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Federal Gov Just Ran Largest Deficit Ever

The US federal government ran an all-time record deficit of $234 billion in February, according to a Treasury Department report released on Friday.

According to Business Insider, the February 2019 deficit topped the previous high of 231.7 billion set in February 2012.

The budget deficit for fiscal 2019 (beginning Oct. 1) totals $544 billion. That represents a 39% increase over the same period in fiscal 2018. According to Treasury Department numbers, tax receipts are down 1%, and spending has increased 9% so far in the current fiscal year.

Total spending in February came in at $401 billion. Uncle Sam has spent over $1.82 trillion through the first five months of fiscal 2019.

Meanwhile, the federal government collected $167 billion in February. Revenues have been flat since the begging of the year. The Washington Postcalled this “an unusual phenomenon” given that the economy is growing.

“That’s because the 2017 GOP tax-cut law has not led to the huge increase in tax revenue that President Donald Trump, Treasury Secretary Steven Mnuchin and many Republican lawmakers had promised would eventually occur.”


The U.S. governments debt has grown to $22 trillion, which is the highest it has ever been.

Last month, the national debt topped $22 trillion. When President Trump took office in January 2017, the debt was at $19.95 trillion. That’s a $2.06 trillion increase in the debt in just over two years.

The current budget deficit is well ahead of Congressional Budget Office projections. The CBO estimated the 2019 budget deficit (government spending over revenue) would come in at $897 billion. That would be a 15.1% increase over the 2018 deficit of $779 billion.  (If you’re wondering how the debt can grow by a larger number than the annual deficit, economist Mark Brandly explains here.) According to the CBO, the deficit will hit $1 trillion by 2022 and remain at that level or higher through 2029. Keep in mind, the CBO tends toward conservative projections. At the current rate, the federal government may well run a $1 trillion deficit this year. In fact, the Treasury Department’s deficit projection for fiscal 2019 was higher than the CBO’s, coming in at $1.085 trillion.

(Photo by Chris Dlugosz, Flickr)

Although the economy is supposedly in the midst of a boom, US government borrowing looks more like we’re in the midst of a deep recession. The only other time the federal government has run deficits this high was during the four years from 2009 through 2012 when the Obama administration boosted spending to grapple with the 2008 financial crisis.

Pres. Trump’s proposed budget does nothing to slow the growth of the national debt. As Reason reported, the proposed Trump budget would practically guarantee $1 trillion annual deficits until 2030. The budget appears to balance in 15 years, according to a summary by ZeroHedge. But this assumes 3% economic growth over that time span. The US economy didn’t even hit 3% growth in 2018 – a year in which the economy was supposedly booming. On top of that, debt retards economic growth. Studies have shown that GDP growth decreases by an average of about 30% when government debt exceeds 90% of an economy. By some estimates, US debt already stands at around 105% of GDP. Ever since the US national debt exceeded 90% of GDP in 2010, inflation-adjusted average GDP growth has been 33% below the average from 1960–2009, a period that included eight recessions.


Don’t miss this Alex Jones special report.

Source: InfoWars

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Unilever first-quarter sales top expectations

FILE PHOTO: Unilever headquarters in Rotterdam
FILE PHOTO: Unilever headquarters in Rotterdam, Netherlands August 21, 2018. REUTERS/Piroschka van de Wouw

April 18, 2019

LONDON (Reuters) – Consumer goods giant Unilever reported stronger than expected quarterly underlying sales growth on Thursday, helped by increased prices and volume.

The maker of Dove soap and Ben & Jerry’s ice cream said underlying sales rose 3.1 percent in the first quarter. Analysts on average were expecting a 2.8 percent rise, according to a company-supplied consensus.

Turnover fell 1.6 percent to 12.4 billion euros.

