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Trump Budget Will Seek Funds for Border Wall, Space Force

President Donald Trump will be making a significant request for border wall funds and seeking money to stand up Space Force as a new branch of the military in the White House budget being released next week, an administration official said Friday.

For the first time, Trump plans to stick with the strict spending caps imposed years ago, even though lawmakers have largely avoided them with new budget deals. That will likely trigger a showdown with Congress.

The official said the president's plan promises to balance the budget in 15 years.

Trump will seek $750 billion for defense, while cutting non-defense discretionary spending by 5 percent, said the official, who was unauthorized to discuss the document ahead of its release and spoke on condition of anonymity

Budgets are mainly seen as blueprints for White House priorities. But they are often panned on Capitol Hill, where lawmakers craft the appropriation bills that eventually fund the government, if the president signs them into law.

Trump's budget for the 2020 fiscal year will increase requests for some agencies while reducing others to reflect those priorities. Reductions are proposed, for example, for the Environmental Protection Agency.

The official said Congress has ignored the president's spending cuts for too long. The federal budget is bloated with wasteful spending, the official said, and the administration remains committed to balancing the budget.

By proposing spending levels that adhere to budget caps, the president is courting a debate with Congress. Lawmakers from both parties have routinely agreed to raise spending caps established by a previous deal years ago to fund the government.

Trump, though, has tried to resist those deals. He threatened to veto the last one reached in 2017 to prevent a shutdown. Late last year, a fight over border wall funds sparked the 35-day shutdown that spilled into this year and became the longest in history.

Source: NewsMax Politics

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Vermont high school to raise Black Lives Matter flag

A Vermont public school board has voted to fly the Black Lives Matter flag at a high school.

The Rutland Herald reports that the Rutland City Public Schools Board of Commissioners reaffirmed the plan during a vote Tuesday.

Board member Kam Johnston says he moved to rescind the board's previous decision to raise the flag to allow for more student input and address concerns. Students at Rutland High School had initiated the effort to raise the flag and brought it to the board.

The Black Lives Matter flag will fly at the school for 400 days starting April 12 to mark 400 years since the British slave trade started in the Americas.

People opposed to flying the flag say the board shouldn't be taking a political stance and that the flag may be divisive.

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Information from: Rutland Herald, http://www.rutlandherald.com/

Source: Fox News National

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Senator Elizabeth Warren backs reparations for black Americans

U.S. Senator Elizabeth Warren speaks at a rally to launch her campaign for the 2020 Democratic presidential nomination in Lawrence
FILE PHOTO: U.S. Senator Elizabeth Warren (D-MA) speaks at a rally to launch her campaign for the 2020 Democratic presidential nomination in Lawrence, Massachusetts, U.S., February 9, 2019. REUTERS/Brian Snyder

February 21, 2019

By Ginger Gibson

WASHINGTON (Reuters) – U.S. Senator Elizabeth Warren, who is running for the Democratic presidential nomination, supports the federal government issuing reparations to black Americans who were economically affected by slavery, she said on Thursday.

“We must confront the dark history of slavery and government-sanctioned discrimination in this country that has had many consequences including undermining the ability of Black families to build wealth in America for generations,” Warren, who is white, said in a statement to Reuters.

She pointed to a bill she has introduced in Congress that would provide help to minorities in making a down payment on a home.

“Black families have had a much steeper hill to climb – and we need systemic, structural changes to address that,” she said in the statement.

Warren first made similar comments on Thursday to the New York Times.

She is competing in a crowded field of Democrats hoping to be their party’s pick to challenge Republican President Donald Trump in the November 2020 election.

U.S. Senator Kamala Harris also recently said she would support some form of reparations.

Previous Democratic Party leaders have declined to support reparations for African-Americans, including former President Barack Obama and Hillary Clinton.

Issuing reparations to all living people who are descendents of slaves or who have suffered from the ills of racial discrimination targeted at black people has been estimated to cost trillions of dollars.

