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Oil prices dip on surging U.S. crude stockpiles

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/File Photo

April 11, 2019

By Henning Gloystein

SINGAPORE (Reuters) – Oil prices fell on Thursday after U.S. crude stockpiles surged to their highest levels in almost 17 months amid record production.

International benchmark Brent futures were at $71.57 per barrel at 0056 GMT, down 16 cents, or 0.2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude oil futures were at $64.36 per barrel, down 25 cents, or 0.4 percent, from their previous settlement.

U.S. crude inventories rose 7 million barrels to 456.6 million barrels in the last week, their highest since November 2017, the Energy Information Administration said on Wednesday.

U.S. crude oil production remained at a record 12.2 million barrels per day (bpd), making the United States the world’s biggest oil producer ahead of Russia and Saudi Arabia. Graphic: U.S. oil production, storage & drilling levels, click https://tmsnrt.rs/2HWNIqK

Despite this growth in U.S. supply, global oil markets remain tight amid 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.

As a result, Brent and WTI have risen by around 30 and 40 percent respectively since the start of the year.

Venezuela’s oil output sank to a new long-term low last month due to U.S. sanctions and blackouts, with production plunging to 960,000 bpd in March, a drop of almost 500,000 bpd from February.

“Pressure to global supplies continues to mount because of sanctions-linked problems in Iran and Venezuela and rising geopolitical risk in Libya,” said Stephen Innes, head of trading at SPI Asset Management.

Beyond the short-term outlook for oil markets, a lot of attention is on the future of demand amid the rise of alternative fuels for transport.

“We believe global demand has another 10 million barrels bpd of growth, with over half from China,” Bernstein Energy said in a note on Thursday.

Current oil demand stands around 100 million bpd.

Bernstein said it expected oil demand to peak around 2030, but added that “we expect a long plateau rather than a sharp decline” in consumption after that.

“While no industry lasts forever, the age of oil is far from over,” Bernstein said.

(Reporting by Henning Gloystein; Editing by Joseph Radford)

Source: OANN

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Connecticut baseball field doused in gasoline, set ablaze to dry out for HS game: report

A wet Connecticut baseball field was doused with 24 gallons of gasoline and set on fire Saturday in a bizarre attempt to dry the field for a high school game.

Ridgefield High School's baseball team was scheduled to play against a rival school at Governor Park that morning, but the grass was too wet to safely play, Ridgefield officials wrote on the town's Facebook page.

At some point, a “poor decision” was made to “dry the field quicker” by dousing the field with 24 gallons of gasoline and set it on fire, the post read.

Authorities were quickly notified and the Connecticut Department of Energy and Environmental Protection’s hazmat group responded to the scene, WTNH reported. The game was postponed and there were no reported injuries.

GRASS-CHOMPING GOATS ESCAPE ONTO HIGHWAY, FORCING TEMPORARY CLOSURE

It wasn’t immediately clear who was responsible. Town officials cited by WABC estimated the cost to replace the contaminated soil with fresh soil will be about $50,000.

Captain Shawn Platt told WTNH that authorities have opened “an active investigation of who instructed, if anybody instructed.”

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The field is expected to remain closed for several weeks, WABC reported. Ridgefield is located about 40 miles west of New Haven and about 60 miles north of New York City.

Source: Fox News National

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Trump to Nominate Jeffrey Rosen as Deputy Attorney General

President Donald Trump plans to nominate Jeffrey Rosen as the next deputy U.S. attorney general, a senior administration official said on Tuesday night.

Rosen, currently deputy secretary of the U.S. Department of Transportation, would succeed Rod Rosenstein, who appointed a special counsel to investigate possible ties between Russia and President Donald Trump's campaign.

Rosenstein is expected to step down by mid-March, a Justice Department official said on Monday.

Attorney General William Barr welcomed the choice of the new deputy, saying in a statement that Rosen had 35 years of experience at the highest levels of government and in the private sector.