(Reporting by Martinne Geller; Editing by Jan Harvey)

Source: OANN

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RBS tops up small business support fund, downplays Brexit effect

FILE PHOTO: Royal Bank of Scotland signs are seen at a branch of the bank, in London
FILE PHOTO: Royal Bank of Scotland signs are seen at a branch of the bank, in London, Britain December 1, 2017. REUTERS/Peter Nicholls

April 22, 2019

By Iain Withers

LONDON (Reuters) – British state-controlled lender the Royal Bank of Scotland has doubled its funding pot to support small businesses to 6 billion pounds ($7.8 billion), but says the extra cash is no longer primarily for Brexit-proofing businesses.

NatWest, the biggest trading arm of RBS, said it had topped up its so-called Growth Fund in response to high demand from firms in industries including green energy and technology.

The lender previously topped up the fund from 1 billion pounds to 3 billion pounds in October. It said at the time that it was doing so after identifying nearly 2,000 businesses it lent to that were likely to suffer payment or supply problems due to Britain’s exit from the European Union.

Since then, Brexit has been repeatedly delayed amid deadlock in parliament and it is now unclear how Britain will leave the EU, if at all.

Brexit remained a core driver behind expanding the fund, NatWest said, but stressed other factors.

“It’s really about demand from growth sectors in the UK economy,” Mike Slevin, head of capital management at NatWest, told Reuters.

“Obviously it remains fully available for companies that require extra support for Brexit-related purposes as well.”

Customers were unlikely to roll back facilities taken out to prepare for Brexit while uncertainty continued, Slevin said, but demand for such products has “waned somewhat” in recent weeks.

Banks have been keen to promote their small business lending credentials ahead of Brexit, but groups representing small firms have expressed scepticism.

Rival lender Barclays announced a 14 billion pound fund over three years to help small firms manage uncertainty including Brexit last month.

However, Barclays’ fund included all projected lending to small companies over a three-year period, rather than just extra cash over day-to-day funding.

A Barclays spokesperson said the 14 billion pounds would represent an increase of around a third in lending over the previous three year period.

“While it’s good to see some of the banks looking to proactively support customers during this period of uncertainty, the fact remains that lending to smaller firms continues to lag behind big corporations to the tune of millions each year,” Mike Cherry, chair of the Federation of Small Businesses, said.

(Reporting by Iain Withers; Editing by Susan Fenton)

Source: OANN

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Brazil’s vice president to visit China, top trading partner, next month

Brazil's Vice President Hamilton Mourao delivers a speech during the opening of LAAD, the biggest military industry expo in Latin America, in Rio de Janeiro
Brazil's Vice President Hamilton Mourao delivers a speech during the opening of LAAD, the biggest military industry expo in Latin America, in Rio de Janeiro, Brazil April 2, 2019. REUTERS/Ricardo Moraes

April 24, 2019

BRASILIA (Reuters) – Brazil’s Vice President Hamilton Mourao said on Wednesday he will travel to China on May 16, staying for 10 days with stops in Beijing and Shanghai.

Mourao, a former general who is seen as a moderate in the far-right government of Jair Bolsonaro, has recently become embroiled in a nasty war-of-words with the president’s sons, who are both influential lawmakers.

In comparison with Bolsonaro, who often criticized China’s large role in Brazil’s economy during his presidential campaign, Mourao has taken a more pragmatic approach toward his country’s top trading partner, seeking to maintain commercial ties.

Mourao’s visit to the world’s second-largest economy should mark the reactivation of the Sino-Brazilian Bilateral Cooperation Commission. Additionally, there is also hope that new meat export permits may be announced during the visit, according to Chinese Ambassador to Brazil Yang Wanming.

(Reporting by Lisandra Paraguassu; Editing by Tom Brown)

Source: OANN

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Woman makes sure decorated WWII Marine gets hero’s farewell

A decorated World War II veteran who died this month with no living relatives is being honored by strangers around the world thanks to an unlikely friendship with a young woman determined to give him a hero's farewell.

