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Lyft expects to raise as much as $2 billion in IPO

An electric scooter from the ride sharing company Lyft is shown on a downtown sidewalk in San Diego
An electric scooter from the ride sharing company Lyft is shown on a downtown sidewalk in San Diego, California, U.S., March 15, 2019. REUTERS/Mike Blake

March 18, 2019

(Reuters) – Ride-hailing platform Lyft Inc said on Monday it would raise as much as $2 billion in initial public offering.

Lyft expects to price 30.8 million shares between $62 and $68 per share, it said in a filing http://bit.ly/2HBtkKE.

At the higher end of the range, the company will have a market valuation of $19.64 billion.

(Reporting by Diptendu Lahiri in Bengaluru; Editing by James Emmanuel)

Source: OANN

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Volkswagen management and works council divided over restructuring plans

FILE PHOTO: An employee moves car components in a production line at the Volkswagen plant in Wolfsburg
FILE PHOTO: An employee moves car components in a production line at the Volkswagen plant in Wolfsburg, Germany, March 1, 2019. REUTERS/Fabian Bimmer

March 20, 2019

BERLIN (Reuters) – Volkswagen’s supervisory board is set to meet on Friday to discuss the company’s ambitious cost-reduction plans, Der Spiegel reported on Wednesday, citing company sources.

The magazine said the extraordinary board meeting has been scheduled to mediate between management at Germany’s biggest carmaker and the head of its works council, Bernd Osterloh, who is also a member of the supervisory board.

A Volkswagen spokesman said he did not know of any planned board session.

A participant at a staff gathering on Wednesday told Reuters that Osterloh had said that unless the management offered concessions on planned job cuts there could be a confrontation that would “paralyze the company for months”.

Volkswagen this month said it would shrink its workforce by up to 7,000, raise productivity and eke out 5.9 billion euros ($6.7 billion) in annual savings at its core VW brand by 2023 in an effort to raise operating margins to 6 percent.

Der Spiegel, which also referred to the staff meeting, reported that Osterloh demanded a jobs guarantee to 2029 and that the Wolfsburg-based carmaker restaffs all currently open positions.

“I will tell Mr. Porsche the same thing this week,” Osterloh was quoted as saying by the meeting participant who spoke to Reuters.

Wolfgang Porsche is chairman of Porsche SE, the holding company that controls Volkswagen, and is a member of Volkswagen’s supervisory board. Tensions had flared this month after he criticized what he described as rigid structures in Wolfsburg and demanded greater flexibility from VW’s workers to help Chief Executive Herbert Diess to overhaul the carmaker.

“We give job guarantees until 2025 or 2028 and have no idea what the competition in China will be unveiling in two years time,” Porsche said at the time.

Osterloh has retaliated by blaming management mistakes for high costs and low profitability at VW.

(Reporting by Tassilo Hummel; Editing by Douglas Busvine and David Goodman)

Source: OANN

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Britain says jailing of Hong Kong pro-democracy activists is deeply disappointing

Pro-democracy supporters attend candlelight vigils to support four jailed leaders of the 2014 pro-democracy
Pro-democracy supporters attend candlelight vigils to support four jailed leaders of the 2014 pro-democracy "Occupy" movement, also known as "Umbrella Movement", outside Lai Chi Kok Reception Centre in Hong Kong, China April 24, 2019. REUTERS/Tyrone Siu

April 25, 2019

LONDON (Reuters) – Britain’s foreign minister Jeremy Hunt said on Thursday the jailing of four leaders of Hong Kong’s 2014 pro-democracy protests was deeply disappointing.

The sentencing of the activists followed a near month-long trial that was closely watched as China’s Communist Party leaders have put Hong Kong’s autonomy under increasing strain.

Britain returned Hong Kong to Chinese rule in 1997 under a “one country, two systems” principle, with the guarantee of a high degree of autonomy and freedoms not enjoyed elsewhere in China.

