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Credit Agricole investment bank needs to cut costs, deputy CEO says

FILE PHOTO: A Credit Agricole logo is seen outside a bank office in Vertou near Nantes
FILE PHOTO: A Credit Agricole logo is seen outside a bank office in Vertou near Nantes, France, February 11, 2019. REUTERS/Stephane Mahe/File Photo

April 10, 2019

FRANKFURT (Reuters) – Credit Agricole needs to reduce costs at its investment bank but will stop short of restructuring, a senior official said as the industry faces slowing revenue.

Xavier Musca, deputy chief executive officer of the French lender, told journalists that there were too many investment banks not sufficiently focused on their business.

But Credit Agricole already restructured in 2011 and 2012 to downsize the investment bank to refocus, he said.

“We will not announce a restructuring,” Musca said. “We will need to reduce costs, but it will not be a restructuring as announced by others.”

Societe Generale plans to cut 1,600 jobs, mainly at its corporate and investment banking arm, in an attempt to boost profits after a poor performance last year, France’s third-largest bank said on Tuesday.

And Mitsubishi UFJ Financial Group is considering scaling back its bond and equity sales and trading operations in London and New York as part of a broader restructuring of its global markets division, two sources said on Tuesday.

Musca said the bank would announce a medium-term strategic plan on June 6 but that radical change was not in store.

“We have a good business model, and we will not change it,” he told a club of business journalists in Frankfurt on Tuesday evening. The comments were embargoed for Wednesday.

Musca is also chairman of the board of directors at Amundi, the asset manager mostly owned by Credit Agricole.

Musca said that Amundi was open to acquisitions, though focused on organic growth.

“We consider Amundi as a natural consolidator in Europe, in particular in the euro zone,” he said. “We have capabilities to buy a lot of things, because we are a strong bank and have capacity to invest.”

Speculation has been mounting over recent weeks that DWS, the asset manager mostly owned by Deutsche Bank, could go on sale to finance a merger with Commerzbank.

Deutsche Bank and DWS declined to comment.

(Reporting by Hans Seidenstuecker; Writing by Tom Sims; Editing by Michelle Martin)

Source: OANN

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Closing in trial of man who dropped daughter off bridge

A prosecutor says a Florida man who threw his 5-year-old daughter off a Tampa Bay area bridge knew what he was doing was wrong, and that he should be found guilty of first-degree murder.

Prosecutor Paul Bolan told jurors in his closing arguments Monday that John Jonchuck clearly knew what he was doing when he dropped his daughter Phoebe 62 feet (18 meters) into Tampa Bay four years ago.

Jonchuck's attorneys claim he was insane. They must convince jurors his mental illness was so severe that he didn't know what he was doing.

But Bolan says Jonchuck's act was premeditated and his fleeing the scene is proof he knew what he was doing was wrong.

If convicted of first-degree murder, Jonchuck faces a life prison sentence.

Source: Fox News National

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Quarter of a million attendees expected at Venezuela aid concert

Venezuela Aid Live concert setup in Cucuta
Workers set up a platform for the upcoming concert "Venezuela Aid Live" at Tienditas cross-border bridge between Colombia and Venezuela in Cucuta, Colombia February 20, 2019. REUTERS/Luisa Gonzalez

February 20, 2019

BOGOTA (Reuters) – Some 250,000 people are expected at a concert on Friday in Colombia aimed at raising $100 million to provide food and medicine for Venezuelans suffering widespread shortages, its organizer said on Wednesday.

Billionaire Richard Branson is backing the show, called “Venezuela Aid Live,” in the Colombian border city of Cucuta. The event will feature performances from at least 35 artists including Alejandro Sanz, Maluma, Luis Fonsi and Carlos Vives.

The presidents of Colombia and Chile are set to attend the free concert, which has evoked comparisons to Irish rock star Bob Geldof’s 1985 global “Live Aid” concert to raise money for famine relief in Ethiopia.

“This is a concert to save thousands and millions of lives in our dear brother country of Venezuela,” organizer Fernan Ocampo told reporters in Cucuta.

Two other world leaders may attend, Ocampo said, without naming them.

Donations to the event, which is set to take place near the Tienditas Bridge on the border between the two countries, will be received online and via direct deposits.

Hundreds of tons of humanitarian aid from the United States and other countries are being stored nearby.

The food and medicine are set to be moved across the border on Saturday, though it remains unclear if Venezuelan President Nicolas Maduro, who denies any crisis in his country, will allow them to pass.