"His years of outstanding legal and management experience make him an excellent choice to succeed Deputy Attorney General Rod Rosenstein, who has served the Department of Justice over many years with dedication and distinction," Barr said.

Transportation Secretary Elaine Chao said Rosen had played a critical role in her department.

"I will be sorry to lose him, but I am confident that he is the right lawyer to help the new Attorney General succeed at the Justice Department, for the benefit of the American people," she said in a statement.

Rosen's nomination must be confirmed by the U.S. Senate.

Source: NewsMax Politics

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Japan finance minister says no change of plan to raise sales tax

Japanese Finance Minister Taro Aso holds a news conference after the G-20 Finance Ministers and Central Bank Governors' meeting at the IMF and World Bank's 2019 Annual Spring Meetings
Japanese Finance Minister Taro Aso holds a news conference after the G-20 Finance Ministers and Central Bank Governors' meeting at the IMF and World Bank's 2019 Annual Spring Meetings, in Washington, April 12, 2019. REUTERS/James Lawler Duggan

April 19, 2019

TOKYO (Reuters) – Japanese Finance Minister Taro Aso said on Friday there was no change in the government’s stance that it would go ahead with a planned sales tax hike in October, barring a big economic shock on the scale of the collapse of Lehman Brothers.

Aso made the comment a day after a close aide of Prime Minister Shinzo Abe told a TV program that the planned tax increase may be postponed depending on the results of the central bank’s next tankan business survey due out in July.

The tax hike to 10 percent from the current 8 percent would secure stable financial resources to pay for the bulging cost of social security for all generations, Aso told reporters after a cabinet meeting.

(Reporting by Tetsushi Kajimoto; Editing by Chris Gallagher)

Source: OANN

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Utah teacher apologizes for Ash Wednesday incident

A Utah teacher on administrative leave apologized Monday for making 9-year-old Catholic student William McLeod wash off the Ash Wednesday cross from his forehead, saying it was a misunderstanding.

Fourth-grade teacher Moana Patterson said Monday she thought the cross was dirt, and she gave William a wet wipe to clean off not knowing it was a religious symbol. She said that she hopes everyone can move forward and build understanding together. Patterson was surrounded by parents and students who support her at a news conference held at Utah state capitol in Salt Lake City.

"My entire life has been centered around respecting diversity," Patterson said. "I would never intentionally disrespect any religion or any sacred symbol."

The incident occurred last week at Valley View Elementary School in Bountiful, Utah.

"This is something that happens when people aren't necessarily exposed to other cultures other religions. It's not always necessarily mean spirited," said Republican Utah Sen. Todd Weiler, who represents the area.

Patterson left the news conference without taking questions after she read from a prepared statement. It's unknown if she has a religious affiliation. Members of The Church of Jesus Christ of Latter-day Saints, widely known as the Mormon church, account for about two-thirds of Utah residents. The faith doesn't observe Ash Wednesday.

Karen Fisher, William's grandmother, said she's not quite ready to accept the apology because Patterson pressed the boy to remove the symbol even after he explained its significance twice. "It's kind of hard to swallow, a little, for me," she said.

Fisher doesn't want Patterson to lose her job or for any harm to come to her, but said a break is warranted to ensure she and others in the community are aware of other faith traditions. "There needs to be training for all religions, all beliefs," she said.

In Utah, Catholics are the minority. The 330,000 Catholics in the state account for about 10 percent of the population, said Jean Hill at the Catholic Diocese of Salt Lake City.

William had just returned to the school after attending Catholic mass when Patterson called the ash marking "inappropriate" and gave him a hand wipe to clean it off in front of his classmates, Fisher said.

Patterson was called into a meeting with the principal and the school board about the incident and called Fisher to apologize, Davis School District spokesman Chris Williams said last week. The Davis School District opened an investigation into Patterson's action and placed her on paid administrative leave.