“The sentences handed to the ‘Occupy’ activists in Hong Kong are deeply disappointing,” Hunt said on Twitter. “One Country Two Systems and the Joint Declaration are about respect for civil and political freedoms.”

(Reporting by Andrew MacAskill; Editing by William Schomberg)

Source: OANN

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Guilfoyle: Congress Inaction Causing Immigration 'Meltdown'

Not only is there a national emergency on the border, but there is one in Congress, too, for their inaction on immigration reform, according America First Policies vice chair Kimberly Guilfoyle in The Daily Caller.

"Congress tried to veto reality," Guilfoyle wrote. "Instead, President Trump vetoed Congress.

". . . By any measure of objective reality, there is a national emergency at the southern border. There's also another national emergency. It's in Washington where Congress refuses to recognize reality or do anything about it."

Congress' inaction has invited human traffickers to flood our borders, because they know they ostensibly protected by politics, she claimed.

The mass migration gets released into the United States by court order and the undocumented immigrants compete against Americans for jobs, perhaps even flooding the market and causing wage deflation for those laborers, she added.

"No matter how hard Congress tries to ignore, deny and dodge reality, we have a humanitarian, security, and enforcement crisis at the border," Guilfoyle wrote. "As Homeland Security Secretary Kirsten Nielsen said, it is beyond a national emergency — it's a total meltdown of our immigration system.

". . . The president took an oath to preserve and protect our country. He takes that oath seriously. Congress must take off its blindfold and work with President Trump to end the immigration crisis threatening our nation."

Source: NewsMax Politics

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Beto O'Rourke crop circle portrait pops up on Texas ranch

Passengers passing through Austin-Bergstrom International Airport in Texas this week got a firsthand look at a crop circle-style artwork depicting presidential candidate Beto O’Rourke.

Less than a week after announcing his 2020 presidential bid, O’Rourke, onetime Texas representative, was honored with the two-acre crop creation.

BETO O’ROURKE SLAMS ISRAELI LEADER NETANYAHU AS ALLY OF ‘RACISTS’

The artist, Stan Herd, used soil, grass and rock to dress his "Beto 2020" canvas on an East Austin ranch, Fox 7 reported. He has done similar land portraits of Democratic nominees in the past. Notable among them: one of Barack Obama in 2008.

Herd, a Kansas-based artist, has been creating earth art for more than 40 years.

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Source: Fox News Politics

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Global sovereign debt to jump to $50 trillion – S&P Global

The S&P Global logo is displayed on its offices in the financial district in New York
The S&P Global logo is displayed on its offices in the financial district in New York City, U.S., December 13, 2018. REUTERS/Brendan McDermid

February 21, 2019

LONDON (Reuters) – Another jump in borrowing by governments will take the global mountain of sovereign debt to $50 trillion this year, ratings agency S&P Global forecast on Thursday.

The firm predicted sovereigns will borrow an equivalent of $7.78 trillion this year, which would be up 3.2 percent on 2018.

“Some 70 percent, or $5.5 trillion, of sovereigns’ gross borrowing will be to refinance maturing long-term debt, resulting in an estimated net borrowing requirement of about $2.3 trillion, or 2.6 percent of the GDP of rated sovereigns,” said S&P Global Ratings credit analyst Karen Vartapetov.

The rise in the total debt stock to $50 trillion would be a 6 percent rise on last year having been partly exacerbated by exchange rate swings.

(Reporting by Marc Jones; editing by Helen Reid)

Source: OANN

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Romney ‘Sickened’ by White House ‘Dishonesty’

Republican Sen. Mitt Romney says he's "sickened" by the level of dishonesty the special counsel found in President Donald Trump's administration.

Romney also said Friday he was "appalled" that, according to special counsel Robert Mueller's findings, Americans working on Trump's 2016 presidential campaign welcomed election help from Russia.

The one-time GOP presidential nominee tweeted that it's "good news" Trump was not charged with wrongdoing in the investigation.

But Romney, who's now a senator from Utah, was critical of what he called the "pervasiveness of dishonesty and misdirection" at the highest levels of the administration, "including the president."

