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Saudi Crown Prince arrives in India amid row with Pakistan

Saudi Crown Prince Mohammed bin Salman has arrived in India after visiting Pakistan, which New Delhi blames for a suicide bombing attack last week that killed at least 40 Indian soldiers in disputed Kashmir.

Indian Prime Minister Narendra Modi greeted the crown prince at the airport.

Prince Mohammed is expected to make an effort to defuse tensions between India and Pakistan as New Delhi weighs its response to the attack.

Ties between India and Saudi Arabia, where millions of Indians are employed as migrant workers, have strengthened since Modi visited Riyadh in 2016 to sign a memorandum of understanding on cooperation with intelligence-gathering on money laundering and terrorism financing.

Trade between the two countries totaled $27.5 billion last year.

Source: Fox News World

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Qualcomm settlement with Apple paves way for Huawei dispute: analysts

A sign on the Qualcomm campus is seen, as chip maker Broadcom Ltd announced an unsolicited bid to buy peer Qualcomm Inc for $103 billion, in San Diego
FILE PHOTO: A sign on the Qualcomm campus is seen in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake

April 17, 2019

(Reuters) – Qualcomm Inc’s surprise settlement of a prolonged legal fight with Apple Inc paves the way for the chipmaker to resolve a similar dispute with China’s Huawei Technologies Co Ltd, ahead of the launch of 5G phones, several analysts said.

Shares of Qualcomm, which closed up 23 percent on Tuesday, rose another 10 percent in premarket trade on Wednesday after it signed a six-year patent license deal with Apple.

If Wednesday’s gains hold, Qualcomm would tack on more than $20 billion in market value since announcing the settlement.

The two companies had been at odds over patents and royalties over modems. While Qualcomm did not close the terms of the deal, analysts estimated that Apple withheld $5 billion, or about $2 per share, under its previous royalty payment agreement.

Qualcomm and Huawei are also fighting over the same issues.

Huawei stopped royalty payments in April 2017 and Qualcomm said in January it has signed an interim agreement with the Chinese company and is in talks for a final resolution.

“We now expect an imminent settlement with Huawei which has also been withholding royalty payments, which we estimate will add another $0.50-$0.75 of EPS,” Cowen and Company analysts said.

Three brokerages raised their ratings on Qualcomm’s stock and at least eight brokerages boosted their price targets. Fourteen out of 25 brokerages rated the stock “buy” or higher and the rest “hold”, according to Refinitiv data.

A settlement with Apple and Huawei will not only bring in more royalty payments and reduce legal costs, it will help Qualcomm to focus more in rolling out its 5G modems, several analysts said.

The Qualcomm settlement means Apple will rely on the chipmaker for most if not all of its 5G modems in iPhones starting in 2020, with Qualcomm likely the leading to only supplier for the next several years, Canaccord Genuity analysts said.

Intel Corp, which was supplying modem chips to Apple for its latest iPhones, said late on Tuesday that it was exiting the phone modem business.

(Reporting by Akanksha Rana in Bengaluru; Editing by Bernard Orr)

Source: OANN

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Pelosi: Dems Rejected Wall Funding 'Because It Was Wrong'

It was essential for congressional Democrats to not cave in to President Donald Trump's demand for billions to build a border wall "because it was wrong," House Speaker Nancy Pelosi, D-Calif., says.

In The Washington Post interview posted Monday, Pelosi said the president's "advocating for a wall . . . [was] in sharp contrast to every president before him in modern times."

"[T]he wall is not even a campaign promise because he promised Mexico was going to pay for it," she added. "It's a campaign applause line of discrimination and bigotry. And it's just not right, and it doesn't do the job."

Pelosi told the news outlet the president she quotes "most on the campaign trail" is Ronald Reagan.

'He talks about the Statue of Liberty and what it means to the world to see this beacon of hope, what it means to people who came here, people who are coming here," she says. "Except this president used a message of fear against immigrants . . ."

Source: NewsMax Politics

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N.C. Dem Brings in $1.6 M for House Bid

Democrat Dan McCready said he has raised $1.6 million in the first quarter for his campaign to represent the 9th Congressional District in North Carolina, The Hill is reporting.

