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Emirates NBD reaches new agreement to buy Turkey’s Denizbank for $2.77 billion

A man rides a bicycle past Emirates NBD head office in Dubai
A man rides a bicycle past Emirates NBD head office in Dubai, UAE January 30, 2018. REUTERS/Satish Kumar

April 3, 2019

DUBAI (Reuters) – Dubai’s largest lender Emirates NBD Bank has reached a new agreement to buy Turkey’s Denizbank from Russia’s state-owned Sberbank for 15.48 billion lira ($2.77 billion).

The current offer is lower than the $3.2 billion agreement reached last year.

The transaction is expected to be completed by the end of the second quarter, subject to regulatory approval, Emirates NBD said in an exchange filing on Wednesday.

(Reporting by Alexander Cornwell; Editing by Rashmi Aich)

Source: OANN

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Shadow margin loans make a sly return as China stocks sizzle

FILE PHOTO: FILE PHOTO: An investor looks at an electronic board showing stock information at a brokerage house in Shanghai
FILE PHOTO: FILE PHOTO: An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China September 7, 2018. REUTERS/Aly Song/File Photo/File Photo

March 22, 2019

By Shu Zhang and Samuel Shen

SINGAPORE/SHANGHAI (Reuters) – On a cloudy March morning in Shanghai’s glitzy financial district of Lujiazui, Ye Lixia was knocking on the doors of potential clients, offering loans to bet on a surging stock market.

“We provide money to investors who need quick funding to capitalize on the market rally,” Ye told Reuters.

Ye, in her 30s and a general director at Bo Ying Asset Management, is one of the thousands of gray market lenders operating in the shadows of China’s colossal capital markets.

A stock market that shot up 25 percent in the last three months has revived the undercover margin lending business that was notoriously responsible for China’s 2015 boom-bust market volatility.

In defiance of warnings from the China Securities Regulatory Commission (CSRC), shadow lenders pitch their business via cold telephone calls and social media advertisements, dangling the prospects of a reversal of fortune.

“In China, speculators adopt very aggressive trading strategies, gaming the rules… and pushing policy-makers’ tolerance to the limit,” said Stephen Huang, vice president of Shanghai See Truth Investment Management Co.

The Shanghai index’s swift recovery from last year’s heavy losses has been primarily driven by signs of an end to the long-running Sino-U.S. trade war.

Beijing’s efforts to lower the cost of lending in a slowing economy, and foreign investment inflows after the inclusion of Chinese A-shares in global equity benchmarks encouraged the rally.

Shenzhen’s start-up board ChiNext, traditionally a hotbed for speculation, has surged more than 30 percent this year.

In the official margin financing market, in which stock investors borrow money from brokerages, outstanding loans have jumped nearly 30 percent since the end of January to 911.6 billion yuan ($136.08 billion). That is just a third of the 2.27 trillion yuan record hit in June 2015.

But unofficial margin financing, in which small investors borrow from grey market lenders, is thriving.

Hui Ju Ying, a margin lending platform, lures clients with suggestions of “returns of 100 percent.” Another platform, www.zfpz.com, says: “young people shouldn’t resign to mediocrity; margin financing can change your fate.”

The CSRC said in late February that it was closely monitoring the situation. But regulators have so far taken a soft approach towards such lending.

“Last year, the government was talking about reducing leverage. Now, the government is talking about steadying leverage, which is good for us,” said Ye, whose company borrows money from banks and lends it to investors.

NO DEJA VU?

Managers at five margin lenders said they began aggressively marketing loans over the past few weeks to investors eager to make outsized stock market bets.

Such lending helped the Shanghai stock index double between 2014 and mid-2015, forcing the authorities to crack down on shadow lending and causing a 40 percent decline in stocks over six months.

Some of the lenders this time around are newcomers. Others are survivors of the last crackdown, emboldened by the belief that regulators, focused on enabling funding for struggling private firms, will look the other way.

“The loans we make are deals between us and investors and are none of brokerages’ business,” said Xiao Xiao, a saleswoman at shadow financing platform xianniuwang.com.

The financing has been a boon to risk takers like Zhang, who more than doubled his investment capital via shadow margin loans through leveraged bets on 5G-related China tech stocks.