Bob Graham earned Bronze and Silver stars for his service in the Pacific, where he fought at Guadalcanal and Bougainville as a member of the elite Marine Raiders. Following the war he returned to New York state where he worked as a corrections officer. He died April 12 at age 97, two years after the passing of Rosie, his wife of more than 60 years.

With no close relatives left and most of his fellow Marines and former co-workers long gone, Graham's death would likely have gone unnoticed if not for Beth Regan, 27, who befriended Graham while volunteering at his nursing home. Fearing that his funeral might be sparsely attended, she turned to the internet to get the message out.

It fell on eager ears. Condolences have poured in from around the nation and world. Local firefighters will line the streets and hoist a giant American flag for the funeral procession in Westchester County. Members of the Patriot Guard Riders plan to create a line of flags at Graham's internment at a cemetery in the Bronx. On Wednesday, CNN's Jake Tapper tweeted out information about his services.

"I just wanted to make sure people would attend," said Regan. She said her friend would be flummoxed by the attention. "He'd be floored. He wouldn't understand why so many people are out there celebrating him."

Graham's gallantry extended far off the battlefield, she said. When she first met him four years ago Graham was in his favorite place: sitting next to Rosie, who was arthritic and missing an eye.

"He would always have his chair next to her wheel chair so he could hold her hand," she remembered.

When Rosie died two years ago, Graham's grief was such that Regan feared he would quickly follow.

A man who jogged into his 90s, Graham had a keen mind and could rattle off decades-old baseball statistics or recall specific dates from his military service. He dismissed any talk of being hero. When Regan would arrange for other Marines to visit him at the nursing home, he'd ask her why he deserved such attention.

"He never wanted to talk about his time in the war because he thought he was bragging," she said. "'Why are you doing this,' he'd say. 'I'm not a big deal.'"

Regan recently moved to North Carolina for work but will be back in New York for Graham's service. And when they present the folded American flag customarily given to the loved ones of decorated veterans, it will be presented to her.

"He would call me his angel," Regan said of her friend. "It was just a very special connection."

Source: Fox News National

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Ex-caddie: Tiger’s comeback ‘an incredible story’

FILE PHOTO: Tiger Woods of the U.S. stands behind his former caddie at the start of his final round of the British Open golf Championship at Muirfield in Scotland
FILE PHOTO: Tiger Woods of the U.S. (L) stands behind his former caddie Steve Williams at the start of his final round of the British Open golf Championship at Muirfield in Scotland July 21, 2013. REUTERS/Russell Cheyne/File Photo

April 22, 2019

Steve Williams, who caddied for Tiger Woods for 13 years, was as transfixed as any observer when his former employer made a run to his fifth Masters title earlier this month.

Williams, who retired to his native New Zealand in 2017, told ESPN in a story published Monday that he hadn’t watched any golf on television since retirement — until Woods was making a run on Sunday at Augusta. Williams said he tuned in from New Zealand — where it was around 5 a.m. on Monday — as the final grouping was reaching the 15th hole.

Woods went on to birdie that hole and take the outright lead for good, while Italy’s Francesco Molinari double-bogeyed and fell out of contention.

“Given the fact that two years ago, he stated that he was unlikely to play competitive golf again, or was seriously doubting it … he wouldn’t just say that in jest,” Williams told ESPN of Woods, who made his return to the tour last year after a fourth back surgery. “There would have been a lot of truth to it. For him to actually come back full cycle to win a major championship … it’s just an incredible story.

“It’s an amazing achievement of pure guts and hard work for him and just a true indication of what he is made of. It proves again what an amazing athlete he is. It’s just an amazing achievement.”

Williams, 55, became Woods’ caddie in 1999 and remained on the bag until Woods fired him in July of 2011, covering a span of 13 of Woods’ 14 major victories to that point. Joe LaCava has caddied for Woods since.