Maduro is planning two rival concerts on the Venezuelan side of the border on Friday and the Venezuelan government says it will distribute aid to poor Colombians.

(Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Helen Murphy and Richard Chang)

Source: OANN

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Merck KGaA agrees $6.5 billion takeover of Versum

FILE PHOTO: FILE PHOTO: A logo of drugs and chemicals group Merck KGaA is pictured in Darmstadt
FILE PHOTO: A logo of drugs and chemicals group Merck KGaA is pictured in Darmstadt, Germany January 28, 2016. REUTERS/Ralph Orlowski/File Photo

April 12, 2019

FRANKFURT (Reuters) – Germany’s Merck KGaA said it signed a takeover agreement with target Versum Materials for a price of $53 per share after Versum walked away from a prior merger agreement with rival Entegris.

Merck is targeting 75 million euros ($85 million) in run-rate synergies by the third full year after closing of the deal, which it expects in the second half of 2019, it said in a statement on Friday.

Including about $700 million in assumed Versum debt and based on about 109 million shares, Merck’s bid translates into a overall price tag of close to $6.5 billion.

(Reporting by Ludwig Burger; editing by Thomas Seythal)

Source: OANN

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Trump to attend Normandy ceremonies marking 75th anniversary of D-Day

President Trump confirmed Thursday that he would travel to France in June to attend ceremonies marking the 75th anniversary of the Allied invasion of northern Europe during World War II, known as D-Day.

Trump announced his trip while meeting with World War II veterans in the Oval Office. When one vet told the president that he hoped Trump would be present at the ceremonies, the president answered, "I'll be there."

More than 160,000 American, British, Canadian and other Allied troops went ashore at five beaches in the Normandy region of northern France early on the morning of June 6, 1944, in the largest amphibious invasion in history. Dwight Eisenhower, then the supreme Allied commander in Europe, described the landings, codenamed Operation Overland, as the beginning of a "great crusade" to free the continent from domination by Nazi Germany.

D-DAY REMEMBERED: THE DAY WE KNEW WE WERE GOING TO WIN

"The eyes of the world are upon you," Eisenhower wrote in his Order of the Day for June 6. "The hopes and prayers of liberty-loving people everywhere march with you. In company with our brave Allies and brothers-in-arms on other Fronts, you will bring about the destruction of the German war machine, the elimination of Nazi tyranny over the oppressed peoples of Europe and security for ourselves in a free world."

Despite fierce German resistance, the Allies established a beachhead in northern France, dislodging German forces that retreated across northern Europe. Paris was liberated a little more than two months later.

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Trump traveled to France in November to commemorate the centennial of the armistice that ended World War I, but was heavily criticized for skipping a planned wreath-laying ceremony at an American war cemetery. The White House said at the time that the president's helicopter was grounded by bad weather, and that there was no backup plan to travel to the cemetery by motorcade.

"President Trump did not want to cause that kind of unexpected disruption to the city [Paris] and its people," White House Press Secretary Sarah Sanders said.

Source: Fox News Politics

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Trump says U.S. census ‘meaningless’ without citizenship question

U.S. President Trump speaks to repoters at Mar-a-Lago in Palm Beach, Florida
U.S. President Donald Trump listens to a question as he speaks to reporters at his Mar-a-Lago estate in Palm Beach, Florida, U.S., March 29, 2019. REUTERS/Joshua Roberts

April 1, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Monday said the nation’s 2020 census would be “meaningless” without the inclusion of a controversial citizenship question, wading into the legal fray over the nationwide count.

Trump, in a tweet, criticized Democrats over issues surrounding “the all important Citizenship Question” and said the census would be a waste of government funding if the question was dropped. The Trump administration’s decision to add a citizenship question to the 2020 survey is before the U.S. Supreme Court.

(Reporting by Susan Heavey; Editing by Chizu Nomiyama)

Source: OANN

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India government may direct state banks on debt resolution: finance ministry source

File photo of commuters walking past a bank sign along a road in New Delhi
FILE PHOTO: Commuters walk past a bank sign along a road in New Delhi in this November 25, 2015 file photo. REUTERS/Anindito Mukherjee/Files

April 3, 2019

NEW DELHI (Reuters) – The India government could issue directions to state-run banks to resolve corporate default cases and ensure there is no tampering with the pace of cleaning up bad debt, a finance ministry source said on Wednesday.

The statement from the official comes a day after the Supreme Court quashed a central bank order on resolving bad debt cases.