With 50,000 yuan in hand, Zhang, who was willing to disclose only his family name, borrowed 500,000 yuan from a gray-market lender named Gu Zhang Gui six months ago. He has earned 56,000 yuan in net returns so far, he told Reuters.

Zhang pays a daily interest rate of 0.06 percent, which translates to an annualized cost of funding of 22 to 24 percent.

“Stocks are rallying so we investors are making money. And then we want to make even more money, so we are turning to those lenders who can leverage our funding,” he said.

Individual investors account for about 80 percent of total stock market turnover. Many are day-traders, frequently churning their holdings for quick returns.

Regular broker financing is regulated and limited at 1:1 leverage – the maximum amount they can borrow is equal to their principal. Shadow margin loans allow for a leverage of up to 10 times the capital the investor provides, and lenders do not dictate what stocks investors can buy.

“No qualification is needed,” said an executive who used to work for Beijing-based Yueda Investment, a gray-market lender. “Investors just come to our office to take a look and then we sign loan contracts.”

Operating in the shadows carries risks, he said, notably that they cannot use the courts to recover losses.

A director at another Shanghai-based margin lender said his company charges interest of 11.5 to 15.5 percent on money that cost them about 9.5 percent.

(For a graphic on ‘China margin lending rises sharply as market jumps’ click https://tmsnrt.rs/2HD8Jqa)

BANK INVOLVEMENTTwo of the gray-market margin financiers interviewed by Reuters said their initial funding came from banks. Banks are prohibited from directly financing stock market investment but use complex product structures to bypass regulations.

Both declined to be named because of the sensitivity of the matter. The names of banks lending to trust companies are never revealed on shadow margin loan contracts.

On March 15, the Taizhou branch of China’s banking watchdog fined two lenders for allowing bank money to flow illegally into the stock market. The Guangdong branch of the CSRC has banned brokerages from cooperating with shadow lenders.

That caused a 4 percent drop in China stocks, their worst day in five months.

Domestic brokerage Shenwan Hongyuan Securities estimated there were about 10,000 grey market lenders running 1-1.5 trillion yuan in margin financing in 2015. Volumes are much lower this time, which is why analysts expect regulators look away for a while longer.

“I think regulators want to see more active trading… Investors or speculators are all welcome,” said a senior manager at domestic brokerage Industrial Securities.

(Reporting By Shu Zhang in SINGAPORE and Samuel Shen in SHANGHAI; Editing by Vidya Ranganathan and Gerry Doyle)

Source: OANN

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Trump threatens Mexico border closure if Congress doesn’t act on immigration

U.S. President Trump speaks at the National Republican Congressional Committee Annual Spring Dinner in Washington.
U.S. President Donald Trump speaks at the National Republican Congressional Committee Annual Spring Dinner in Washington, U.S., April 2, 2019. REUTERS/Joshua Roberts

April 3, 2019

WASHINGTON (Reuters) – President Donald Trump threatened on Wednesday to close the U.S. border with Mexico if Congress does not take steps immediately to deal with immigration and security loopholes that he says are creating a national emergency in the region.

“Congress must get together and immediately eliminate the loopholes at the Border!” Trump said in a post on social media. “If no action, Border, or large sections of Border, will close. This is a National Emergency!”

(Reporting by David Alexander)

Source: OANN

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Trump praises 'special relationship' with North Korea’s Kim Jong Un at start of Hanoi summit

President Trump praised his "special relationship" with North Korean leader Kim Jong Un and said "a lot of things will be solved" during the two leaders' second summit in Vietnam as they prepare for a full day of formal talks.

Trump and Kim kicked off their second summit on Wednesday by exchanging handshakes and laughs at the Sofitel Legend Metropole Hanoi. They briefly spoke to reporters, where Trump said the biggest progress since the historic Singapore summit was the two countries' relationship.

"It's really a good one," he added.

President Donald Trump speaks during a dinner with North Korean leader Kim Jong Un, Wednesday, Feb. 27, 2019, in Hanoi. Seated on right are acting White House Chief of Staff Mick Mulvaney, Secretary of State mike Pompeo and interpreter. Seated on left are North Korean Minister of Foreign Affairs, Ri Yong Ho and interpreter. 

