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Trump’s Pick to Head the World Bank Wins Election

David Malpass, the Treasury official nominated by President Donald Trump to head the 189-nation World Bank, was elected to the job on Friday.

Malpass was approved unanimously by the bank's 25-member executive board. He will begin a five-year term next Tuesday succeeding Jim Yong Kim, an Obama administration pick who stepped down earlier this year, three years before his term was to end.

Malpass was serving in the Trump administration as Treasury's under secretary of international affairs.

Treasury Secretary Steven Mnuchin and Ivanka Trump, the president's daughter and a White House adviser, both praised the choice.

"I look forward to continuing our work to economically empower women globally and further the bank's core mission of ending poverty," said Ivanka Trump, who had worked on those issues with Kim.

Mnuchin praised Malpass for pushing reforms at the World Bank during his time at Treasury.

Malpass has been a longtime critic of the World Bank and its sister lending organization, the International Monetary Fund. He has complained that the bank was lending too much money to China at the expense of poorer nations that do not have the same access to global capital markets as China.

However, in his Treasury post, Malpass helped win support last year for a $13 billion funding increase for the bank.

Malpass, 63, will be the 13th president of the World Bank. Americans have always headed the World Bank, while a European has always headed the IMF since both institutions were created in the mid-1940s.

Critics have said this tradition was no longer valid in a new era with the growing clout of emerging economics such as China. However, no other country put forward a candidate to challenge Malpass.

In a note to World Bank employees after his selection Friday, Malpass said that more than 700 million people remain in extreme poverty in the world. Too many people are not seeing an advance in their living standards, with the poorest nations facing the steepest challenges, he said.

"Faced with these challenges, our twin goals of eliminating extreme poverty and achieving shared prosperity are more relevant than ever," Malpass said. "The Bank Group is strong financially and well equipped with the tools and talent to achieve measurable successes."

His candidacy was backed by a global lobbying effort led by Mnuchin, who promoted Malpass in discussions with foreign finance officials.

The World Bank board had said last month that it would interview Malpass and expected to make its selection before the World Bank and IMF spring meetings that will be held in Washington next week.

Source: NewsMax Politics

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Hyundai Motor in talks with investors to develop headquarters project

FILE PHOTO: The logo of Hyundai Motor is seen on wall at a event of Hyundai Motor Co's new Accent in Mexico City
FILE PHOTO: The logo of Hyundai Motor is seen on wall at a event of Hyundai Motor Co's new Accent in Mexico City, Mexico August 2, 2017. REUTERS/Henry Romero

March 10, 2019

SEOUL (Reuters) – Hyundai Motor Co <005380.KS> is in talks with potential investors to develop its new headquarters planned for the South Korean capital of Seoul to share additional investment costs worth about 3.7 trillion won ($3.27 billion), it said on Sunday.

The South Korean automaker said in a statement that the company is in talks with various investors, including pension funds, that are showing interest in the project.

“The joint development is expected to alleviate the Group’s direct investment scale and enhance the Group’s overall brand image,” the statement added.

Hyundai Motor aims to construct its new headquarters in Seoul by 2023.

Hyundai purchased the property in southern Seoul from state-run utility Korea Electric Power Corp (KEPCO) <015760.KS> at a record $10 billion in 2014, more than triple its appraised market price.

The headquarters project has been criticized by Hyundai shareholders such as U.S. hedge fund Elliott Management Corp, which has called on Hyundai to drop the project.

Hyundai and Elliott are heading for a showdown at this month’s shareholders meeting as Elliott has called for higher dividends and made recommendations for new board members.

(Reporting By Jane Chung; Additional reporting by Hyunjoo Jin; editing by Christian Schmollinger)

Source: OANN

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Amazon’s second headquarters faces new blocks in Virginia funding vote

News conference about Amazon's new headquarters in Crystal City in Arlington, Virginia
People move about in front of the rostrum before a news conference about the announcement that Crystal City has been selected as home to Amazon's new headquarters in Arlington, Virginia, U.S., November 13, 2018. REUTERS/Kevin Lamarque

March 16, 2019

By Nandita Bose

WASHINGTON (Reuters) – Amazon.com Inc’s plan to set up a second headquarters in northern Virginia, after being rebuffed in New York, will face its first test when local officials vote on Saturday on a proposed financial package worth an estimated $51 million.