India’s top court had quashed a Reserve Bank of India (RBI)circular on resolving bad debt on Tuesday, throwing the country’s still-nascent bankruptcy regime into question.

“The order does not question the power of government to give directions to banks,” said the government official, who requested anonymity.

Under the law, the government can still provide directions to banks to resolve corporate default cases, even as the court withdrew the RBI’s power to push more large loan defaulters toward bankruptcy courts, the official told reporters.

The Supreme Court order will provide the banking system with more flexibility and time in resolving the stressed assets, research firm CRISIL said, adding that expectations for a quick resolution could come under a cloud.

The RBI circular had directed banks unable to agree upon a resolution plan with any defaulter within 180 days to drag the defaulter into a time-bound insolvency process.

“We will not let insolvency and bankruptcy processes be weakened,” the official added.

CRISIL, however, said the Supreme Court’s decision will not have a significant impact on new bad debt accretion levels as most of them have been recognized by the banking sector.

Indian banks and financial institutions currently hold a total bad debt of over 10 trillion rupees ($146 billion). This has affected their ability to lend more and spur economic growth.

The Supreme Court verdict also gives more time to bankers to resolve stressed loans in thermal power plants, outside the bankruptcy court, the official said.

In 2017, a report by a Indian Parliamentary Committee had identified 34 strained power projects. The overall capacity of these projects stood at about 40,000 megawatts with a total outstanding debt of nearly 1.75 trillion rupees.

(Reporting by Aftab Ahmed and Manoj Kumar, Editing by Gopakumar Warrier and Sherry Jacob-Phillips)

Source: OANN

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A California man who allegedly fatally shot his ex-girlfriend in broad daylight last month before fleeing the country has been returned to the U.S. following his arrest in Mexico on Wednesday, authorities said.

Julio Cesar Rocha, 25, of Montlcair, is accused of shooting his 25-year-old ex-girlfriend Thalia Flores and a second unidentified male victim March 21 around 2:45 p.m. while the two were sitting in a vehicle in the parking lot of a discount store in Chino. Both communities are about 36 miles east of Los Angeles.

ARREST MADE IN DOUBLE HOMICIDE OF EX-PRO HOCKEY PLAYER, COMMUNITY ADVOCATE, POLICE SAY

Julio Cesar Rocha, 25, of Montlcair, Calif. was located in Mexico Wednesday and returned to California where he faces murder and attempted murder charges related to the death of his ex-girlfriend, Thalia Flores.

Julio Cesar Rocha, 25, of Montlcair, Calif. was located in Mexico Wednesday and returned to California where he faces murder and attempted murder charges related to the death of his ex-girlfriend, Thalia Flores. (City of Chino Police Department)

Flores died at the scene. The man, whose name was not released, walked to a nearby hospital where he’s recovering from his gunshot wounds.

Rocha allegedly fled the scene and remained at large for more than a month, the Daily Bulletin reported. He was formally arrested at 4:30 p.m. after arriving at Los Angeles International Airport from Mexico, KTLA-TV reported.

The suspect was booked at the West Valley Detention Center in Rancho Cucamonga on murder and attempted murder charges, the City of Chino Police Department said on Facebook.

Flores ended her seven-year relationship with Rocha just two months before her death and still lived in fear of him until that point, a sister of the victim, Bernice Flores, told the Daily Bulletin.

“He said himself so many times to other people, ‘If I can’t have her, no one will.’ ” Flores said, adding that her sister stayed in the relationship longer that she would have liked in fear that Rocha would hurt her or her family if they broke up.

Rocha was convicted on misdemeanor battery in 2016 and sentenced to 60 days in prison. He was originally charged with misdemeanor assault with a deadly weapon, but the charges were lowered in a plea deal, the Daily Bulletin reported.

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Rocha was convicted of misdemeanor resisting or obstructing a peace officer in 2014. A second charge of misdemeanor battery was dropped in a plea deal, and Rocha was ordered to complete a 26-week anger management course, according to San Bernardino County Superior Court records. Rocha was later arrested and sentenced to 10 days behind bars for failing to complete the course.

Source: Fox News National

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Multiple people died Thursday when a semitrailer plowed into stationary traffic that resulted in explosions and flames on a Colorado freeway, authorities said.

The incident occurred just before 5 p.m. in the Denver suburb of Lakewood when a truck driver lost control while traveling east on Interstate 70, according to a preliminary investigation. The collision started a chain reaction and a diesel fuel spill, Lakewood police spokesman Ty Countryman told the Denver Post.

“This is looking to be one of the worst accidents we’ve had here in Lakewood,” he said.