McCready had run for the seat last year against Republican Mark Harris. However, allegations of election fraud prompted officials to schedule a new election. Harris had announced he would not run again. McCready is the only Democrat in the race, while 10 Republicans will battle in a May 14 primary.

“This is just one more sign of the incredible energy and momentum we’re seeing on the ground as we head into the special election,” McCready said regarding his fundraising haul.

“Let this be a warning to every politician who turned a blind eye to election fraud and corruption. We aren’t just talking about taking our state back. We’re doing it. This is just the beginning.”

Source: NewsMax Politics

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Pelosi works to derail bid to spare Trump from border emergency rebuff

House Speaker Nancy Pelosi, D-Calif., said Wednesday that she would not allow the House to take up legislation that would potentially spare President Trump from an embarrassing rebuff from Congress over his decision to declare a national emergency on the border.

“In an effort to avoid voting in favor of the House's resolution to terminate Trump’s #FakeEmergency, GOP senators are proposing legislation to allow Trump to violate the Constitution *just this once.* The House will not take up this legislation to give President Trump a pass,” Pelosi tweeted.

PELOSI REVOKES PENCE'S BONUS OFFICE IN HOUSE

Trump declared a national emergency last month after Congress granted only a fraction of the $5.7 billion he had requested for a wall on the southern border. The move opens up billions in additional dollars to be spent on the border.

But the move caused consternation among not only Democrats, but also some Republicans -- with a number of GOP senators prepared to join with Democrats in voting to stop the national emergency declaration. Politico reported that roughly a dozen Senate Republicans are either committed to voting to disapprove of the president or weighing their options. The Democrat-controlled House has already voted to derail the emergency.

Such a move would almost certainly be vetoed by Trump, and a two-thirds majority needed in both chambers to override the veto would be next-to-impossible to achieve. But such a rebuff from Congress would be an embarrassing slap on the wrist for the president.

SARAH SANDERS: NANCY PELOSI IS 'STARTING TO LOSE CONTROL OF HER PARTY'

As a way to avert such a clash, Republican senators are pushing a plan that would handcuff future declarations. Sen. Mike Lee, R-Utah on Tuesday introduced a bill that would automatically end future emergency declarations after 30 days, and therefore allow Republicans to vote against condemning the emergency declaration.

“Congress gave these legislative powers away in 1976 and it is far past time that we as an institution took them back. If we don’t want our president acting like a king we need to start taking back the legislative powers that allow him to do so,” Lee said in a statement.

But Pelosi’s statement appeared to be an attempt to limit those options, and she was joined in her move by Senate Minority Leader Chuck Schumer, D-N.Y.

"Do you hear me, my colleagues, my Republican colleagues. This won't pass," Schumer said on Wednesday morning, according to Politico. "This fig leaf is so easily seen through, so easily blown aside that it leaves the constitutional pretensions of my Republican colleagues naked."

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The Associated Press reported that Vice President Mike Pence met privately with five Republican senators as part of the efforts to fend off the rebellion. Meanwhile, President Trump urged Republicans against "overthinking" the vote.

"Republican Senators are overthinking tomorrow’s vote on National Emergency. It is very simply Border Security/No Crime - Should not be thought of any other way. We have a MAJOR NATIONAL EMERGENCY at our Border and the People of our Country know it very well!" he tweeted.

Republicans control the Senate 53-47, meaning that only four senators need to defect to approve the resolution and send it to the White House.

The Associated Press contributed to this report.

Source: Fox News Politics

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Greek police use safe driving to stop migrant-smuggling

Police in northern Greece have adopted a new tactic for disrupting gangs that smuggle people into the country from across the land border with Turkey, an increasingly popular route: stopping drivers who work for the gangs and charging them with traffic violations before they can pick up their human cargo.

The drivers can't be charged with smuggling if they don't have migrants with them. But they can face prison terms of several months and stiff fines for violations such as driving without a license, and their cars can be impounded.

The strategy is much less dangerous than policing the border by having patrol cars chase old vehicles crammed with people who just entered Greece. Smugglers sometimes use teenagers with minimal driving experience to transport migrants from the border to other destinations, risking horrific losses of life if they panic and crash during a police pursuit.

