fuel type designed to meet the new cap, very low sulfur fuel oil (VLSFO), will initially be in limited supply, and quality discrepancies at different ports mean shippers are likely to stick to another compliant but pricier fuel, marine gasoil.

In 2020, “demand for HSFO… will fall from 3.5 million barrels per day to 1.4 million bpd,” the IEA said in a report. “Demand for marine gasoil (will increase) from 900,000 bpd to 2 million bpd.”

The IEA expects VLSFO demand to reach 1 million bpd in 2020 and 1.8 million bpd by 2024, while marine gasoil demand will peak in 2020 and decrease to 1.8 million bpd by 2024.

A slight shortfall in marine gasoil supply next year is likely to push up prices by a fifth, assuming a significant level of non-compliance, the IEA said, and a draw on gasoil stocks of about 200,000 bpd.

One solution for shipping firms is to install sulfur filtering units on board, known as scrubbers, which would allow vessels to continue burning cheaper HSFO.

The IEA estimates that about 4,000 scrubbers will be installed by 2020, consuming around 680,000 bpd of fuel oil on average, up from 340,000 bpd in 2019.

As HSFO demand drops, the IEA expects the unwanted product to be used for cement plants and power generation particularly in the Middle East, where 11 gigawatts of new power capacity is being installed, mainly in Saudi Arabia.

The agency also expects a significant level of non-compliance in the first year of the new regulations due to the shortfall of VLSFO. It expects non-compliant vessels to account for 16 percent, or 700,000 bpd, of HSFO demand.

Looking ahead to 2024, annual gasoil demand growth will rise to 0.9 percent, supported by IMO 2020, with marine demand growing at a rate of 12.7 percent per year.

Refiners are expected to raise their gasoil output by 2.3 million bpd by 2024.

(Reporting by Julia Payne; Editing by Jan Harvey)

Source: OANN

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Daimler to develop Smart brand together with Geely

China Development Forum in Beijing
Daimler CEO Dieter Zetsche speaks during the China Development Forum in Beijing, China March 24, 2019. REUTERS/Thomas Peter/Pool

March 28, 2019

FRANKFURT/BEIJING (Reuters) – Daimler on Thursday said it will develop its next generation of Smart electric vehicles in China through a joint venture with rival Geely, deepening an alliance between the two carmakers.

Daimler said it will build next generation Smart vehicles at a purpose built factory in China, and share its expertise in manufacturing, engineering and design with Geely.

(Reporting by Edward Taylor; editing by Thomas Seythal)

Source: OANN

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Goldman Sachs in talks to buy restructured Turkish loans: sources

FILE PHOTO - The Goldman Sachs company logo is seen in the company's space on the floor of the NYSE in New York
FILE PHOTO - The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid

April 24, 2019

By Ebru Tuncay and Birsen Altayli

ISTANBUL (Reuters) – Goldman Sachs is in talks with Turkish banks and companies to buy large distressed loans following a wave of corporate restructurings in the country last year, two sources close to the matter told Reuters.

The sources, who requested anonymity, did not specify the size of the restructured loans but said Goldman was looking at those valued in the range of $2 billion to $6 billion.

Turkish banks, grappling with fallout from a recession and a weak lira, could be interested in selling loans to bolster their stressed balance sheets and to gain access to liquidity, the sources said. One of the Turkish government’s priorities is to relieve banks of bad loans.

One of the sources said that non-performing loans specialists at Goldman Sachs Group Inc, as well as at certain large London-based banks, were in “intense talks right now” over restructured Turkish loans.

A representative for Goldman Sachs in Turkey declined to comment.

Since Turkey’s currency crisis last year, where the lira halved in value at one stage, companies constrained by the currency weakness have sought to restructure their debts.

The weaker lira, which has fallen another 10 percent this year, has made it difficult for Turkish companies to service foreign-currency debts.

“They (Goldman Sachs) are not interested in complicated situations. They are interested in good loans for which the bank could provide a relative hair cut,” or discount, a second source with direct knowledge of the matter said.

Some of the big corporate loans in Turkey that have been restructured or are being restructured include a $5.5 billion loan taken out by Yildiz Holding, which owns Godiva chocolates; a 2 billion euro ($2.2 billion) loan from restaurant group Dogus Holding; and a $4.75 billion loan for Turk Telekom’s previous shareholder OTAS.

Restructured loans make up more than 100 billion liras ($17 billion) of the loans in Turkey’s banking sector, which total 2.5 trillion lira, Finance Ministry data showed.

The non-performing loan ratio at banks rose to 4.2 percent in the wake of last year’s crisis and is expected to reach 6 percent by year-end, according to the ministry data.

The potential for big returns from distressed debt deals has already attracted attention in the financial markets.

Earlier this month, the European Bank for Reconstruction and Development said it was ready to help with Turkish banks’ non-performing loans. In March, sources told Reuters that Japan’s Orix and U.S.-based Bain Capital were in talks to buy problematic loans from Turkish banks.

“Investment banks can talk to (Turkish) banks and take over these loans with a hair cut,” a distressed asset trader in London said. “But what is important here is how much of a hair cut there will be. It may take some time to be agreed upon,” he said.

As part of a reform plan announced this month by Turkish Finance Minister Berat Albayrak, loans in the energy and construction sector would be taken off banks’ balance sheets.

The Treasury will also issue 5-year debt instruments worth a total of 3.7 billion euros to strengthen the capital of state banks, it said on Monday.

(Writing by Ali Kucukgocmen; Editing by Jonathan Spicer and Jane Merriman)

Source: OANN

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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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