Williams, who had caddied for Adam Scott while Woods was away from the tour, joined Scott regularly from 2011 until September of 2017. Scott won the 2013 Masters with Williams.

After seeing Woods claim the 15th major of his career and his first since 2008, Williams touted how strongly the achievement will impact the sport.

“You look at it from a broader perspective,” Williams said. “Here in New Zealand, golf is somewhat struggling. The number of rounds is down, junior numbers are slipping. Now that Tiger has come right back there again, winning a major championship, possibly putting Jack’s (Nicklaus) record (of 18 career major wins) in play again … it just re-energizes the game.

“It’s absolutely awesome. He’s the only guy who can energize the game like that. All those kids who were watching had to think it was fantastic. And so what he’s done is a remarkable achievement. It’s so positive.”

–Field Level Media

Source: OANN

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Iraqi TV: Iran's president arrives in Baghdad on 3-day visit

Iraqi television says Iranian President Hassan Rouhani has arrived in Iraq, making his first official visit to the neighboring nation that Tehran once fought a bloody war against and later backed in the battle with the Islamic State group.

Rouhani landed in Baghdad on Monday. He is scheduled to meet with both President Barham Salih and Prime Minister Abdel Abdul Mehdi, as well as visit other politicians and Shiite leaders.

Rouhani's visit comes as Iran faces a maximalist pressure campaign from President Donald Trump after he pulled America out of Tehran's nuclear deal with world powers.

So far, Iraq has said it will stand by Iran.

The visit underlines how much has changed since the 1980s, when Saddam Hussein invaded Iran, sparking an eight-year war that killed 1 million people.

Source: Fox News World

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The headquarters of Wirecard AG is seen in Aschheim near Munich
FILE PHOTO: The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder

April 26, 2019

BERLIN (Reuters) – Wulf Matthias will not stand for a second term as Wirecard’s chairman in 2020, German daily Handelsblatt said on Friday, citing sources in the financial industry.

For age reasons alone this would not be an option for Matthias, aged 75, Handelsblatt added.

Matthias will keep his mandate until it ends in 2020, the paper quoted a company spokeswoman as saying.

Wirecard was not immediately available for comment when contacted by Reuters.

(Reporting by Tassilo Hummel; Editing by Thomas Seythal)

Source: OANN

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FILE PHOTO: The Credit Suisse logo is pictured on a bank in Geneva
FILE PHOTO: The Credit Suisse logo is pictured on a bank in Geneva, Switzerland, October 17, 2017. REUTERS/Denis Balibouse/File Photo

April 26, 2019

ZURICH (Reuters) – Shareholders approved Credit Suisse’s 2018 compensation report with an 82 percent majority on Friday, overriding frustrations expressed at its annual general meeting over jumps in executive pay during a year its share price plummeted.

Three shareholder advisers had recommended investors vote against Switzerland’s second-biggest bank’s remuneration report, while a fourth backed the report but expressed reservations about whether management pay matched performance.

The approval marked a slight increase over the 80.8 percent support garnered for the bank’s 2017 compensation report.

(Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

Source: OANN

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FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London
FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London, Britain December 7, 2018. REUTERS/Simon Dawson/File Photo

April 26, 2019

By Simon Jessop and Sinead Cruise

LONDON (Reuters) – Activist investor Edward Bramson is likely to fail in his attempt to get a board seat at Barclays’ annual meeting next week, even though shareholders are dissatisfied with performance of the group’s investment bank.

New York-based Bramson’s Sherborne Investors and the board of the British bank have been sparring for months over Barclays’ strategy.

Bramson wants to scale back Barclays’ investment bank to reduce risk and boost shareholder returns. Barclays Chief Executive Jes Staley remains staunchly committed to growing the business out of trouble.

After failing to persuade Staley to change course since he began building a 5.5 percent stake in the bank in March last year, Bramson hopes a board seat will rachet up the pressure.