In October, a car smuggling migrants collided with a truck and burst into flames near the city of Kavala in northeastern Greece, killing all 11 people who somehow were squeezed inside.

Accidents in northeastern Greece involving vehicles driven by smugglers killed 30 migrants last year — including the 11 killed near Kavala — and injured another 95, according to police data.

"In the serious accidents with refugee and migrant victims, most of the drivers who survived and were immigrants from Asian countries, didn't have driving licenses," said Major-General Nikolaos Menexidis, the police chief for Greece's border region of Thrace and adjoining Eastern Macedonia. "The vehicles were in bad condition, many had worn tires, because the gangs are looking for cheap ways to do their business."

Typically, smuggling gangs charge 1,500-2,000 euros ($1,700-$2,260) per person to sneak migrants from Turkey across the land border to Greece's second-largest city, Thessaloniki.

Police started focusing on vehicles without passengers as a smuggling deterrent in September. From then through February, 125 people suspected of working for smuggling rings were arrested for traffic violations while driving toward the Thrace border region. They had been recruited from among migrants already living in Greece, and none had a drivers' license.

"We want to send smuggling gangs the message that they can't get past us, or at least not easily," Menexidis said.

While main highways extending from Greece's 200-kilometer-long (124-mile-long) border with Turkey along the Evros River already were heavily policed, traffic roadblocks were expanded to cover small country roads as part of the effort to catch drivers heading to the border to meet arriving migrants. Although smugglers tend to prefer small roads to avoid detection, they also are easier for police to control since the traffic is lighter.

The preferred route into Greece continues to be the relatively short sea crossing from the Turkish coast to Greek islands in the eastern Aegean Sea, but the share of people opting to cross at the land border has been increasing. It doubled from 18 percent in 2017 to 36 percent last year.

The growing popularity of the overland route is due to a 2016 agreement between the European Union and Turkey under which people who reach the Greek islands illegally are held in camps and prevented from moving on to the Greek mainland while facing potential deportation, The sea route from Turkey also carries a high risk of drowning: 187 people died trying to cross the eastern Mediterranean last year.

The EU-Turkey deal applies only to the islands, where the camps have become notoriously overcrowded and poor living conditions slammed by human rights groups. The agreement has been largely credited with stemming huge flows of refugees and migrants to Europe like the more than one million people fleeing violence who arrived in 2015, four-fifths of them crossing the water from Turkey to Greece.

According to the United Nations refugee agency, about 50,000 of the 141,500 migrants who reached Europe last year arrived through Greece, 32,500 by sea and 18,000 by land. In 2017, 29,718 came to Greece by sea and 6,582 entered the country by land. Most don't intend to stay in Greece, but plan to pay gangs to spirit them on through the Balkans to Germany or other prosperous EU countries.

Menexidis says targeting drivers working for smugglers has already helped reduce arrivals, as well as lowered the number of migrants dying in traffic accidents.

"These large flows have stopped," he said. "Last year, we had accidents that we don't have this year, so we can argue that the road checks have helped with that too."

___

Follow Kantouris at http://www.twitter.com/CostasKantouris

Source: Fox News World

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Barrick CEO defends $18 billion hostile Newmont bid as logical tie-up

FILE PHOTO: Mark Bristow, chief executive officer of Barrick Gold, speaks during an interview at the Investing in African Mining Indaba conference in Cape Town
FILE PHOTO: Mark Bristow, chief executive officer of Barrick Gold, speaks during an interview at the Investing in African Mining Indaba conference in Cape Town, South Africa February 5, 2019. REUTERS/Mike Hutchings/File Photo

February 25, 2019

By Ernest Scheyder

HOLLYWOOD, Fla. (Reuters) – Barrick Gold Corp’s chief executive defended the world’s largest gold producer’s hostile $18 billion bid for Newmont Mining Corp, saying on Monday the deal is “logical” for an industry battling high costs and depleting resources.

Barrick, which recently completed a $6.1 billion acquisition of Africa-focused Randgold Resources, launched its all-stock bid on Monday, encouraging the U.S. rival to ditch a previously announced $10 billion takeover of Canada’s Goldcorp Inc.