Source: NewsMax Politics

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

April 26, 2019

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

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

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

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

(Reporting by Ben Blanchard; editing by Darren Schuettler)

Source: OANN

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Police secure the area where the body of a woman was discovered near the village of Orounta
Police secure the area where the body of a woman was discovered near the village of Orounta, Cyprus, April 25, 2019. REUTERS/Stefanos Kouratzis

April 26, 2019

NICOSIA (Reuters) – Cypriot police searched on Friday for more victims of a suspected serial killer, in a case which has shocked the Mediterranean island and exposed the authorities to charges of “criminal indifference” because the dead women were foreigners.

The main opposition party, the left-wing AKEL, called for the resignation of Cyprus’s justice minister and police chief.

Police were combing three different locations west of the capital Nicosia for victims of the suspected killer, a 35-year-old army officer who has been in detention for a week.

The bodies of three women, including two thought to be from the Philippines, have been recovered. Police sources said the suspect had indicated the location of the third body, found on Thursday, and had said the person was “either Indian or Nepali”.

Police said they were searching for a further four people, including two children, based on the suspect’s testimony.

“These women came here to earn a living, to help their families. They lived away from their families. And the earth swallowed them, nobody was interested,” AKEL lawmaker Irene Charalambides told Reuters.

“This killer will be judged by the court but the other big question is the criminal indifference shown by the others when the reports first surfaced. I believe, as does my party, that the justice minister and the police chief should resign. They are irrevocably exposed.”

Police have said they will investigate any perceived shortcomings in their handling of the case.

One person who did attempt to alert the authorities over the disappearances, a 70-year-old Cypriot citizen, said his motives were questioned by police.

The bodies of the two Filipino women reported missing in May and August 2018 were found in an abandoned mine shaft this month. Police discovered the body of the third woman at an army firing range about 14 km (9 miles) from the mine shaft.

Police are now searching for the six-year-old daughter of the first victim found, a Romanian mother who disappeared with her eight-year-old child in 2016, and a woman from the Phillipines who vanished in Dec. 2017.

The suspect has not been publicly named, in line with Cypriot legal practice.

A public vigil for the missing was planned later on Friday.

(Reporting By Michele Kambas; Editing by Gareth Jones)

Source: OANN

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An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard
FILE PHOTO: An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard, Britain December 3, 2018. REUTERS/Simon Dawson

April 26, 2019

LONDON, April 26 – British factories stockpiled raw materials and goods ahead of Brexit at the fastest pace since records began in the 1950s, and they were increasingly downbeat about their prospects, a survey showed on Friday.

The Confederation of British Industry’s (CBI) quarterly survey of the manufacturing industry showed expectations for export orders in the next three months fell to their lowest level since mid-2009, when Britain was reeling from the global financial crisis.

The record pace of stockpiling recorded by the CBI was mirrored by the closely-watched IHS Markit/CIPS purchasing managers’ index published earlier this month.

(Reporting by Andy Bruce, editing by David Milliken)

Source: OANN

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Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing
Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing, China April 26, 2019. REUTERS/Florence Lo

April 26, 2019

KUALA LUMPUR (Reuters) – Fewer than half of Malaysians approve of Prime Minister Mahathir Mohamad, an opinion poll showed on Friday, as concerns over rising costs and racial matters plague his administration nearly a year after taking office.

The survey, conducted in March by independent pollster Merdeka Center, showed that only 46 percent of voters surveyed were satisfied with Mahathir, a sharp drop from the 71 percent approval rating he received in August 2018.

Mahathir’s Pakatan Harapan coalition won a stunning election victory in May 2018, ending the previous government’s more than 60-year rule.

But his administration has since been criticized for failing to deliver on promised reforms and protecting the rights of majority ethnic Malay Muslims.

Of 1,204 survey respondents, 46 percent felt that the “country was headed in the wrong direction”, up from 24 percent in August 2018, the Merdeka Center said in a statement. Just 39 percent said they approved of the ruling government.