The United States waged a civil war from 1861 to 1865 over legal slavery. The practice was abolished in most states in 1863 and completely at the end of the war and with the ratification of the Thirteenth Amendment to the U.S. Constitution in 1865.

The U.S. federal government has never approved reparations.

A 2016 poll by Marist College commissioned by WGBH radio station in Boston found that 68 percent of Americans do not think reparations should be paid to the descendents of slaves, compared with 26 percent who said they should. Among African-Americans, 58 percent support paying reparations and 35 percent oppose them.

(Reporting by Ginger Gibson; Editing by Dan Grebler)

Source: OANN

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EU leaders agree to short-term Brexit delay, granting PM Theresa May a lifeline

European Union leaders on Thursday night agreed to a short-term Brexit extension in order to allow British Prime Minister Theresa May more time to get her withdrawal agreement through Parliament -- just a week before Britain was scheduled to leave the bloc.

Britain was due to leave the E.U. on March 29 without a deal after the withdrawal agreement May negotiated with E.U. leaders in 2018 was shot down for the second time by lawmakers last week -- hurling Britain into a full-blown political crisis and leaving May scrambling for a solution to implement the result of the 2016 referendum.

TRUMP BACKS BREXIT BY PROMISING A 'LARGE SCALE TRADE DEAL' WITH UK

May’s government, as well as business leaders and pro-Remain politicians, have warned that leaving without a deal would cause chaos at ports, and lead to food and medicine shortages across the country. More pro-Brexit MPs have insisted that those alleged perils are overblown.

May is expected to put her deal again to Parliament next week, hoping that concessions that she has made to her Northern Irish coalition partner the Democratic Unionist Party (DUP) will persuade them to back her deal and in turn convince the hardline Brexiteers in her own party to back her deal as a result.

To get more time to get lawmakers on her side, and to allow for the technical details of the deal through Parliament, she traveled to Brussels with a request of a delay until June 30.

The European Council, which consists of the leaders of the E.U.’s member states, had appeared skeptical of giving any delay without a firm plan, but on Thursday night announced they had agreed to a pause until May 22 -- although that is conditional on British lawmakers approving the deal next week.

UK LAWMAKERS REJECT 'NO DEAL' BREXIT, TAKE STEP CLOSER TO DELAYING DEPARTURE

If May is unsuccessful in getting her deal through Parliament, then that delay will only be until April 12, where lawmakers will then face the choice of either leaving without a deal, approving some sort of new or alternative deal, or revoking Article 50 -- the mechanism that triggers Britain’s departure from the bloc.

"What this means in practice is that until that date all options will remain open and the cliff-edge date will be delayed," European Council President Donald Tusk said in a press conference.

May used her remarks at a second press conference to focus on rallying MPs back home to her deal, urging them to pass the legislation.

“I know MPs on all sides of the debate have passionate views and I respect those different positions,” she said. “I hope we can all agree we are now at the moment of decision and I will make every effort to ensure we are able to leave with a deal and move our country forward.”

May has ruled out revoking Article 50, and has said that doing so -- in order to go back to the public with a second referendum -- would risk undermining the British public’s trust in democracy.

"I don’t believe that’s what you want and it is not what I want," May said in a televised speech from 10 Downing Street Wednesday night. "We asked you the question already and you gave us your answer. Now, you want us to get on with it."

If there had been a longer delay, it would have required Britain taking part in the European Parliament elections in May, something that it appears neither the British government nor E.U. leaders want to happen. May has also faced pressure to either resign or hold a general election as a way to break the deadlock in Parliament.

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It is far from clear that May’s deal will muster enough votes to pass, having been rejected 391-242 just this month. That vote came just two months after it was shot down 432-202 in January -- the largest defeat for a prime minister in the history of the House of Commons.