“This gold industry needs to become more relevant to investors,” CEO Mark Bristow said in an interview on the sidelines of the BMO Global Metals & Mining Conference in Hollywood, Florida.

Bristow, known for his straight-talking and hands-on approach in running Randgold before the merger, said this deal “drives a further rationalization in our industry.”

Gold mergers and acquisitions have been scarce in recent years as companies focused on cutting costs in the face of investor criticism about capital management. But the need to bolster shrinking gold reserves to boost growth and take advantage of rising prices are providing the impetus for consolidation.

Barrick’s offer for Newmont has pushed the combined value of unsolicited M&A deals globally to $48.2 billion so far this year, the highest since 2006, according to data from Refinitiv.

Newmont said it had reviewed and rejected possible deals with Barrick and said its own $10 billion planned purchase of Goldcorp made more business sense.

“One has to question what the true motives behind going hostile are: Whether it’s really just to get bigger or it’s all ego-driven,” Newmont CEO Gary Goldberg told Reuters at the BMO conference, adding Newmont shareholders “don’t understand it (and) don’t see the value potential.”

Barrick said its acquisition of Newmont was contingent on the company scrapping the deal to buy Toronto-listed Goldcorp, adding that its offer was a “significantly superior” option for Newmont shareholders.

Goldberg said earlier on Monday a joint venture was a better way to extract value from the two companies’ mines in Nevada, the largest producer of gold and silver among U.S. states.

Newmont has 19 mines in the state, adjacent to Barrick’s own operations. Reuters had reported https://www.reuters.com/article/us-barrick-gold-newmont-mining/barrick-in-talks-with-newmont-to-combine-nevada-gold-operations-sources-idUSKCN1NA1GC in November that the miners were in talks to combine their operations in the state.

Talks of a joint venture fell through over Newmont’s demand for management control, Barrick’s Bristow said on a conference call with analysts. The deal marks Bristow’s first major strategic move at Barrick since taking the top position in January.

Newmont’s board of directors would “fully evaluate the Barrick proposal and respond in due course,” the company said.

Gold sector deals took off when Barrick paid $6.1 billion for rival Randgold, a deal that closed last month. That set off a fresh wave of bids, including Newmont’s offer for smaller miner Goldcorp, which would make the Colorado-based firm the world’s top gold miner if it closes as planned next quarter.

Shares of Newmont fell 0.7 percent to $36.22 at mid-afternoon, while Barrick’s Toronto shares dropped 2.7 percent.

Barrick is offering 2.5694 of its common shares for each Newmont share. That translates to about $33 per Newmont share, valuing the company at $17.85 billion, according to Reuters calculations.

The deals come as gold prices are rising, with gains of some 11 percent since October.

Newmont shareholders would hold about 44 percent of the combined company’s outstanding shares.

Barrick said the new company would match Newmont’s annual dividend of 56 cents per share which, based on the offer, would represent a pro-forma annual dividend of 22 cents per Barrick share.

(Additional reporting by John Benny in Bengaluru; Editing by Richard Chang and Phil Berlowitz)

Source: OANN

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Avengers fans gather at the TCL Chinese Theatre in Hollywood to attend the opening screening of
Avengers fans gather at the TCL Chinese Theatre in Hollywood to attend the opening screening of “Avengers: Endgame” in Los Angeles, California, U.S., April 25, 2019. REUTERS/Mike Blake

April 26, 2019

LOS ANGELES (Reuters) – Marvel Studios superhero spectacle “Avengers: Endgame” hauled in a record $60 million at U.S. and Canadian box offices during its Thursday night debut, distributor Walt Disney Co said.

Global ticket sales for the film about Iron Man, Hulk and other popular characters reached $305 million for the first two days, Disney said.

(Reporting by Lisa Richwine; Editing by Chizu Nomiyama)

Source: OANN

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Funeral of journalist Lyra McKee in Belfast
Labour Party leader Jeremy Corbyn attends the funeral service for murdered journalist Lyra McKee at St Anne’s Cathedral in Belfast, Northern Ireland April 24, 2019. Brian Lawless/Pool via REUTERS

April 26, 2019

LONDON (Reuters) – The leader of Britain’s opposition Labour Party, Jeremy Corbyn, said on Friday he had turned down an invitation to a state dinner which will be part of U.S. President Donald Trump’s visit to Britain in June.