Williams said there were no updates about the ongoing investigation about Patterson's actions.

Tiffany Ivan Spence, who said she's a parent of one of William's classmates, said she also thought the cross on the boy's forehead was dirt. She said it was a misunderstanding and not an attack against religion.

"He came into my home and to me it looked just like a smudge," Ivan Spence said. "When I first saw Will, my instinct was to also hand him a wipe. It would have been common sense for any person who cares about children to help them if they didn't know they had that on their head."

Source: Fox News National

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Giant wooden cross stolen from California church on video

California police were on the hunt for a man accused of burglarizing a Catholic Church near Palm Springs on Monday, taking with him a $1,600 wooden cross.

The unidentified man was captured on video the approaching the St. Louis Catholic Church early Monday morning and then leaving with a wooden cross of Jesus Christ under his arm, the Cathedral City Police Department told KESQ.

Reverend Luis A. Guido told the station that the Cristo Negro, a replica of the "Black Christ of Esquipulas" made in Guatemala, was never secured properly because he never imagined that someone would take it.

CATHOLIC PRIEST STABBED DURING TELEVISED MASS IN CANADA

"We never expected someone would want to steal Christ so we just had a small lock, a baby lock. Probably just needed pliers or a screwdriver and we found the lock on the floor, the door open and this empty," he said.

Guido said he hoped that whoever took the $1,600 crucifix would return it since it's a special symbol for the church's Central American parishioners.

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"It's sad that it happened and we understand that things happen unfortunately and we pray for the man who did it and hopefully he has a conscious conversion."

Police said the church was vandalized as well. The investigation was ongoing.

Source: Fox News National

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AOC draws ire ripping ‘your thoughts and prayers’ after Christchurch mosque shootings

U.S. Rep. Alexandria Ocasio-Cortez, D-N.Y., slammed those expressing thoughts and prayers for the victims of Friday's mass shooting in Christchurch, New Zealand.

Reacting to remarks made by New Zealand Prime Minister Jacinda Ardern, Ocasio-Cortez took to Twitter and invoked other mass shootings that took place in houses of worship.

WHAT YOU SHOULD KNOW ABOUT ALEXANDRIA OCASIO-CORTEZ'S SOCIALIST VISION FOR AMERICA

“At 1st I thought of saying, ‘Imagine being told your house of faith isn’t safe anymore.’ But I couldn’t say ‘imagine.’ Because of Charleston. Pittsburgh. Sutherland Springs,’” Ocasio-Cortez wrote.

The congresswoman was referencing the 2015 Charleston shooting at the Emmanuel A.M.E. Church that left nine dead, the 2017 Sutherland Springs shooting at the First Baptist Church that left 27 dead, and the 2018 Pittsburgh shooting at the Tree of Life Synagogue that left 11 dead.

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“What good are your thoughts & prayers when they don’t even keep the pews safe?” she asked.

That sparked plenty of backlash on social media.

Source: Fox News Politics

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Police secure the area where the body of a woman was discovered near the village of Orounta
Police secure the area where the body of a woman was discovered near the village of Orounta, Cyprus, April 25, 2019. REUTERS/Stefanos Kouratzis

April 26, 2019

NICOSIA (Reuters) – Cypriot police searched on Friday for more victims of a suspected serial killer, in a case which has shocked the Mediterranean island and exposed the authorities to charges of “criminal indifference” because the dead women were foreigners.

The main opposition party, the left-wing AKEL, called for the resignation of Cyprus’s justice minister and police chief.

Police were combing three different locations west of the capital Nicosia for victims of the suspected killer, a 35-year-old army officer who has been in detention for a week.

The bodies of three women, including two thought to be from the Philippines, have been recovered. Police sources said the suspect had indicated the location of the third body, found on Thursday, and had said the person was “either Indian or Nepali”.

Police said they were searching for a further four people, including two children, based on the suspect’s testimony.