Amazon in November picked National Landing, a site jointly owned by Arlington County and the City of Alexandria, just outside of Washington, along with New York for its so-called HQ2 or second headquarters.

That followed a year-long search in which hundreds of municipalities, ranging from Newark, New Jersey, to Indianapolis, competed for the coveted tax-dollars and high-wage jobs the project promises.

Amazon in February abruptly scrapped plans to build part of its second headquarters in New York after opposition from local leaders, who were upset by incentives promised by state and city politicians.

While opposition in Arlington is still nascent, the vote has become a political flashpoint between the project’s supporters and activist opponents. It has given local activists the chance to push for a delay so that the county’s proposal can be reviewed and debated further.

A five-member panel of the Arlington County Board will vote on whether Amazon will receive the estimated $51 million, a fraction of the $481 million promised by the county. Only 5 percent of the incentives are direct.

Amazon has also been offered a $750 million package by the state that the Virginia General Assembly approved with little opposition.

The scene at Saturday’s vote is likely to be different. At least 100 members from local activist groups are expected to attend.

Protests are expected to begin at least an hour before the vote comes up for hearing at 1 pm EST, Reuters has learnt from labor groups.

The $51 million includes a controversial direct financial incentive or cash grant of $23 million to Amazon over 15 years, which will be collected from taxes on Arlington hotel rooms. The grant is contingent upon Amazon occupying six million square feet of office space over the first 16 years.

Arlington has also offered to invest about $28 million over 10 years of future property tax revenue in onsite infrastructure and open space at the headquarters site.

A filing on the county board’s website says the $23 million grant and the $28 million in strategic public infrastructure investments were “instrumental in Amazon choosing Arlington for its headquarters.”

A county spokesman declined to comment.

Arlington County Chair Christian Dorsey has stated publicly he had “no interest” in postponing the vote, had heard no suggestions to do so from other board members, and expected the measure to pass.

Amazon’s 25,000 new jobs will help offset the more than 34,000 jobs Arlington has lost since 2003 due to federal agency closures and other factors, and help diversify the local economy, company spokeswoman Jill Kerr said. “Our investment of $2.5 billion will generate more than $3.2 billion in tax revenue which can be used for public services.”

Activists from For Us, Not Amazon, a coalition of nine labor groups and grassroots organizations working in areas such as minority advocacy, are not convinced.

Roshan Abraham, an organizer from Our Revolution Arlington, a coalition member, said his group wants Amazon to engage with the community more, hold public hearings on the company’s investments, address rising housing costs, displacement of low-income families near the proposed site and donate to affordable housing funds.

“What we are very concerned about is Amazon has met behind close doors, at invitation events, but haven’t met with the community in a public, accessible way,” he said.

Amazon said it has met with many community leaders and residents, including local businesses, nonprofits, and community and civic associations and will continue to engage with them as it expands its presence in Arlington.

(Reporting by Nandita Bose in Washington; Editing by Richard Chang)

Source: OANN

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Oil prices firm amid OPEC supply cuts, U.S. sanctions on Iran and Venezuela

FILE PHOTO: The sun sets behind a pump-jack outside Saint-Fiacre
FILE PHOTO: The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France March 28, 2019. REUTERS/Christian Hartmann

April 12, 2019

By Henning Gloystein

SINGAPORE (Reuters) – Oil prices were firm on Friday, supported by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on petroleum exporters Iran and Venezuela.

International Brent crude oil futures were at $71.01 per barrel at 0042 GMT, up 18 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $63.78 per barrel, up 20 cents, or 0.3 percent, from their previous settlement.