“Theresa May should not be rolling out the red carpet for a state visit to honor a president who rips up vital international treaties, backs climate change denial and uses racist and misogynist rhetoric,” Corbyn said in a statement.

He said maintaining the relationship with the United States did not require “the pomp and ceremony of a state visit” and he said he would welcome a meeting with Trump “to discuss all matters of interest.”

(Reporting by Andy Bruce; Writing by William Schomberg)

Source: OANN

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Libyan Minister of Economy Ali Abdulaziz Issawi speaks during an interview with Reuters in Tripoli
Libyan Minister of Economy Ali Abdulaziz Issawi speaks during an interview with Reuters in Tripoli, Libya April 25, 2019. REUTERS/Hani Amara

April 26, 2019

By Ulf Laessing

TRIPOLI (Reuters) – Libya’s U.N.-recognized government has budgeted up to 2 billion dinars ($1.43 billion) to cover costs of a three-week-old war for control of the capital, such as treatment for the wounded, to be funded without new borrowing, the economy minister said.

Ali Abdulaziz Issawi suggested the government hoped for business to continue more or less as usual despite the assault on Tripoli, in the country’s northwest, by forces tied to a parallel administration based in the eastern city of Benghazi.

Once Africa’s third largest producer of oil, Libya has been riven by factional conflict since the fall of Muammar Gaddafi in 2011, with the country now broadly split between eastern-based forces under Khalifa Haftar and the U.N.-backed government in Tripoli, in the west, under Prime Minister Fayez al-Serraj.

Still, with Haftar’s Libyan National Army forces unable so far to pierce defenses in Tripoli’s southern suburbs, normal life and business activities continue in much of the capital and western coastal towns.

Issawi, in an interview with Reuters in his Tripoli office, also said Libya’s commercial ports and wheat imports were still functioning normally, although some roads have been blocked.

He said the Serraj government estimates it will spend up to 2 billion dinars extra on medical treatment for wounded, aid for displaced people and other “emergency” war costs.

He said this was not military spending but analysts believe that the sum will also cover expenditures such as pay for allied armed groups or food for fighters.

“We could actually spend less,” he added, in comments that gave the first insight into the economic impact of the fighting.

Issawi said the Tripoli government, which controls little territory beyond the greater capital region, would not incur new debt to fund the war costs, sticking to a plan to post a 2019 budget without a deficit.

Tripoli derives revenue largely from oil and natural gas production, interest-free loans from local banks to the central bank, and a 183 percent surcharge on foreign exchange transactions conducted at official rates.

But with centralized tax collection greatly diminished, public debt has piled up – to 68 billion dinars in the west, including unpaid state obligations such as social insurance.

Some analysts expect Serraj’s government will be forced to raise new debt if the war for control of Tripoli drags on.

With much of Libya dominated by armed factions that also act as security forces, the public wage bill for both the western and eastern administrations has soared as fighters have been made public employees in efforts to buy their loyalty.

The east has sold bonds worth 35 billion dinars outside the official financial system as the Tripoli central bank does not fund the parallel government apart from some wages.

Despite its limited reach, the Tripoli government still runs an annual budget of around 46.8 billion dinars, mainly for public salaries and fuel subsidies.

“This year we cannot finance via debt…we will not borrow (by agreement with the central bank),” Issawi said.

According to International Monetary Fund data, Libya’s central government debt-to-GDP ratio is 143 percent, making it one of the most heavily indebted in the world on that measure.

Issawi declined to say what parts of the budget would be trimmed to support the extra outlay for war costs.

However, with some 70 percent of the budget allocated to public wages, fuel subsidies and other welfare benefits, a portion devoted to infrastructure is most likely to be axed.

Widespread lawlessness has meant there have been no major infrastructural projects since 2011, when a NATO-backed uprising overthrew dictator Muammar Gaddafi, leaving schools, hospitals and roads in acute need of restoration.