“These women came here to earn a living, to help their families. They lived away from their families. And the earth swallowed them, nobody was interested,” AKEL lawmaker Irene Charalambides told Reuters.

“This killer will be judged by the court but the other big question is the criminal indifference shown by the others when the reports first surfaced. I believe, as does my party, that the justice minister and the police chief should resign. They are irrevocably exposed.”

Police have said they will investigate any perceived shortcomings in their handling of the case.

One person who did attempt to alert the authorities over the disappearances, a 70-year-old Cypriot citizen, said his motives were questioned by police.

The bodies of the two Filipino women reported missing in May and August 2018 were found in an abandoned mine shaft this month. Police discovered the body of the third woman at an army firing range about 14 km (9 miles) from the mine shaft.

Police are now searching for the six-year-old daughter of the first victim found, a Romanian mother who disappeared with her eight-year-old child in 2016, and a woman from the Phillipines who vanished in Dec. 2017.

The suspect has not been publicly named, in line with Cypriot legal practice.

A public vigil for the missing was planned later on Friday.

(Reporting By Michele Kambas; Editing by Gareth Jones)

Source: OANN

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An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard
FILE PHOTO: An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard, Britain December 3, 2018. REUTERS/Simon Dawson

April 26, 2019

LONDON, April 26 – British factories stockpiled raw materials and goods ahead of Brexit at the fastest pace since records began in the 1950s, and they were increasingly downbeat about their prospects, a survey showed on Friday.

The Confederation of British Industry’s (CBI) quarterly survey of the manufacturing industry showed expectations for export orders in the next three months fell to their lowest level since mid-2009, when Britain was reeling from the global financial crisis.

The record pace of stockpiling recorded by the CBI was mirrored by the closely-watched IHS Markit/CIPS purchasing managers’ index published earlier this month.

(Reporting by Andy Bruce, editing by David Milliken)

Source: OANN

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Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing
Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing, China April 26, 2019. REUTERS/Florence Lo

April 26, 2019

KUALA LUMPUR (Reuters) – Fewer than half of Malaysians approve of Prime Minister Mahathir Mohamad, an opinion poll showed on Friday, as concerns over rising costs and racial matters plague his administration nearly a year after taking office.

The survey, conducted in March by independent pollster Merdeka Center, showed that only 46 percent of voters surveyed were satisfied with Mahathir, a sharp drop from the 71 percent approval rating he received in August 2018.

Mahathir’s Pakatan Harapan coalition won a stunning election victory in May 2018, ending the previous government’s more than 60-year rule.

But his administration has since been criticized for failing to deliver on promised reforms and protecting the rights of majority ethnic Malay Muslims.

Of 1,204 survey respondents, 46 percent felt that the “country was headed in the wrong direction”, up from 24 percent in August 2018, the Merdeka Center said in a statement. Just 39 percent said they approved of the ruling government.

High living costs remained the top most concern among Malaysians, with just 40 percent satisfied with the government’s management of the economy, the survey showed.

It also showed mixed responses to Pakatan Harapan’s proposed reforms.

Some 69 percent opposed plans to abolish the death penalty, while respondents were sharply divided over proposals to lower the minimum voting age to 18, or to implement a sugar tax.

“In our opinion, the results appear to indicate a public that favors the status quo, and thus requires a robust and coordinated advocacy efforts in order to garner their acceptance of new measures,” Merdeka Center said.

The survey also found 23 percent of Malaysians were concerned over ethnic and religious matters.

Some groups representing Malays have expressed fear that affirmative-action policies favoring them in business, education and housing could be taken away and criticized the appointments of non-Muslims to key government posts.

Last November, the government reversed its pledge to ratify a UN convention against racial discrimination, after a backlash from Malay groups.

Earlier this month, Pakatan Harapan suffered its third successive loss in local elections since taking power, which has been seen as a further sign of waning public support.

