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U.S. Renewable Fuel Standard is not working: Marathon CEO

A gas pump advertises E85 ethanol fuel in Des Moines
A fuel pump at a gas station in Des Moines advertises E85 ethanol fuel, December 6, 2007. REUTERS/Jason Reed

March 12, 2019

HOUSTON (Reuters) – The U.S. Renewable Fuel Standard (RFS) laws are not working and there is an “opportunity for a reset” of the standard in Washington, Marathon Petroleum Corp Chief Executive Gary Heminger said on Tuesday.

The RFS requires refineries to blend fuels with ethanol to reduce pollution, or pay for credits to subsidize those that do that blending.

Heminger, who leads the largest U.S. crude oil refiner, said that the standard has caused very volatile prices for those credits, and that it needs reform.

The Trump Administration has attempted to reform the standard, but has maintained much of the existing framework of the law due to support from corn producers in Iowa and other farming states.

Heminger said U.S. refiners already rely on ethanol to boost octane in gasoline.

“We need the octane,” he said. “Ethanol is a great source of octane. Ethanol shouldn’t be mandated.”

Speaking at the CERAWeek conference in Houston, Heminger said the switch to ultra-low sulfur diesel fuel for ships scheduled for Jan. 1, 2020 would not be a shock to the global oil refining industry.

Heminger said he expected U.S. refiners would begin building an inventory of the new maritime diesel fuel by the middle of 2019 to prepare for the change in marine fuel mandated by the International Maritime Organization (IMO).

“We’re compliant,” Heminger said of the U.S. refining industry. “The global refining industry is ready to meet demand” for IMO.

The IMO 2020 fuel will drop sulfur content from no more than 3.5 percent to no more than 0.5 percent.

Marathon became the largest U.S. refiner in October when it merged with Andeavor creating a company with 3 million barrels per day of crude oil processing capacity.

“I would expect there would be some consolidation in the industry, Heminger said.

The biggest question is what will happen to the three refineries owned by Citgo Petroleum Corp, a subsidiary of Venezuela’s troubled national oil company, Petroleos de Venezuela SA (PDVSA), he said.

Marathon has no interest in acquiring the Citgo refineries, Heminger said.

The company does expect to successfully conclude contract talks with workers at its Galveston Bay Refinery in Texas City, Texas, which was the site of a bitter five-month strike in 2015.

“That’s a great workforce” he said.

(Reporting by David Gaffen and Erwin Seba; editing by Marguerita Choy)

Source: OANN

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German cabinet approves spending hike without new debt

Finance Minister Olaf Scholz addresses a news conference to present the budget plans for 2019 and the upcoming years in Berlin
Finance Minister Olaf Scholz addresses a news conference to present the budget plans for 2019 and the upcoming years in Berlin, Germany March 20, 2019. REUTERS/Fabrizio Bensch

March 20, 2019

BERLIN (Reuters) – The German cabinet on Wednesday passed a draft budget for 2020 that calls for a 1.7 percent spending hike and relies on ministries to cut costs to avoid new debt in light of an economic slowdown, a government official said on Wednesday.

Finance Minister Olaf Scholz’s fiscal room for maneuver is getting tighter because tax revenues are likely to come in lower than expected this year as exporters are hit by weaker foreign demand, trade disputes and Brexit uncertainty.

A government official said that the cabinet approved Scholz’s draft budget plan for 2020 and the mid-term financial planning until 2023.

The draft foresees spending of 362.6 billion euros, but sources have said ministries will have to identify total spending cuts of 625 million euros each year, with program delays and other measures to contribute additional savings.

The draft budget foresees a further increase in military spending in 2020 but does not provide a plan for how to reach the NATO target of spending 2 percent of economic output on defense in the years beyond.

Military spending would rise by 2.1 billion euros over a previous plan for 2020, boosting the share of defense spending to 1.37 percent of gross domestic product from 1.25 percent in 2018 and 1.3 percent this year.