FOREX SURCHARGE

Issawi said the government planned to raise as much as 30 billion dinars by the end of 2019 from hard currency deals after imposing in September a 183 percent surcharge on commercial and private transactions done on the official rate of 1.4 to the U.S. dollar. That fee has effectively devalued the official rate to 3.9, much closer to the black market equivalent.

Some 17 billion dinars have been raised since then, with hard currency allocated for import credit letters now issued without delays, Issawi said. The forex fee has helped the government forecast a budget in the black for 2019.

Despite the narrowing spread between the two rates, the black market continues to thrive. Dozens of traders remained at their favorite spot behind the central bank headquarters in Tripoli when Reuters reporters visited it last week.

But traders said it could take time for the Serraj government to register the extra forex receipts as official banking channels were taking up to six months to approve import financing, keeping the black market in play for dealers.

Issawi said authorities planned to lower the forex fee from 183 percent, without saying when. The black market rate has dropped from 6 to around 4.1 since September but it has hardly moved of late as demand for black market cash remains high.

The Tripoli government has stopped subsidizing food and bread, which used to be cheaper than drinking water in Libya. Wheat imports are now being arranged by private traders and there are surplus stocks of flour at the moment, Issawi said.

(Reporting by Ulf Laessing in Tripoli with additional reporting by Karin Strohecker in London; Editing by Mark Heinrich)

Source: OANN

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Rep. Gerry Connolly, D-Va., threatened possible jail time for White House officials refusing to comply with subpoenas to testify before the House Oversight Committee.

Connolly, a member of the House panel, made his comments during an interview on CNN on Thursday. He said that “if a subpoena is issued and you’re told you must testify, we will back that up.”

He added: “And we will use any and all power in our command to make sure it’s backed up — whether that’s a contempt citation, whether that’s going to court and getting that citation enforced, whether it’s fines, whether it’s possible incarceration.”

“We will go to the max to enforce the constitutional role of the legislative branch of government.”

His comments came after three officials have refused to comply with congressional requests to testify, CNN noted.

Trump told The Washington Post that his staff should not testify on Capitol Hill, explaining that the White House cooperated fully with special counsel Robert Mueller and “there is no reason to go any further, especially in Congress where it’s very partisan.”

Source: NewsMax Politics

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“Outdated laws” need fixing to deal with the surge in illegal immigrant families crossing the U.S. border with Mexico, a top Border Patrol official said Friday.

Migrant families face no consequences if apprehended trying to cross the border illegally under present law, Border Patrol chief of Operations Brian Hastings claimed during an appearance on “Fox & Friends.”

“We need a change in the current outdated laws that we’re dealing with for this current demographic and this crisis that we have,” he said.

Hastings said as of Thursday there have been 440,000 apprehensions along the southwest border. There were 396,000 apprehensions all of last year.

SOUTHERN BORDER AT ‘BREAKING POINT’ AFTER MORE THAN 76,000 ILLEGAL IMMIGRANTS TRIED CROSSING IN FEBRUARY, OFFICIALS SAY

And those numbers continue to rise, he said.

Historically 70 to 90 percent of apprehensions at the border were quickly returned to Mexico, Hastings said.

Now, 83 percent of those apprehended have come from the Central American northern triangle which includes Guatemala, El Salvador, and Honduras, and of those 63 percent are “family units” and children who cannot be returned, he said.

“There are no consequences that we can apply to this group currently,” Hastings said. “We’re overwhelmed. If you look at agents there doing a tremendous job trying to deal with the flow.”

The law dictates children have to be released after 20 days of detention.

FLORIDA SHERIFF ON BORDER CRISIS AFTER MAJOR DRUG BUST: ‘IT MAKES ME ABSOLUTELY CRAZY’

Sen. Lindsey Graham, R-S.C., says that has forced immigration officials to release entire families because “you don’t want to separate families.”

Recently, he said he is drafting legislation that would allow children to be detained for more than 20 days.

Hastings said agents are frustrated with the situation but are doing the best they can with the resources they have.

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“Up to 40 percent of our agents are processing at any given time,” he said. “That should say that in and of itself is pulling from those border security resources.”

Source: Fox News National

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