The driver of the runaway truck survived. At least one truck was carrying lumber, another was hauling gravel and the third may have been carrying mattresses, KDVR-TV reported.

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Lakewood police tweeted there were multiple fatalities but did not give a specific number. Six people were taken to a hospital. Their conditions were not released, according to the paper.

Lanes in both directions were closed and expected to remain so into Friday morning.

Source: Fox News National

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President Trump will address members and leaders of the National Rifle Association on Friday at the group’s annual convention in Indiana.

Around 80,000 gun enthusiasts and more than 800 exhibitors are expected to pack the Indiana Convention Center in Indianapolis for the three-day event, the Indianapolis Star reported. It will mark the third straight year that Trump will deliver the keynote address, where he is expected to champion the rights of gun owners.

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes,” Chris Cox, executive director of the NRA’s Institute for Legislative Action (ILA), said in a statement. “President Trump’s Supreme Court appointments ensure that the Second Amendment will be respected for generations to come. Our members are excited to hear him speak and thank him for his support for our Right to Keep and Bear Arms.”

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes.”

— Chris Cox, executive director, NRA’s Institute for Legislative Action

COLORADO ENACTS ‘RED FLAG’ LAW TO SEIZE GUNS FROM THOSE DEEMED DANGEROUS, PROMPTING BACKLASH

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

Trump and Vice President Mike Pence spoke at last year’s convention in Dallas. During his speech, Trump assured gun owners that he would protect their Second Amendment rights, according to the paper.

“Your Second Amendment rights are under siege,” Trump told the cheering audience in Dallas. “But they will never, ever be under siege as long as I am your president.”

Trump has supported some gun control measures in the past. Last year, his administration imposed a ban on bump stocks, attachments that enable semiautomatic rifles to fire in rapid bursts. Although, he most recently threatened to veto two Democratic gun control bills.

This year’s convention comes as the NRA faces outside pressure and internal problems. The group has seen its legislative agenda stall amid a series of mass shootings — including a massacre at a Parkland, Fla., high school in February 2018 that left 17 dead and launched a youth movement against gun violence.

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It’s also grappling with infighting in its ranks, money problems and investigations into whether Russian agents courted officials and funneled money through the group.

“I’ve never seen the NRA this vulnerable,” said John Feinblatt, president of Everytown for Gun Safety, a nonprofit that advocates for gun control measure.

The convention will run through the weekend and conclude Sunday.

The Associated Press contributed to this report.

Source: Fox News Politics

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FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London
FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London, Britain December 15, 2018. REUTERS/Simon Dawson

April 26, 2019

(Reuters) – Ailing British retailer Debenhams said two proposed company voluntary arrangements (CVA) could see all its stores remaining open during 2019, with 22 closures planned for next year, putting about 1,200 jobs at risk.

Debenhams’ lenders took control of the retailer earlier this month in a process designed to keep its shops open at the expense of shareholders.

(Reporting by Noor Zainab Hussain in Bengaluru; editing by Gopakumar Warrier)

Source: OANN

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FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London
FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London, Britain, November 8, 2018. REUTERS/Toby Melville

April 26, 2019

BENGALURU (Reuters) – Chinese brands controlled a record 66 percent of Indian smartphone market in the first quarter, led by Xiaomi Corp, a report showed, with volumes rising 20 percent on the back of popularity for brands like Vivo, RealMe and Oppo.

Xiaomi’s India shipments fell by 2 percent over last year, but the Beijing-based company was still the biggest smartphone brand in the country, followed by Samsung Electronics Co Ltd, according to Hong-Kong based Counterpoint Research.

Shipment volumes for Vivo jumped 119 percent, while those of Oppo rose 28 percent.

“Vivo’s expanding portfolio in the mid-tier range ($100 to $180) drove its growth along with aggressive Indian Premier League cricket campaign,” Counterpoint analysts said.

India is the world’s fastest growing market for smartphones, where affordable pricing coupled with features like “selfie” cameras and big screens have popularized Chinese brands.

Video streaming services like Netflix Inc and Hotstar, as well as heavy usage of messaging apps like Facebook Inc’s WhatsApp have further spurred demand.

“Data consumption is on the rise and users are upgrading their phones faster as compared to other regions,” Counterpoint’s Tarun Pathak said.

“As a result of this, the premium specs are now diffusing faster into the mid-tier price brands. We estimate this trend to continue leading to a competitive mid-tier segment in coming quarters.”

(Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu)

Source: OANN

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