Despite the decline, most Malaysians – 67 percent – agreed that Mahathir’s government should be given more time to fulfill its election promises, Merdeka Center said.

This included a majority of Malay voters who were largely more critical of the new administration, it added.

(Reporting by Rozanna Latiff; Editing by Nick Macfie)

Source: OANN

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The German share price index DAX graph at the stock exchange in Frankfurt
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 25, 2019. REUTERS/Staff

April 26, 2019

By Medha Singh and Agamoni Ghosh

(Reuters) – European shares slipped on Friday after losses in heavyweight banks and Glencore outweighed gains in healthcare and auto stocks, while investors remained on the sidelines ahead of U.S. economic data for the first quarter.

The pan-European STOXX 600 index was down 0.1 percent by 0935 GMT, eyeing a modest loss at the end of a holiday-shortened week. Banks-heavy Italian and Spanish indices were laggards.

The banking index fell for a fourth day, at the end of a heavy earnings week for lenders.

Britain’s Royal Bank of Scotland tumbled after posting lower first quarter profit, hurt by intensifying competition and Brexit uncertainty, while its investment bank also registered poor returns.

Weakness in investment banking also dented Deutsche Bank’s quarterly trading revenue and sent its shares lower a day after the German bank abandoned merger talks with smaller rival Commerzbank.

“The current interest rate environment makes it challenging for banks to make proper earnings because of their intermediary function,” said Teeuwe Mevissen, senior market economist eurozone, at Rabobank.

Since the start of April, all country indexes were on pace to rise between 1.8 percent and 3.4 percent, their fourth month of gains, while Germany was strongly outperforming with 6 percent growth.

“For now the current sentiment is very cautious as markets wait for the first estimates of the U.S. GDP growth which could see a surprise,” Mevissen said.

U.S. economic data for the first-quarter is due at 1230 GMT. Growth worries outside the United States resurfaced this week after South Korea’s economy unexpectedly contracted at the start of the year and weak German business sentiment data for April also disappointed.

Among the biggest drags on the benchmark index in Europe were the basic resources sector and the oil and gas sector, weighed down by Britain’s Glencore and France’s Total, respectively.

Glencore dropped after reports that U.S authorities were investigating whether the company and its subsidiaries violated certain provisions of the commodity exchange act.

Energy major Total said its net profit for the first three months of the year fell compared with a year ago due to volatile oil prices and debt costs.

Chip stocks in the region including Siltronic, Ams and STMicroelectronics lost more than 1 percent after Intel Corp reduced its full-year revenue forecast, adding to concerns that an industry-wide slowdown could persist until the end of 2019.

Meanwhile, healthcare, which is also seen as a defensive sector, was a bright spot. It was helped by French drugmaker Sanofi after it returned to growth with higher profits and revenues for the first-quarter.

Luxembourg-based satellite operator SES led media stocks higher after it maintained its full-year outlook on the back of the company’s Networks division.

Automakers in the region rose 0.4 percent, led by Valeo’s 6 percent jump as the French parts maker said its performance would improve in the second half of the year.

Continental AG advanced after it backed its outlook for the year despite reporting a fall in first-quarter earnings.

Renault rose more than 3 percent as it clung to full-year targets and pursues merger talks with its Japanese partner Nissan.

(Reporting by Medha Singh and Agamoni Ghosh in Bengaluru; Editing by Gareth Jones and Elaine Hardcastle)

Source: OANN

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U.S. President Donald Trump hosts Take Our Daughters and Sons to Work Day at the White House in Washington
U.S. President Donald Trump gives a thumbs up to his audience as he hosts Take Our Daughters and Sons to Work Day at the White House in Washington, U.S., April 25, 2019. REUTERS/Kevin Lamarque

April 26, 2019

By Jan Wolfe and Richard Cowan

(Reuters) – The “i word” – impeachment – is swirling around the U.S. Congress since the release of Special Counsel Robert Mueller’s redacted Russia report, which painted a picture of lies, threats and confusion in Donald Trump’s White House.