Both sides have written to shareholders pitching their case and Bramson has courted investors in one-on-one meetings, although none have publicly backed him yet.

Interviews by Reuters with five institutional investors in Barclays suggest Bramson has failed to persuade them.

Sherborne declined to comment.

Mirza Baig, head of investment stewardship at top-40 shareholder Aviva Investors, said Bramson was welcome on the bank’s register but the boardroom was a step too far.

“He has created a lot of value at other businesses, but, generally, when he has come in as executive chair and taken full control. This would be a different case where he would just be one lone voice on the board,” he said.

A second Barclays shareholder said he backed Bramson’s goal of improving returns but via an “evolutionary” approach.

“If you look at banks that have tried to restructure their operations in investment banking – you look at Natwest Markets, Deutsche Bank – I struggle to think of an example where a roughshod restructuring has been accretive to shareholder value.”

A third, top-30 investor said he had been impressed by incoming Chairman Nigel Higgins’ grasp of the challenge in hand, and felt investors would give him time.

“Management know they have to execute and deliver improved returns… [Higgins] will continue to re-shape the board but obviously he didn’t feel that having someone with a diametrically opposed view on it would be helpful.”

A fourth, top-30 investor agreed: “We voted for the chairman to come in and it would be crazy to allow an activist to join the board (at this time).”

Jupiter Fund Management, the 24th largest investor, said it also planned to vote against Bramson.

Barclays has nearly 500 institutional shareholders, Refinitiv data showed.

Since Staley joined Barclays in 2015, the investment bank returns relative to capital invested have increased but are still underperforming the overall business.

Barclays’ first-quarter figures showed the investment bank posted a 6 percent drop in income from its markets business and a 17 percent fall in banking advisory fees.

Returns in the investment bank fell to 9.5 percent from 13.2 percent a year ago.

Famed for successful campaigns against smaller British companies in sectors from chemicals to advertising, Bramson’s board seat pitch has been rebuffed by shareholder advisory firms.

Institutional Shareholder Services, the world’s biggest, said Bramson’s proposal “falls short of what can reasonably be expected from a shareholder trying to address issues at a 28 billion pounds, systemically important bank”.

Glass Lewis also flagged concern about Bramson’s lack of banking experience and “questionable” shareholding structure, referring to Sherborne’s use of derivative contracts to hedge losses should its strategy fail.

Critics said the arrangement meant his interests are not truly aligned with those of other long-term shareholders.

British advisory firm Pirc, however, said it recommended that investors abstain in the vote on Bramson’s proposal as a challenge to the board to do better in the year ahead – or face a similar contest in 2020.

(Editing by Jane Merriman)

Source: OANN

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https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2019/04/918/516/02_2.jpg?ve=1&tl=1

After an over 15-month pregnancy, “Akuti,” a 7-year-old Greater One Horned Indian Rhinoceros, gave birth as a result of induced ovulation and artificial insemination at Zoo Miami, April 23, 2019.

Ron Magill/Zoo Miami

https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2019/04/918/516/02_2.jpg?ve=1&tl=1

Source: Fox News World

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FILE PHOTO: File photo of a Chevron gas station sign in Del Mar, California
FILE PHOTO: A Chevron gas station sign is seen in Del Mar, California, in this April 25, 2013 file photo. REUTERS/Mike Blake/File Photo

April 26, 2019

(Reuters) – U.S. oil and natural gas producer Chevron Corp reported a 27 percent fall in quarterly earnings on Friday, hit by lower crude prices and weaker margins in its refining and chemicals businesses.

Net income attributable to the company fell to $2.65 billion, or $1.39 per share, for the first quarter ended March 31, from $3.64 billion, or $1.90 per share, a year earlier.

Earlier in the day, larger rival Exxon Mobil Corp reported earnings well below analysts’ estimates, as margins in its refining business were hurt by higher Canadian prices and heavy scheduled maintenance.

(Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)

Source: OANN

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