“We see Brent and WTI prices averaging $75 per barrel and $67 per barrel respectively through the rest of this year, but risk is asymmetrically skewed to the upside,” RBC Capital Markets said in a note.

“Geopolitically infused rallies could shoot prices toward or even past the $80 per barrel mark for intermittent periods this summer,” the Canadian bank said.

Oil markets have been pushed up by more than a third this year by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), U.S. sanctions on oil exporters Iran and Venezuela, and escalating fighting in Libya.

Production in Venezuela has been plunging as the U.S. sanctions add to a deep economic and political crisis, while the U.S. government is expected to tighten oil sanctions against Iran in May.

“Electrical outages added a further hurdle to Venezuelan production, which fell by 290,000 barrels per day in March to 732,000 barrels per day. Iranian production was stable at 2.7 million barrels per day, (but) could take a further hit if the U.S. cuts import waivers in May,” said Jefferies bank on Friday.

OPEC and its allies will meet in June to decide whether to continue withholding supply, and while OPEC’s de-facto leader, Saudi Arabia, is seen to be keen to continue cutting, sources with the group said it may raise output from July if disruptions elsewhere continue.

On the demand side, most of the world’s growth in fuel consumption is coming from Asia.

“China and India comprise nearly 55 percent of global demand growth. Throw in the rest of emerging Asia and the figure balloons to 80 percent,” said RBC Capital Markets.

“While macro fears of an economic hard landing may be overblown, the concentration risk of global oil demand remains under appreciated,” it added.

(Reporting by Henning Gloystein; Editing by Joseph Radford)

Source: OANN

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South American presidents announce creation of new regional bloc

Presidents attend the Prosur summit, at the presidential palace La Moneda, in Santiago
Guyana’s Ambassador George Talbot, Brazil's President Jair Bolsonaro, Argentina's President Mauricio Macri, Colombia's President Ivan Duque, Peru's President Martin Vizcarra, Paraguay's President Mario Abdo Benitez, Chile's President Sebastian Pinera and Ecuador's President Lenin Moreno attend the Prosur summit, at the presidential palace La Moneda, in Santiago, Chile March 22, 2019. REUTERS/Rodrigo Garrido

March 22, 2019

SANTIAGO (Reuters) – A group of South American leaders signed a declaration to create a regional bloc of nations they say is open to any country, regardless of ideology, to collaborate on solving regional problems.

Presidents from Argentina, Brazil, Colombia, Chile, Ecuador, Paraguay, and Peru attended the summit in Santiago. Chile and Colombia had led the push for the new political grouping after criticism that the previous regional bloc, called Unasur, failed to take action on Venezuela.

(Reporting by Fabian Cambero,)

Source: OANN

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Fast-moving fire kills more than 80 in ancient part of Bangladesh capital

A fast-moving fire swept through a historic district in the capital of Bangladesh late Wednesday evening killing at least 81 people and gutting an area that dates back more than 400 years ago, officials said.

The blaze broke out in a residential building that had flammable material stored on the ground floor and quickly leaped from building to building in the ancient district of Chawkbazar in Dhaka.

Witnesses said many gas cylinders stored in the buildings continued to explode one after another in the warren of narrow streets with apartments squeezed over shots, restaurants and industrial warehouses on the ground floors.

CROATIAN WOMAN DETAINED AFTER MISSING SISTER'S BODY DISCOVERED IN FREEZER: REPORT

Officials said firefighters struggled to reach the area because of heavy traffic and narrow alleys that were busy when the fire started.<br data-recalc-dims=">

Officials said firefighters struggled to reach the area because of heavy traffic and narrow alleys that were busy when the fire started.<br> (AP)

Officials said firefighters struggled to reach the area because of heavy traffic and narrow alleys that were busy when the fire started.

Members of a bridal party are thought to be among the victims, BBC reported.

Mahfuz Riben, from Dhaka Fire Service and Civil Defense, told Sky News that it was “a difficult situation” as many of the recovered bodies were “beyond recognition.”