President Donald Trump speaks during a dinner with North Korean leader Kim Jong Un, Wednesday, Feb. 27, 2019, in Hanoi. Seated on right are acting White House Chief of Staff Mick Mulvaney, Secretary of State mike Pompeo and interpreter. Seated on left are North Korean Minister of Foreign Affairs, Ri Yong Ho and interpreter.  (AP)

FOR COMPLETE COVERAGE ON THE US-NORTH KOREA SUMMIT, CLICK HERE

“It’s an honor to be with Chairman Kim," Trump said after exchanging handshakes with Kim. "I thought the first summit was a great success and I think this one, hopefully, will be equal or greater than the first."

The president told Kim that he believes North Korea "has tremendous economic potential, unbelievable, unlimited."

"I look forward to watching it happen and to helping it to happen and we will help it to happen," he added.

SEAN HANNITY: THE LEFT IS ROOTING FOR TRUMP TO FAIL WITH NORTH KOREA. THEIR HATRED OF THE PRESIDENT IS PSYCHOTIC

Trump and Kim exchanged handshakes and laughs at the Sofitel Legend Metropole Hanoi on Wednesday and briefly spoke to reporters before their scheduled 20-minute meeting. 

Trump and Kim exchanged handshakes and laughs at the Sofitel Legend Metropole Hanoi on Wednesday and briefly spoke to reporters before their scheduled 20-minute meeting.  (AFP/Getty)

TRUMP, KIM JONG UN'S VIETNAM SUMMIT JOINS LONG LIST OF KEY MOMENTS BETWEEN WORLD LEADERS: A TIMELINE

When asked if he would formally declare an end to the Korean War, Trump simply said, "We will see."

Kim also echoed Trump's sentiment.

"Those 261 days [since we met in Singapore] were the days during which a lot of painstaking efforts were necessary and a lot of patience was needed. As I see you here today…that gives us a hope that we will be successful this time…" Kim said, according to his personal translator, to which Trump replied, "That’s nice, that’s really nice, thank you."

KIM JONG UN'S TRAIN TRAVEL TO VIETNAM HIDDEN BY CHINESE CENSORS

The president told Kim that he believes North Korea "has tremendous economic potential, unbelievable, unlimited."

The president told Kim that he believes North Korea "has tremendous economic potential, unbelievable, unlimited." (AP)

Trump and Kim met briefly before attending a "social dinner" where Trump teased a "very busy day" Thursday that hopefully "a lot things are going to be resolved."

"I hope and I think it'll lead to wonderful it'll lead to really a wonderful situation long term. And our relationship is a very special relationship," Trump said.

Trump and Kim arrived in Hanoi Tuesday just hours apart for their second summit — eight months after the leaders made history for their first meeting in Singapore. Prior to Wednesday evening's meeting, the president said he "will try very hard to work something out on Denuclearization." He also mentioned making North Korea an "Economic Powerhouse," but did not elaborate on what the U.S. plans to do to help the country.

KIM JONG UN'S AIDE FRANTICALLY DASHES TO NORTH KOREAN LEADER'S SIDE AFTER ARRIVING IN VEITNAM FOR SECOND SUMMIT

The second summit comes amid a stalemate on denuclearization talks between North Korea and the U.S. Trump has signaled some flexibility on his previous demands that North Korea denuclearize before it sees some relief from crushing U.S. and international sanctions.

North Korea, however, has ramped up its rhetoric in recent months and said it will never give up its nuclear weapons unless the U.S. removed its nuclear threat first and lift sanctions cripplings its economy.

People gather near the area where U.S. President Donald Trump and North Korean leader Kim Jong Un will meet for dinner in Hanoi, Vietnam, Wednesday.

People gather near the area where U.S. President Donald Trump and North Korean leader Kim Jong Un will meet for dinner in Hanoi, Vietnam, Wednesday. (AP)

Several other topics are expected to come up during the two-day summit, including bringing back the rest of the remains of U.S. soldiers killed in the Korean War. North Korea turned over 55 boxes of presumed remains of U.S. soldiers killed in the Korean War as part of the agreement from the June summit.