While many on the left in Parliament oppose leaving the E.U. altogether and want a second referendum instead, much of the opposition to the deal from the right and the DUP comes from concern over the “backstop” -- a safety net by which the U.K. temporarily remains in a customs union until a trade deal in secured, so as to avoid a hard border between Ireland and Northern Ireland.

Critics have pointed to the lack of a unilateral exit mechanism in the backstop as evidence that it could lead to Britain never leaving the bloc, or being forced to accept unfavorable trading terms.

May announced earlier this month that she had secured "legally binding" changes to the agreement to prevent a permanent backstop, but it was not enough to get the deal through. The government is hoping that the new assurances to the DUP bring its lawmakers on board and that the risk of no Brexit at all begins to move more pro-Brexit MPs to reluctantly back the deal.

Even if the government whips up enough votes, the deal may not even be put before Parliament. Speaker John Bercow warned on Monday that he would not allow legislation that was “substantially the same” as that that had been rejected by Parliament twice already.

Source: Fox News World

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Trump says trade talks with China going ‘very well’

FILE PHOTO: U.S. President Donald Trump participates in briefing on southern U.S. border in the Roosevelt Room at the White House in Washington
FILE PHOTO: U.S. President Donald Trump participates in a briefing on "drug trafficking on the southern border" in the Roosevelt Room at the White House in Washington, U.S., March 13, 2019. REUTERS/Jonathan Ernst

March 19, 2019

WASHINGTON (Reuters) – President Donald Trump said on Tuesday that U.S. trade talks with China were going well as two top American officials reportedly plan a visit to China next week for a fresh round of talks.

U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin expect to fly to Beijing the week of March 25 to meet with Chinese Vice Premier Liu He, who will pay a return trip to Washington the following week, the Wall Street Journal said, citing Trump administration officials.

Talks between China and the United States are in the final stages, with a target date for a deal by the end of April, according to the report.

“China’s going very well. Talks with China are going very well,” Trump said in response to a shouted question at the end of his White House news conference with Brazilian President Jair Bolsonaro.

Washington and Beijing have slapped import duties on each other’s products that have cost the world’s two largest economies billions of dollars, roiled markets and disrupted manufacturing and supply chains.

Representatives of the U.S. Treasury and Office of the U.S. Trade Representative could not be immediately reached for comment. The White House had no immediate comment.

(Reporting by Roberta Rampton; Writing by Doina Chiacu; Editing by Rosalba O’Brien and Grant McCool)

Source: OANN

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Court rules House of Representatives can bar secular prayer from atheist

A D.C. federal appeals court ruled Friday that the House of Representatives does not have to allow a self-described atheist to deliver secular prayers.

The Good Friday ruling concerned efforts by Dan Barker, co-president of the Freedom from Religion Foundation, to pray in the House chamber as a guest chaplain -- only to be turned down by Father Patrick Conroy, the House chaplain.

PENNSYLVANIA LAWMAKER DEFENDS CONTROVERSIAL PRAYER 

The court, however, sided with Conroy in determining the House was in its right to require prayers be religious in nature.

“We could not order Conroy to allow Barker to deliver a secular invocation because the House permissibly limits the opening prayer to religious prayer. Barker has therefore failed to state a claim for which relief can be granted,” the opinion stated.

Article I, Section 5 of the Constitution declares that both the House and Senate “may determine the rules of its proceedings.”

Barker had alleged that Conroy rejected him “because he is an atheist.” But the court determined that while that may be true, the House requirement that prayers be religious holds weight.

“In other words, even if, as Barker alleges, he was actually excluded simply for being an atheist, he is entitled to none of the relief he seeks,” the opinion said.

CLICK HERE FOR THE FOX NEWS APP 

The tradition of House and Senate prayers goes back to 1789.

The House and Senate both begin their legislative days with a religious invocation, frequently delivered by Conroy and his Senate counterpart Barry Black.

Fox News’ Bill Mears contributed to this report.