The military budget is slated to rise to 45.1 billion euros in 2020 from planned spending of 43.2 billion this year. But the share of military spending would drop back to 1.25 percent in 2023, with any further spending increases to be negotiated year by year, sources have said.

(Reporting by Michael Nienaber; Editing by Madeline Chambers)

Source: OANN

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Dem Bill Would Instruct IRS to Create Free Online Tax-Filing Service

Democrats in the House and Senate have reintroduced legislation to direct the Internal Revenue Services to create a free tax-filing service available to the public online, The Hill reports.

Sen. Elizabeth Warren, D-Mass., a candidate for president in 2020, is a lead sponsor of the Senate bill, the Tax Filing Simplification Act.

"Taxpayers waste too many hours and hundreds of dollars on tax preparation each year, which disproportionately burdens low-income and minority taxpayers," she said in a statement. "This bill will require the IRS to offer easy, free, online tax-filing for all taxpayers. This is a simple idea with a long history of support from both Republicans and Democrats, and it's time to make it a reality."

Her fellow presidential candidates Sens. Bernie Sanders, I-Vt., and Cory Booker, D-N.J., joined her and other senators in offering the bill. Reps. Brad Sherman, D-Calif., Tim Ryan, D-Ohio, Alexandria Ocasio-Cortez, D-N.Y., Katie Hill, D-Calif., joined to reintroduce the House bill.

"Millions of Americans each year who are eligible for cash refunds like the Earned Income Tax Credit don't claim them -- either because tax filing is too complicated, or they don't know they're eligible," said Adam Ruben, the director of Economic Security Project Action. "This creates a system where only the wealthiest Americans can afford to take advantage of the tax breaks and deductions available to them. Senator Warren's Tax Filing Simplification Act is a commonsense improvement that would make tax filing easier and more fair, and mean millions more hardworking Americans will get the refunds like the EITC they're entitled to."

Source: NewsMax Politics

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UBS Wealth closes U.S. equity overweight, favors emerging stocks

Mark Haefele, Global Chief Investment Officer of UBS Wealth Management attends the Reuters Investment Summit
FILE PHOTO: Mark Haefele, Global Chief Investment Officer of UBS Wealth Management attends the Reuters Investment Summit, London, Britain, November 16, 2017. REUTERS/Paul Hackett

April 18, 2019

(Reuters) – UBS Global Wealth Management has closed its overweight position in U.S. equities and shifted to an overweight in emerging market and Japanese stocks, it said on Thursday.

UBS Global Wealth Management chief investment officer Mark Haefele said also that the firm preferred the euro over the Swiss franc and Norwegian crown versus the Canadian dollar.

(Reporting by Sujata Rao and Tom Arnold)

Source: OANN

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Bulgarian ruling party scraps election code revisions after opposition walkout

European Union leaders summit in Brussels
Bulgarian Prime Minister Boyko Borisov arrives at a European Union leaders summit in Brussels, Belgium December 14, 2018. REUTERS/Piroschka Van De Wouw

February 18, 2019

By Angel Krasimirov

SOFIA (Reuters) – Bulgaria’s ruling center-right party GERB on Monday dropped plans to revise the election code after they prompted the main opposition Socialist Party (BSP) to walk out of parliament.

The BSP said on Sunday that fair elections could not be guaranteed in Bulgaria following the revisions, voted through after a marathon, 14-hour session last Thursday.

The move by the BSP, which holds 79 of the 240 seats in parliament, threatened to undermine the assembly’s ability to pass legislation by making it harder to reach a quorum.

The amendments would have raised the threshold for preferential voting in elections, widened the use of machine voting as opposed to paper ballots, and changed the way the election commission operates.

Prime Minister Boyko Borisov, whose GERB party has 95 seats, said a new election commission would be formed “in a clear and transparent way” before the European Parliament elections in May.

The BSP, heir to Bulgaria’s once-mighty Communist Party, reacted cautiously to Borisov’s announcement.