LDS MISSIONARY FROM UTAH, 18, DIES IN DOMINICAN REPUBLIC AFTER FALLING OFF APARTMENT BUILDING ROOF

Mohammad Firoz told BBC’s Bengali service that at least 25 of his friends and relatives are missing and fears that his brother is among those who perished.

“The flames spread so quickly,” he said, adding that he saw an electricity transformer explode, which caused a minibus parked below to catch fire.

It was not immediately clear what ignited the fire.

Chawkbazar is one of the most important areas in Old Dhaka established about 400 years ago during the Mughal dynasty.

Chawkbazar is one of the most important areas in Old Dhaka established about 400 years ago during the Mughal dynasty. (AP)

Chawkbazar is one of the most important areas in Old Dhaka established about 400 years ago during the Mughal dynasty. It is a hub of chemical businesses and local perfume factories, though authorities banned the storage of chemical goods after a fire near Chawkbazar killed at least 123 people in 2010.

KIDNAPPINGS, MURDERS ON THE RISE IN MEXICAN STATE WHERE WOMAN WAS DECAPITATED: ‘THERE IS A LOT OF SUFFERING GOING ON’

After that fire authorities promised to bring the area into compliance with building codes and regulations, and evict chemical warehouses from buildings where people lived.

Industrial facilities can't legally exist in areas that are zoned residential, said Mohammed Manjur Morshed, an assistant professor of urban planning at Khulna University of Engineering and Technology.

Government regulations are sufficient but are routinely flouted in Chawkbazar, according to officials.

Government regulations are sufficient but are routinely flouted in Chawkbazar, according to officials. (AP)

"This type of thing happens, there's a big initiative to move everything out, and then after some time people forget about it and the government is really not interested anymore. It's like that," Morshed said.

Morshed said government regulations are sufficient but are routinely flouted in Chawkbazar.

"This is a historic area with a distinct culture," he said. "They are not really abiding by the government's rules."

The fire was about 550 feet away from Dhaka's 18th-century Central Jail, a former Mughal fort where ex-Prime Minister and opposition leader Khaleda Zia has been held since February last year on corruption charges

The fire was about 550 feet away from Dhaka's 18th-century Central Jail, a former Mughal fort where ex-Prime Minister and opposition leader Khaleda Zia has been held since February last year on corruption charges (AP)

On Thursday afternoon, shops had opened and the streets were crowded in much of Chawkbazar, outside a police cordon where authorities continued to comb through the destruction left by the blaze.

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The fire was about 550 feet away from Dhaka's 18th-century Central Jail, a former Mughal fort where ex-Prime Minister and opposition leader Khaleda Zia has been held since February last year on corruption charges. Since 2016, the jail has only been used to hold opposition figures, and Zia is currently the only inmate. It was not threatened by the fire.

The Associated Press contributed to this report.

Source: Fox News World

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Hungary Accuses Sweden of “Trying to Force” Migrants Into Country

The Swedish prime minister is a known “pro-migration politician” who is now “trying to force illegal migrants on Hungary and punish Hungarians for saying no to mandatory resettlement quotas”, Hungarian Foreign Minister Peter Szijjarto said in a statement to MTI on Monday, commenting on Stefan Lofven’s remarks in a Swedish daily slamming Hungary’s migration policy.

In a statement published on the internet site of the Dagens Nyheter, Lofven said those refusing to shoulder responsibility in the EU should “pay a price.” Those states “cannot receive the same EU funding they receive today. Hungary is one of the member states getting the most. A country that is given one of the largest funding in the bloc cannot shun responsibility when it comes to migration,” Lofven said.

Szijjarto said Hungary had shouldered “real responsibility” by protecting western and northern Europe from migration by sealing the EU’s external border. EU funds are not handouts, he said, but compensation laid down in EU treaties, allocated for opening our markets to western European players, he said.


An increase in rape of 44% in Sweden in the last 10 years is a catastrophic number to say the least.