Source: Fox News Politics

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Man accused of killing girlfriend, family pleads not guilty

A man accused of killing his girlfriend, her family and his parents in Louisiana has pleaded not guilty. Prosecutors say they're seeking the death penalty.

News outlets report 21-year-old Dakota Theriot entered the pleas Monday to three counts of first-degree murder in the deaths of his girlfriend, Summer Ernest; her father, Billy Ernest; and her brother, Tanner Ernest.

Authorities say Theriot shot the Ernests in Livingston Parish, then his parents, Elizabeth and Keith Theriot, in Ascension Parish. He was arrested in Virginia . The five slayings happened in January.

Livingston Parish District Attorney Scott Perrilloux says he considered reports that Theriot is mentally ill, but ultimately nothing convinced prosecutors not to seek his execution. Perrilloux expects an insanity defense.

Theriot hasn't been indicted yet in Ascension Parish. His lawyer declined to comment to The Advocate .

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Information from: The Advocate, http://theadvocate.com

Source: Fox News National

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FILE PHOTO: An aerial photo looking north shows shipping containers at the Port of Seattle and the Elliott Bay waterfront in Seattle
FILE PHOTO: An aerial photo looking north shows shipping containers at the Port of Seattle and the Elliott Bay waterfront in Seattle, Washington, U.S. March 21, 2019. REUTERS/Lindsey Wasson/File Photo

April 26, 2019

NEW YORK (Reuters) – U.S. economic growth is running at a 1.1% pace in the second quarter as the gains in exports and inventories recorded in the first quarter are expected to reverse, Morgan Stanley economists said on Friday.

“Our preliminary expectations for growth in the second quarter sees large drags from net exports and inventories after their contributions in 1Q,” they wrote in a research note.

Gross domestic product increased at a 3.2% annualized rate in the first three months of the year, driven by a smaller trade deficit and the largest accumulation of unsold merchandise since 2015, the Commerce Department said earlier Friday.

(Reporting by Richard Leong)

Source: OANN

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FILE PHOTO: The Deutsche Bank headquarters are pictured in Frankfurt
FILE PHOTO: The Deutsche Bank headquarters are pictured in Frankfurt, Germany, April 25, 2019. REUTERS/Ralph Orlowski/File Photo

April 26, 2019

By Tom Sims

FRANKFURT (Reuters) – Within hours of the collapse of merger talks with Commerzbank, Christian Sewing scrambled to convince investors and employees that Deutsche Bank can stand on its own two feet.

The Deutsche Bank chief executive told staff, many of whom opposed a merger because of significant job losses, that while he had not been “skeptical” about the Commerzbank talks, he was cautious about the chances of success from the start.

And another top Deutsche Bank executive said on Friday that it had been Commerzbank that initiated the talks, suggesting there was no desperation on their part for a deal.

Commerzbank denied that version of events, ending the apparent truce between the normally highly competitive cross-town Frankfurt rivals over the past six weeks.

German hopes of creating a national banking champion able to challenge global competitors were finally dashed on Thursday when Deutsche Bank and Commerzbank ended their talks due to the risks of doing a deal, restructuring costs and capital demands.

For Sewing, the failure to clinch a deal has left the 49-year-old chief executive of Germany’s largest bank, who took over just over a year ago, with his back to the wall.

Credit ratings agency Standard & Poor’s, which downgraded Deutsche Bank last year, said on Friday that Deutsche Bank “will remain under strain”, adding that it “seems to have acknowledged the need to adjust its strategy”.

Under Sewing, a new leadership has tried to revive Deutsche Bank’s fortunes, but it has faced money laundering allegations and failed stress tests, as well as ratings downgrades.

At the heart of the debate over its future is whether it should focus its business on Germany and draw a line under its costly global ambitions to take on Wall Street’s big guns.

“MARKET PLAY”

Without a deal, Deutsche Bank now finds itself back at the mercy of equity and debt markets, with UBS analysts warning that in a “stress scenario” it could again “be forced into a ‘debt-driven capital increase’ even with solid capital ratios”.