“You will only see us back in the chamber when we have seen real action by GERB,” said BSP deputy Tasko Ermenkov.

(Reporting by Angel Krasimirov; Editing by Gareth Jones)

Source: OANN

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Iraq PM says country could take non-Iraqi IS detainees from Syria

FILE PHOTO: Iraq's Prime Minister Adel Abdul Mahdi speaks during the opening of Baghdad International Fair
FILE PHOTO: Iraq's Prime Minister Adel Abdul Mahdi speaks during the opening of Baghdad International Fair, Iraq November 10, 2018. REUTERS/Thaier al-Sudani /File Photo

February 26, 2019

BAGHDAD (Reuters) – Iraq could help transfer non-Iraqi Islamic State detainees held by the Syrian Democratic Forces (SDF) in Syria, Prime Minister Adel Abdul Mahdi said on Tuesday.

Iraq will either help repatriate those citizens to their home countries, or prosecute on its own those suspected of having committed crimes, he said at his weekly news conference.

“Some countries could ask Iraq to help to transfer some of her Daesh citizens to the other country, like France for example,” Abdul Mahdi said, using the Arabic acronym for Islamic State. “Iraq might help, would help, helped to transfer those people to their country. It is one battle and Iraq should fulfill its duties and obligations.”

“Fighters belonging to Daesh from other countries that their states, their countries refuse to receive – how should we deal with that?” he asked.

“Each case we should study the names, whether they participated in terrorist acts in Iraq. Then they could be judged by Iraqi tribunals.”

Earlier in the press conference, the prime minister specified that Iraq would not receive from Syria foreign fighters whose home countries refused to take back from Iraq.

The comments came one day after Iraqi President Barham Salih said that 13 Islamic State detainees who were transferred to Iraq last week from the Syrian Democratic Forces would be tried in Iraq. [nL5N20K52I]

Two Iraqi military sources told Reuters on Sunday that the U.S.-backed SDF handed over 14 French and six non-Iraqi Arab Islamic detainees last week. [nL5N20J11D]

The fate of foreign detainees in SDF custody has become more pressing in recent weeks as U.S.-backed fighters planned an assault to capture the last remnants of the group’s self-styled caliphate. [nL5N20L5KE]

The militant group still poses a threat in Iraq and some western officials believe that Islamic State’s leader, Abu Bakr al-Baghdadi, may still be hiding in the area.

“We will deal with the case because if we don’t, then they can use a 600 km (372.82 miles)border with Syria and infiltrate once again in Iraq. So it’s a case that really concerns us, worries us and we have to deal with it,” Abdul Mahdi said.

(Reporting by Ahmed Rasheed in Baghdad and Raya Jalabi in Erbil; Writing by Raya Jalabi; Editing by Richard Chang)

Source: OANN

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Voters to narrow wide-open field of Chicago mayoralty candidates

FILE PHOTO: Chicago Mayor Rahm Emanuel speaks during an interview at City Hall in Chicago
FILE PHOTO: Chicago Mayor Rahm Emanuel speaks during an interview at City Hall in Chicago, Illinois, U.S. June 14, 2017. REUTERS/Joshua Lott/File Photo

February 26, 2019

By Suzannah Gonzales

CHICAGO (Reuters) – Chicago voters head to the polls on Tuesday to choose a new mayor in an election expected to lead to an April runoff to determine who will lead the third-largest U.S. city, which has struggled with crime and racial divisions.

Rahm Emanuel, the mayor since 2011 and previously White House chief of staff to former U.S. President Barack Obama, threw the race wide open in September with a surprise announcement that he would not seek a third term.

That led political newcomers as well as well-known names like William Daley, 70, the son and brother of two previous Chicago mayors and former U.S. commerce secretary who succeeded Emanuel as Obama’s chief of staff, to enter the race.

The racially diverse field of 14 is the largest of any Chicago mayoral election, said Jim Allen, Chicago Election Board spokesman. If no candidate receives a majority, the top two vote-getters will face off in a runoff on April 2, he said.