There’s also growing speculation that Trump may offer an announcement of peace and a formal end to the Korean War if he can convince Kim to commit to denuclearization. The Korean War ended in 1953 with an armistice, essentially a cease-fire signed by North Korea, China and the 17-nation, U.S.-led United Nations Command that was supposed to be replaced by a formal peace treaty. But both sides instead settled ever deeper into Cold War hostilities marked by occasional outbreaks of violence.

Trump has already met with Vietnamese President Nguyen Phu Trong for the signing of several commercial trade deals affecting the airline industries of their two countries.

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Anticipation for what will be accomplished at the summit ran high in Hanoi. But the carnival-like atmosphere in the Vietnamese capital, with street artists painting likenesses of the leaders and vendors hawking T-shirts showing Kim waving and Trump giving a thumbs-up, contrasted with the serious items on their agenda.

The Associated Press contributed to this report.

Source: Fox News World

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New standards to drive U.S. sustainability-linked lending

A general view shows solar panels to produce renewable energy at the Urbasolar photovoltaic park in Gardanne
A general view shows solar panels to produce renewable energy at the Urbasolar photovoltaic park in Gardanne, France, June 25, 2018. REUTERS/Jean-Paul Pelissier

March 23, 2019

By Lynn Adler

NEW YORK (LPC) – Global standards set in place by loan trade associations this week that tie syndicated loan pricing to companies’ sustainability performance are expected to stimulate the budding U.S. green lending market.

Less than a handful of U.S. companies have issued sustainability-linked loans since the first deal for natural gas utility CMS Energy was completed last June, far lagging firms in Europe which are leading the global push to improve environmental performance.

The new sustainability standards, which were issued on Wednesday by the Loan Market Association (LMA), the Loan Syndications and Trading Association (LSTA) and the Asia Pacific Loan Market Association (APLMA), are expected to bolster borrowers’ and investors’ confidence in green lending. 

Sustainability-linked loans are any kind of loans that incentivize borrowers with margin reductions or increases depending on their ability to meet pre-set environmental performance targets.

A lack of direction and consistency in being able to identify and measure these goals has been stifling growth so far, bankers said.

“By having pricing tied to a borrower’s improvement in sustainability performance, it directly incentivizes borrowers to make improvements,” said Tess Virmani, the LSTA’s associate general counsel. “If market interest keeps gathering steam, then the sustainability-linked loans will find a good home in the corporate loan market.”

One of the main differences between sustainability-linked loans and green loans, which are linked to use of proceeds, is that they can be raised for general corporate purposes rather than specific projects. Loans for general corporate purposes are more widely issued, which is likely to boost sustainability-linked loans.  

Key characteristics of sustainability-linked deals include disclosing the loan’s tie to the company’s overall social responsibility strategy; having sustainability pricing targets arranged between borrower and lender; reporting on sustainability performance and external reviews, according to the new lending principles.

TESTING THE WATERS

Global water technology company Xylem Inc became the fourth U.S. company to issue a sustainability-linked loan, with an $800 million revolving credit in early March. Xylem is the first general industrial company to commit to reducing its environmental footprint this way.

The four U.S. sustainability-linked loans that have come to the market so far — two this year and two last year — tally roughly $8 billion. Banks are targeting the sector as a growth area as they seek to improve their own credentials. 

“Banks want to show their growing commitment to sustainable development goals, and this is one of the products they might use to show that,” said Anna Zubets, vice president at Moody’s Investors Service.

Last year, sustainability-linked loans issued globally topped $36 billion, led by European companies, according to Moody’s.

Global issuance in the more mature green bond market, in contrast, could jump 20 percent to $200 billion this year, the rating agency said.

“The U.S. is a little behind on the discussion but you see it happening here as well. More than 80 percent of the S&P 500 listed companies are now issuing sustainability reports and it becomes a bigger discussion among shareholders and investors and asset managers, which is what we see among our client base,” said Anne van Riel, head of sustainable finance at ING.

“I expect that that will automatically carry over to more sustainable financing, whether green loans, green bonds or sustainable-linked loans.”

ING was the sustainability coordinator for Xylem’s deal, and helped the company to decide reasonable but ambitious performance targets to guide loan pricing.

Interest margins on Xylem’s general corporate purpose revolving credit will be based on social and corporate governance ratings by independent provider Sustainalytics. Citigroup, JP Morgan, ING, BNP Paribas and Wells Fargo were lead arrangers and bookrunners.