“Deutsche remains a levered market play vulnerable to external events,” the UBS analysts said in a note.

Sewing, along with many analysts, believes Deutsche Bank can go it alone in the short-term, but will be counting on a turnaround in market conditions to do so in the long-run given its dependence on volatile investment bank earnings.

“To reach our return objective, we also need to see a revenue recovery in our more market-sensitive business,” Sewing said on Friday after reporting results.

“These revenues are available to us in better market conditions given our leading positions in many of these businesses, but we need to capture them,” he added.

Revenue at Deutsche Bank’s bond trading division fell 19 percent in the first quarter, it said on Friday, underscoring weakness at its investment bank.

If those earnings do not improve, Berlin’s desire to keep its biggest bank out of foreign hands may start to wane.

“Germany’s globally active companies need competitive financial institutions that can support them around the world,” German finance minister Olaf Scholz said on Thursday.

(Writing by Alexander Smith; Editing by Keith Weir)

Source: OANN

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Panama's former president Ricardo Martinelli yells to the media while arriving to the Electoral Court in Panama City
Panama’s former president Ricardo Martinelli reacts to the media while arriving to the Electoral Court in Panama City, Panama April 26, 2019. REUTERS/Erick Marciscano

April 26, 2019

PANAMA CITY (Reuters) – Panama’s electoral tribunal has ruled that former President Ricardo Martinelli, who is awaiting trial on wiretapping charges, cannot take part in elections on May 5 in which he was running for mayor of Panama City and a seat in Congress, a spokesman for Martinelli said on Friday.

“The ruling of the electoral tribunal has disqualified him as candidate,” said the spokesman, Eduardo Camacho, calling the court’s ruling a “political decision.”

Officials at the tribunal did not immediately confirm the ruling, which also was reported in local media in Panama.

Martinelli, a supermarket tycoon who ran the Central American country from 2009 to 2014, was extradited to Panama last June from the United States and charged with spying on 150 people, including politicians, union leaders and journalists.

A judge had previously cleared Martinelli to run for mayor of the capital. His critics vowed to appeal that decision.

(Reporting by Elida Moreno and Stefanie Eschenbacher; Editing by Bill Trott)

Source: OANN

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FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City
FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, January 29, 2016. REUTERS/Mike Segar/File Photo

April 26, 2019

(Reuters) – Shares of Walmart, Target and other U.S. retailers fell on Friday as Amazon.com Inc unveiled a one-day delivery plan for its Prime members in a move to further disrupt the fiercely competitive retail landscape.

The e-commerce giant’s announcement on Thursday could cause other brands, manufacturers, retailers, and logistics companies to have to invest more aggressively to compete with Amazon and its delivery, analysts said.

Retailers in recent years have poured billions into ecommerce and faster shipping options and are trying to close the gap with Amazon.

“This is about making it more expensive to catch up and affirms our world view that only the largest and smartest will survive,” Bernstein analyst Brandon Fletcher said.

The move is expected to heighten consumer expectations on e-commerce delivery just like Amazon did with its two-day shipping option for members of its loyalty club Prime, noted analysts.

“The faster you ship, the more people buy,” RBC Capital Markets analyst Mark Mahaney said.

The challenge for non-Amazon players was that very few of the existing logistics and parcel delivery players now have the ability to do nationwide one-day delivery, Morgan Stanley analyst Brian Nowak said.

“And even fewer can do it at the vast scale and reasonable cost that AMZN would need for Prime delivery,” Nowak said in a note.

Walmart Inc’s shares fell about 3 percent, while Target Corp dropped about 5 percent in morning trade.

Shares of Kohl’s Corp, Macy’s Inc and Nordstrom Inc fell about 1 percent. Grocer Kroger Co was nearly 3 percent lower, while consumer electronics retailer Best Buy Inc dropped 2.1 percent.