Some Democrats say trying to remove Trump from office would be a waste of time because his fellow Republicans still have majority control of the Senate. Other Democrats argue they have a moral obligation at least to try to impeach, even though Mueller did not charge Trump with conspiring with Russia in the 2016 U.S. election or with obstruction of justice.

Whether or not the Democrats decide to go down this risky path, here is how the impeachment process works.

WHAT ARE GROUNDS FOR IMPEACHMENT?

The U.S. Constitution says the president can be removed from office by Congress for “treason, bribery, or other high crimes and misdemeanors.” Exactly what that means is unclear.

Before he became president in 1974, replacing Republican Richard Nixon who resigned over the Watergate scandal, Gerald Ford said: “An impeachable offense is whatever a majority of the House of Representatives considers it to be at a given moment in history.”

Frank Bowman, a University of Missouri law professor and author of a forthcoming book on the history of impeachment, said Congress could look beyond criminal laws in defining “high crimes and misdemeanors.” Historically, it can encompass corruption and other abuses, including trying to obstruct judicial proceedings.

HOW DOES IMPEACHMENT PLAY OUT?

The term impeachment is often interpreted as simply removing a president from office, but that is not strictly accurate.

Impeachment technically refers to the 435-member House of Representatives approving formal charges against a president.

The House effectively acts as accuser – voting on whether to bring specific charges. An impeachment resolution, known as “articles of impeachment,” is like an indictment in a criminal case. A simple majority vote is needed in the House to impeach.

The Senate then conducts a trial. House members act as the prosecutors, with senators as the jurors. The chief justice of the U.S. Supreme Court presides over the trial. A two-thirds majority vote is required in the 100-member Senate to convict and remove a president from office.

No president has ever been removed from office as a direct result of an impeachment and conviction by Congress.

Nixon quit in 1974 rather than face impeachment. Presidents Andrew Johnson in 1868 and Bill Clinton in 1998 were impeached by the House, but both stayed in office after the Senate acquitted them.

Obstruction of justice was one charge against Clinton, who faced allegations of lying under oath about his relationship with White House intern Monica Lewinsky. Obstruction was also included in the articles of impeachment against Nixon.

CAN THE SUPREME COURT OVERTURN?

No.

Trump said on Twitter on Wednesday that he would ask the Supreme Court to intervene if Democrats tried to impeach him. But America’s founders explicitly rejected making a Senate conviction appealable to the federal judiciary, Bowman said.

“They quite plainly decided this is a political process and it is ultimately a political judgment,” Bowman said.

“So when Trump suggests there is any judicial remedy for impeachment, he is just wrong.”

PROOF OF WRONGDOING?

In a typical criminal court case, jurors are told to convict only if there is “proof beyond a reasonable doubt,” a fairly stringent standard.

Impeachment proceedings are different. The House and Senate “can decide on whatever burden of proof they want,” Bowman said. “There is no agreement on what the burden should be.”

PARTY BREAKDOWN IN CONGRESS?

Right now, there are 235 Democrats, 197 Republicans and three vacancies in the House. As a result, the Democratic majority could vote to impeach Trump without any Republican votes.

In 1998, when Republicans had a House majority, the chamber voted largely along party lines to impeach Clinton, a Democrat.

The Senate now has 53 Republicans, 45 Democrats and two independents who usually vote with Democrats. Conviction and removal of a president would requires 67 votes. So that means for Trump to be impeached, at least 20 Republicans and all the Democrats and independents would have to vote against him.

WHO BECOMES PRESIDENT IF TRUMP IS REMOVED?

A Senate conviction removing Trump from office would elevate Vice President Mike Pence to the presidency to fill out Trump’s term, which ends on Jan. 20, 2021.

(Reporting by Jan Wolfe and Richard Cowan; Editing by Kevin Drawbaugh and Peter Cooney)

Source: OANN

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