Pricing is initially based on ratings, opening at 110 basis points over Libor with a 15-basis points facility fee, and then will be adjusted up or down by up to 5 basis points based on its ability to achieve predetermined sustainability targets, according to a regulatory filing.

The other sustainability-linked loans completed in the United States so far include global logistics real estate group Prologis Inc in January, renewable energy and utility company Avangrid Inc last July and electric and natural gas utility CMS Energy and its main unit Consumers Energy last June.

“Some treasurers and CFOs are a bit more conservative, and when they see their peers doing it or see more market activity they will also follow,” said van Riel.

Having clear standards for the asset class is a way to hold management accountable for promises made, and make green identification more than a marketing tool.

“In order for money to continue to flow into these kinds of products, reporting standards are going to have to develop and mature so the market can be credible and management can be held accountable for goals,” Zubets said,

“Investors can have trust that if something is labeled as green it is actually going to deliver an impact.”

(Reporting By Lynn Adler; Editing by Tessa Walsh and Michelle Sierra)

Source: OANN

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Storms sweep across the South, killing 8 and injuring dozens

Powerful storms swept across the South on Sunday after unleashing suspected tornadoes and flooding that killed at least eight people, injured dozens and flattened much of a Texas town. Three children were among the dead.

Nearly 90,000 customers were without electricity in Texas, Mississippi, Louisiana, Arkansas, and Georgia as of midday Sunday, according to www.poweroutage.us as the severe weather left a trail of destruction.

Two children were killed on a back road in East Texas when a pine tree fell onto the car in which they were riding in a severe thunderstorm Saturday near Pollok, about 150 miles (241 kilometers) southeast of Dallas.

The tree "flattened the car like a pancake," said Capt. Alton Lenderman of the Angelina County Sheriff's Office. The children, ages 8 and 3, were dead at the scene, while both parents, who were in the front seat, escaped injury, he said.

At least one person was killed and about two dozen others were injured after a suspected tornado struck the Caddo Mounds State Historic Site in East Texas during a Native American cultural event in Alto, about 130 miles (209 kilometers) southeast of Dallas. Cherokee County Judge Chris Davis said the fatality that was reported was of a woman who died of her critical injuries.

In neighboring Houston County, the sheriff's office said one person was killed in Weches, 6 miles southwest of Caddo Mound.

There was widespread damage in Alto, a town of about 1,200, and the school district canceled classes until its buildings can be deemed safe.

A tornado flattened much of the south side of Franklin, Texas, overturning mobile homes and damaging other residences, said Robertson County Sheriff Gerald Yezak. Franklin is about 125 miles (200 kilometers) south of Dallas.

The weather service said preliminary information showed an EF-3 tornado touched down with winds of 140 mph (225.3 kph).

It destroyed 55 homes, a church, four businesses, a duplex, and part of the local housing authority building, authorities said. Two people were hospitalized for injuries that were not thought to be life-threatening, while others were treated at the scene, Yezak said. Some people had to be extricated from damaged dwellings.

Heavy rains and storms raked Mississippi into the night Saturday as the storms moved east.

Roy Ratliff, 95, died after a tree crashed onto his trailer in northeastern Mississippi, Monroe County Road Manager Sonny Clay said at a news conference, adding that a tornado had struck. Nineteen residents were taken to hospitals, including two in critical condition. A tornado was reported in the area 140 miles (225 kilometers) southeast of Memphis, Tennessee, at the time.

In Hamilton, Mississippi, 72-year-old Robert Scott said he had been sleeping in his recliner late Saturday when he was awakened and found himself in his yard after a tornado ripped most of his home off its foundation.

His 71-year-old wife, Linda, was in a different part of the house and also survived, he said. They found each other while crawling through the remnants of the house they have lived in since 1972.

"We're living, and God has blessed us," Scott, a retired manager for a grocery store meat department, said Sunday as neighbors helped him salvage his belongings.

National Weather Service meteorologist John Moore said a possible twister touched down in the Vicksburg, Mississippi, area. No injuries were reported, but officials reported damage to several businesses and vehicles.