(Reporting by Soundarya J and Akanksha Rana in Bengaluru; Editing by Maju Samuel)

Source: OANN

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A Chinese woman adjusts a Chinese national flag next to U.S. national flags before a Strategic Dialogue expanded meeting, part of the U.S.-China Strategic and Economic Dialogue (S&ED) in Beijing
A Chinese woman adjusts a Chinese national flag next to U.S. national flags before a Strategic Dialogue expanded meeting, part of the U.S.-China Strategic and Economic Dialogue (S&ED) held at the Diaoyutai State Guesthouse in Beijing, July 10, 2014. REUTERS/Ng Han Guan/Pool (CHINA – Tags: POLITICS BUSINESS)

April 26, 2019

By April Joyner

NEW YORK (Reuters) – Even as the lift from optimism over prospects for U.S.-China trade detente shows signs of wearing off for the wider U.S. stock market, upbeat sentiment around China’s economy could bolster shares of materials companies.

Shares of S&P 500 industrial and technology companies, which were buffeted by last year’s tit-for-tat tariffs as well as slowing global demand, have been very responsive to progress in U.S.-China trade relations and a strengthening Chinese economy. This year, those sectors have outpaced the ascent in the S&P 500, which reached a record closing high on Tuesday.

Materials stocks have not been as sensitive, however, even though they also stand to benefit as a stronger Chinese economy lifts global consumption and industrial output. As China has taken measures to stimulate its economy, its economic data have turned more upbeat. That in turn could aid global growth, which has flagged as a result of China’s cooldown.

“What we’re seeing is China spending more on stimulus: fiscal stimulus and monetary stimulus,” said Kristina Hooper, chief global market strategist at Invesco in New York. “That’s likely to be a positive for materials.”

The People’s Bank of China has cut banks’ reserve requirement ratio five times over the past year and is widely expected to ease policy further to spur lending and reduce borrowing costs. The stimulus appears to have boosted Chinese economic data, with factory activity growing in March for the first time in four months.

Yet so far in 2019, the S&P 500 materials index has underperformed the S&P 500 at large, rising just 11.9% compared with 16.7% for the benchmark index. Moreover, it is among the biggest decliners in the period since the S&P’s previous record closing level on Sept. 20. The materials index has fallen 7% over those seven months, versus a 5.2% gain for technology and a 3% loss for industrials. Only the energy index has dropped more over that period.

A trade agreement could serve as a catalyst for a bump in materials shares as a drag on China’s economy is lifted, some market strategists say. Some commodity prices, including those for copper and oil, have ascended this year as the prospects for the global economy have somewhat brightened.

“It all goes back to the global growth outlook,” said Andrea DiCenso, portfolio manager for alpha strategies at Loomis Sayles in Boston. “With the front run in hard data, we’re beginning to see a pretty significant rally.”

Additionally, a trade agreement is expected to include commitments from China to purchase higher quantities of U.S. products such as soybeans, which could benefit companies that make agricultural chemicals, including DowDuPont Inc and CF Industries Holdings Inc.

CF Industries is scheduled to report quarterly results after the bell on Wednesday, and DowDuPont is scheduled to report before the market open on Thursday.

To be sure, even with a trade agreement, some materials companies could face price pressures. Shares of Freeport-McMoRan Inc fell 10.1% on Thursday after the copper mining company posted a lower-than-expected profit as its production slipped and its costs rose.

A rollback of tariffs on Chinese imports, particularly aluminum and steel, would likely prompt a fall in some commodity prices, which could hurt prospects for certain materials companies, said Gene Goldman, chief investment officer at Cetera Investment Management in El Segundo, California.

Even so, those drawbacks may be outweighed by the support for global demand fostered by a U.S.-China trade agreement.

“You could see a number of companies with lowered expectations bring them back up as they talk favorably about the impact that a trade deal would have on them,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

(Reporting by April Joyner; additional reporting by Sinéad Carew; editing by Jonathan Oatis)

Source: OANN

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