Emanuel faced calls to resign after a video of the fatal police shooting of black teenager Laquan McDonald was released more than a year after the 2014 incident. Ongoing police reform efforts loom large over the vote, with national implications.

President Donald Trump has criticized reforms like mandatory federal oversight of the Chicago Police Department, warning of a “crime spree” in what was historically one of the most violent cities in the United States. Chicago saw its murder rate fall in 2017 and 2018.

White former Chicago police officer Jason Van Dyke was sentenced in January to nearly seven years in prison for murdering McDonald in a landmark case that highlighted the city’s racial tensions.

Lori Lightfoot, 56, a former federal prosecutor who has been prominent in the reform debate as Chicago Police Board president, is running. So is Garry McCarthy, 59, former Chicago police superintendent whom Emanuel fired after the video was released.

Other candidates include Illinois Comptroller Susana Mendoza, 46, and Toni Preckwinkle, 71, Cook County board president. Amara Enyia, 35, was little known until musician Chance the Rapper endorsed her.

“We’re all predicting there’s going to be a runoff,” Northwestern University political science professor Jaime Dominguez said in a phone interview.

Dominguez expects a second round with Daley and Preckwinkle, the two candidates he said had the most money. “From there, it could be a toss-up,” he said.

The next Chicago mayor will also inherit a $28 billion unfunded pension liability and escalating contributions to the city’s four retirement systems that will top $2 billion starting in 2023. The debt-dependent and junk-rated Chicago Public Schools, the nation’s third-largest system, is also a mayoral responsibility.

(Reporting by Suzannah Gonzales in Chicago; Additional reporting by Karen Pierog in Chicago; Editing by Caroline Stauffer and Peter Cooney)

Source: OANN

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FILE PHOTO: Chevron's Michael Wirth speaks at Gastech, the world's biggest expo for the gas industry, in Chiba
FILE PHOTO: Chevron’s Michael Wirth speaks at Gastech, the world’s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai

April 26, 2019

HOUSTON (Reuters) – Chevron Corp on Friday pushed back at the potential for a rival to break up its $33 billion deal for Anadarko Petroleum Corp, saying the two companies had already begun meetings on a merger plan.

Occidental Petroleum on Thursday sought to scuttle the proposed deal, submitting a higher, $38 billion cash-and-stock offer for Anadarko. Anadarko’s board said on Thursday it would evaluate the new proposal.

“I’ll just remind everyone that we’ve got a signed deal that has been approved by both boards and we’ve moving forward with integration planning,” said Chevron Chief Executive Michael Wirth on a conference call with analysts. He said a “sizeable” group of employees had already met.

Wirth declined to say whether Chevron would raise its offer in light of Occidental’s higher bid. Chevron has the ability revise the structure of its 75 percent stock, 25 percent cash bid, Chevron finance chief Pierre Breber said on the same call. “We could put more cash in if that’s what Anadarko wanted to do,” he said.

(Reporting by Gary McWilliams; Editing by James Dalgleish)

Source: OANN

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FILE PHOTO: Naqvi Founder and Group Chief Executive of Abraaj Group attends the annual meeting of the WEF in Davos
FILE PHOTO: Arif Naqvi, Founder and Group Chief Executive of Abraaj Group attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 17, 2017. REUTERS/Ruben Sprich/File Photo

April 26, 2019

By Tom Arnold

LONDON (Reuters) – A London court case to extradite Arif Naqvi, founder of collapsed private equity firm Abraaj Group, to the United States on fraud charges was adjourned until May 24, a court official said on Friday.

Naqvi was remanded in custody until that date, the official said. A former managing partner of Dubai-based Abraaj, Sev Vettivetpillai, was released on conditional bail to appear again at Westminster Magistrates Court on June 12, the official said.

Under the U.S. charges, both men are accused of defrauding U.S. investors by inflating positions held by Abraaj in order to attract greater funds from them, causing them financial loss, the official said.