At stake in the upcoming elections in May is whether the European Parliament will have politicians promoting security in Europe rather than resettlement quotas, no-go zones, gang warfare and terror threats, he insisted.

(Photo by Arno Mikkor / Wiki)

Lorinc Nacsa, an MP of the co-ruling Christian Democrats, told a separate press conference that it was “unacceptable” that “pro-migration politicians should openly threaten those who stand against migration”.

“The pro-migration politicians seek to force their own will on all European nations,” he said. “Hungarians have made it clear several times that they do not want Hungary to become a migrant destination,” Nacsa said, adding that a focal point of the ruling parties’ programme is that “no country should be obliged to take in migrants against its own will.”


Now that the Russia collusion conspiracy has crumbled, the cries from the left for Trump’s taxes to be released are getting louder. Former special agent of the Criminal Investigation Division of the Internal Revenue Service, Joe Banister, joins Alex to reveal why Trump should not release his taxes.

Source: InfoWars

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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

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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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German energy company RWE says it won’t invest in new coal-fired power stations and is scrapping plans for a lignite-fired plant in western Germany.

RWE, which operates several of Europe’s most-polluting power plants, said in a statement Friday that it will now focus on generating electricity from renewable sources. CEO Rolf Martin Schmitz said that “new coal-fired power stations no longer have a place in our future-oriented strategy.”

The company said it canceled plans for a possible lignite-burning plant at Niederaussem, near Cologne. However, RWE said it is “convinced that existing coal-fired power stations will be needed to provide backup capacity” as Germany switches to renewable energy.

A German government-appointed expert panel recently agreed that coal burning should end by 2038. Details of how that will be achieved remain sketchy.

Source: Fox News World

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Hundreds of Cuban migrants are reported to be on the run Friday in Mexico after a crowd of more than 1,000 burst out of a troubled immigration detention center on its southern border.

Mexico’s National Immigration Institute said the mass escape Thursday in Tapachula – which the Associated Press called the largest in recent memory — involved around 1,300 Cuban migrants, although 700 of them have since returned voluntarily.

The migrants reportedly streamed out of the compound without any resistance, as the institute said its agents weren’t armed and “there was no confrontation.”

Federal police with riot shields later rushed in to control the situation, as a crowd of angry Cubans whose relatives were being held at the facility gathered outside. The Cubans claimed their relatives reported overcrowding and unsanitary conditions at the facility.

A Federal Police officer stands guard outside an immigration detention center in Tapachula, Chiapas state, Mexico, late Thursday, following a breakout.

A Federal Police officer stands guard outside an immigration detention center in Tapachula, Chiapas state, Mexico, late Thursday, following a breakout. (AP)

BORDER PATROL UNION CHIEF BLASTS CONGRESS OVER MIGRANT CARAVANS: ‘WHAT ARE YOU DOING ABOUT IT’?

“My wife and child have been in there for 27 days in bad conditions,” said Usmoni Velazquez Vallejo, as he waited outside for news. “There is overcrowding, insufficient food and there isn’t even medicine for them.”

Another Cuban detainee told the AFP: “We have many there… we are very tight, we sleep on the floor.”

It’s the third time since October that migrants at the facility staged an uprising, according to the news agency.

The center’s holding capacity is officially listed at less than 1,000 people, but the escape of 1,300 meant it was probably at least at double its capacity, since not everyone being held there escaped. Residents in the area said that sometimes the facility has held as many as 3,000 people, and a Mexican newspaper cited by Reuters said Haitians and Central Americans also are among the large group who still have not been tracked down.

Migrants wait for their transfer from an immigration detention center in Tapachula, Chiapas state, Mexico, on Thursday.

Migrants wait for their transfer from an immigration detention center in Tapachula, Chiapas state, Mexico, on Thursday. (AP)

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Earlier in the day, Mexico’s top human rights official toured the facility.

Elsewhere in the country, a new caravan estimated to contain up to 10,000 migrants is making its way to the U.S.-Mexico border.

The Associated Press contributed to this report.

Source: Fox News World

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