The storm damaged a roof of a hotel in New Albany, Mississippi, and Mississippi State University's 21,000 students huddled in basements and hallways as a tornado neared the campus in Starkville.

University spokesman Sid Salter said some debris, possibly carried by the tornado, was found on campus, but no injuries were reported and no buildings were damaged. Trees were toppled and minor damage was reported in residential areas east of the campus.

The large storm system also caused flash floods in Louisiana, where two deaths were reported.

Authorities said 13-year-old Sebastian Omar Martinez drowned in a drainage canal after flash flooding struck Bawcomville, near Monroe, said Deputy Glenn Springfield of the Ouachita Parish Sheriff's Department. Separately, one person died when a car was submerged in floodwaters in Calhoun, also near Monroe.

As the storm moved into Alabama, a possible tornado knocked out power and damaged mobile homes in Troy, about 50 miles (80 kilometers) south of Montgomery.

Near the Birmingham suburb of Hueytown, a county employee died after being struck by a vehicle while he was helping clear away trees about 2:15 a.m. Sunday, said Capt. David Agee of the Jefferson County Sheriff's Office. The man, whose name was not immediately released, died after being taken to a hospital.

The forecast of severe weather forced officials at the Masters in Augusta, Georgia, to start the final round of the tournament early on Sunday in order to finish in midafternoon before it began raining.

Source: Fox News National

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Trump, Obama join sport greats heaping praise on Masters winner Woods

Tiger woods celebrates after winning the 2019 Masters
Golf - Masters - Augusta National Golf Club - Augusta, Georgia, U.S. - April 14, 2019 - Tiger Woods of the U.S. celebrates on the 18th hole after winning the 2019 Masters. REUTERS/Brian Snyder

April 14, 2019

By Amy Tennery

AUGUSTA, Ga. (Reuters) – World leaders and some of the most decorated sports figures alike flooded social media on Sunday to congratulate American Tiger Woods after he clinched his fifth Masters title.

“Congratulations to @TigerWoods,” tweeted U.S. President Donald Trump (@realDonaldTrump), who earlier this year played golf with the Woods. “A truly Great Champion!”

“Congratulations, Tiger!” wrote former President Barack Obama (@BarackObama). “To come back and win the Masters after all the highs and lows is a testament to excellence, grit, and determination.”

Woods, who had not clinched a major title in over 10 years, won by just one stroke on a day filled with wild swings in the leader board.

Entering the day tied for second with fellow American Tony Finau at 11 under par, he produced a steady performance to overtake the field.

“I am literally in tears watching @TigerWoods this is Greatness like no other,” tweeted 23-times tennis major winner Serena Williams (@serenawilliams). “Knowing all you have been through physically to come back and do what you just did today? Wow Congrats a million times! I am so inspired thank you buddy.”

“Congrats Tiger! What a performance,” wrote six-time football Super Bowl champion quarterback Tom Brady (@TomBrady).

“A big BIG congratulations to @TigerWoods for winning the Masters!!” basketball great Magic Johnson (@MagicJohnson) posted. “The roar of the Tiger is back!”

Woods now has 15 major titles to his name, second only to golf great Jack Nicklaus, who has won 17.

(Reporting By Amy Tennery; Editing by Christian Radnedge)

Source: OANN

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Britain's Chancellor of the Exchequer Philip Hammond looks on during an interview with Reuters at the British Ambassador's residence in Beijing
Britain’s Chancellor of the Exchequer Philip Hammond looks on during an interview with Reuters at the British Ambassador’s residence in Beijing, China April 26, 2019. REUTERS/Florence Lo/Pool

April 26, 2019

BEIJING (Reuters) – British finance minister Philip Hammond said on Friday that he had a “very constructive meeting” with his counterpart in the opposition Labour Party before leaving for Beijing and that he was optimistic about finding common ground.

Hammond, speaking on the sidelines of a summit on China’s Belt and Road initiative in Beijing, said talks with Labour aimed at finding a way forward on Brexit had not stalled.

“I’m optimistic that we will find common ground,” he said. “Both sides have got clear positions and both sides will have to compromise in order to reach an agreement.”

Hammond added that he absolutely did not favor a no deal exit from the European Union.

(Reporting by Ben Blanchard; editing by Darren Schuettler)

Source: OANN

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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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