Vettivetpillai could not be reached for a comment.

Naqvi, in a statement released through a PR firm, has pleaded innocent.

The U.S. Securities and Exchange Commission alleges that Naqvi and his firm raised money for the Abraaj Growth Markets Health Fund, collecting more than $100 million over three years from U.S.-based charitable organizations and other U.S. investors.

Naqvi and Vettivetpillai were arrested in Britain earlier this month. Another executive, Mustafa Abdel-Wadood was arrested at a New York hotel, Assistant U.S. Attorney Andrea Griswold said at a hearing in Manhattan federal court on April 11.

Abdel-Wadood appeared at the Manhattan hearing and pleaded not guilty to securities fraud, wire fraud and conspiracy charges.

(Editing by Jane Merriman)

Source: OANN

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Former Vice President Joe Biden announces his 2020 candidacy
Former U.S. Vice President Joe Biden announces his candidacy for the Democratic presidential nomination in this still image taken from a video released April 25, 2019. BIDEN CAMPAIGN HANDOUT via REUTERS ATTENTION EDITORS – THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. NO RESALES. NO ARCHIVES

April 26, 2019

By James Oliphant

WASHINGTON (Reuters) – Former U.S. Vice President Joe Biden, in his first interview as a Democratic presidential candidate, said on Friday that he does not believe he treated law professor Anita Hill badly during the 1991 confirmation hearings for Supreme Court Justice Clarence Thomas.

Biden had joined the burgeoning 2020 Democratic field a day earlier.

Biden’s conduct during those hearings, when he was chairman of the U.S. Senate Judiciary Committee, became a renewed subject of controversy after the New York Times reported that Biden had called Hill earlier this month in the run-up to his presidential bid and that Hill was dissatisfied with Biden’s expression of regret.

Appearing on ABC’s “The View,” Biden largely defended his actions as a senator almost 30 years ago, saying he believed Hill’s allegations of sexual harassment levied at Thomas and tried to derail his confirmation.

Activists have long been unhappy that Hill was questioned in graphic detail by the all-white, all-male committee chaired by Biden.

“I’m sorry she was treated the way she was treated,” Biden said, but later, he asserted, “I don’t think I treated her badly. … How do you stop people from asking inflammatory questions?”

“There were a lot of mistakes made across the board and for those I apologize,” he said.

Biden praised Hill as “remarkable” and said she is “one of the reasons we have the #MeToo movement.”

Asked why he had not reached out to Hill earlier, Biden said he had previously publicly stated he had regrets about her treatment and that he “didn’t want to quote invade her space.”

That seemed to be a reference to another controversy that looms over Biden’s presidential run: allegations by several women that he made them uncomfortable by touching them at political events.

Biden also addressed that criticism, saying he was now more “cognizant” about a woman’s “private space.” But he maintained that he had been “trying to bring solace.”

He suggested he was still trying to sort out the guidelines for his conduct going forward.

“I should be able to read better,” he said. “I have to be more careful.”

Pressed by the show’s panel for an apology to his accusers, Biden would not entirely capitulate.

“So, I invaded your space,” he replied. “I mean, I’m sorry this happened. But I’m not sorry in a sense that I think I did anything that was intentionally designed to do anything wrong or be inappropriate.”

Biden, 76, served as former President Barack Obama’s vice president for two terms. He is competing with 19 others for the Democratic presidential nomination and the chance to likely face President Donald Trump next year in the general election.

His first public event as a presidential candidate is scheduled for Monday in Pittsburgh.

(Reporting by James Oliphant; editing by Jonathan Oatis)

Source: OANN

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FILE PHOTO: The logo of Tesla is seen in Taipei
FILE PHOTO: The logo of Tesla is seen in Taipei, Taiwan August 11, 2017. REUTERS/Tyrone Siu/File Photo

April 26, 2019

By Noel Randewich

SAN FRANCISCO (Reuters) – Tesla Inc’s stock slumped over 4% on Friday to its lowest price in two years, rounding out a rough week that included worse-than-expected quarterly results and a pitch by Chief Executive Elon Musk on autonomous cars that failed to win over investors.

With investors betting Tesla will soon raise capital, the stock has fallen 13% for the week to its lowest level since January 2017, before the launch of the Model 3 sedan aimed at making the electric car maker profitable.

One positive development for Tesla: a U.S. District Court judge on Friday granted a request by Musk and the Securities and Exchange Commission for a second extension to resolve a dispute over Musk’s use of Twitter.

On Wednesday, Tesla posted a worse-than-expected loss of $702 million for the March quarter. Musk said Tesla would return to profit in the third quarter and that there was “some merit” to raising capital.

Musk is still battling to convince investors that demand for the Model 3, the company’s first car aimed at the mass consumer market, is “insanely” high, and that it can be delivered efficiently to customers around the world.

Tesla ended its first quarter with $2.2 billion, down from $3.7 billion in the prior quarter, and the company is planning expansions including a Shanghai factory, an upcoming Model Y SUV, and other projects.

(GRAPHIC: Tesla’s cash – https://tmsnrt.rs/2DyJjX6)

On Monday, Musk hosted a self-driving event, where he predicted Tesla would have over a million autonomous vehicles by next year. Some analysts perceived the presentation as a way to deflect attention from questions about demand, margin pressure, increasing competition and even Musk’s ongoing battle with U.S. regulators.

Tesla’s stock has now fallen 29 percent in 2019 and the company’s market capitalization has declined to $41 billion from $63 billion in mid-December.

(GRAPHIC: Tesla’s declining market cap – https://tmsnrt.rs/2Dwd62r)

Analysts now expect Tesla’s revenue to expand 19% in 2019, compared with 83% growth in 2018 and 68% growth in 2017, according to Refinitiv.

Following Tesla’s quarterly report, 12 analysts recommend selling the stock, while 11 recommend buying and eight are neutral. The median analyst price target is $275, up 16% from the stock’s current price of $236. Berenberg analyst Alexander Haissl has the most optimistic price target, at $500, while Cowen and Company’s Jeffrey Osborne has the lowest, at $160, according to Refinitiv.

(Reporting by Noel Randewich; editing by Jonathan Oatis)

Source: OANN

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Former CIA Director John Brennan pushed back Friday on President Trump’s charge that he knew about or participated in an attempt to overthrow the American government.

“I don’t think it’s surprising at all that we continue to hear the sociopathic ramblings of Mr. Trump claiming that there was this effort to try to prevent him from being elected or to unseat him,” he told MSNBC’s Hallie Jackson.

Brennan was reacting to comments Trump made during an interview with Sean Hannity on Thursday night.

Trump specifically criticized Brennan, along with former Director of National Intelligence James Clapper, former FBI Director James Comey, and former Deputy FBI Director Andrew McCabe, in the fiery interview.

ROSENSTEIN SLAMS OBAMA ADMINISTRATION FOR CHOOSING ‘NOT TO PUBLICIZE FULL STORY’ OF RUSSIA HACKING

His comments followed the release of Special Counsel Robert Mueller‘s report which stopped short of accusing the president of either obstruction of justice or collusion with Russia.

Brennan added he welcomed further investigation into his and other officials’ conduct while they served in government. “I’ve testified in front of Congress … Absolutely, I’ll do it again,” he said.

Brennan also disputed Sen. Rand Paul’s, R-Ky., claim that he “insisted that the unverified and fake Steele dossier be included in the Intelligence Report.”

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Journalist Bob Woodward similarly promoted the idea that the CIA pushed to include the Steele dossier in the intelligence community assessment surrounding Russian election interference.

“That’s absolutely incorrect and 180 degrees from the truth. It was CIA that was pushing not to have it included and not to be taken into account at all in that intelligence community assessment.

Source: Fox News Politics

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