High living costs remained the top most concern among Malaysians, with just 40 percent satisfied with the government’s management of the economy, the survey showed.

It also showed mixed responses to Pakatan Harapan’s proposed reforms.

Some 69 percent opposed plans to abolish the death penalty, while respondents were sharply divided over proposals to lower the minimum voting age to 18, or to implement a sugar tax.

“In our opinion, the results appear to indicate a public that favors the status quo, and thus requires a robust and coordinated advocacy efforts in order to garner their acceptance of new measures,” Merdeka Center said.

The survey also found 23 percent of Malaysians were concerned over ethnic and religious matters.

Some groups representing Malays have expressed fear that affirmative-action policies favoring them in business, education and housing could be taken away and criticized the appointments of non-Muslims to key government posts.

Last November, the government reversed its pledge to ratify a UN convention against racial discrimination, after a backlash from Malay groups.

Earlier this month, Pakatan Harapan suffered its third successive loss in local elections since taking power, which has been seen as a further sign of waning public support.

Despite the decline, most Malaysians – 67 percent – agreed that Mahathir’s government should be given more time to fulfill its election promises, Merdeka Center said.

This included a majority of Malay voters who were largely more critical of the new administration, it added.

(Reporting by Rozanna Latiff; Editing by Nick Macfie)

Source: OANN

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The German share price index DAX graph at the stock exchange in Frankfurt
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 25, 2019. REUTERS/Staff

April 26, 2019

By Medha Singh and Agamoni Ghosh

(Reuters) – European shares slipped on Friday after losses in heavyweight banks and Glencore outweighed gains in healthcare and auto stocks, while investors remained on the sidelines ahead of U.S. economic data for the first quarter.

The pan-European STOXX 600 index was down 0.1 percent by 0935 GMT, eyeing a modest loss at the end of a holiday-shortened week. Banks-heavy Italian and Spanish indices were laggards.

The banking index fell for a fourth day, at the end of a heavy earnings week for lenders.

Britain’s Royal Bank of Scotland tumbled after posting lower first quarter profit, hurt by intensifying competition and Brexit uncertainty, while its investment bank also registered poor returns.

Weakness in investment banking also dented Deutsche Bank’s quarterly trading revenue and sent its shares lower a day after the German bank abandoned merger talks with smaller rival Commerzbank.

“The current interest rate environment makes it challenging for banks to make proper earnings because of their intermediary function,” said Teeuwe Mevissen, senior market economist eurozone, at Rabobank.

Since the start of April, all country indexes were on pace to rise between 1.8 percent and 3.4 percent, their fourth month of gains, while Germany was strongly outperforming with 6 percent growth.

“For now the current sentiment is very cautious as markets wait for the first estimates of the U.S. GDP growth which could see a surprise,” Mevissen said.

U.S. economic data for the first-quarter is due at 1230 GMT. Growth worries outside the United States resurfaced this week after South Korea’s economy unexpectedly contracted at the start of the year and weak German business sentiment data for April also disappointed.

Among the biggest drags on the benchmark index in Europe were the basic resources sector and the oil and gas sector, weighed down by Britain’s Glencore and France’s Total, respectively.

Glencore dropped after reports that U.S authorities were investigating whether the company and its subsidiaries violated certain provisions of the commodity exchange act.

Energy major Total said its net profit for the first three months of the year fell compared with a year ago due to volatile oil prices and debt costs.

Chip stocks in the region including Siltronic, Ams and STMicroelectronics lost more than 1 percent after Intel Corp reduced its full-year revenue forecast, adding to concerns that an industry-wide slowdown could persist until the end of 2019.

Meanwhile, healthcare, which is also seen as a defensive sector, was a bright spot. It was helped by French drugmaker Sanofi after it returned to growth with higher profits and revenues for the first-quarter.

Luxembourg-based satellite operator SES led media stocks higher after it maintained its full-year outlook on the back of the company’s Networks division.

Automakers in the region rose 0.4 percent, led by Valeo’s 6 percent jump as the French parts maker said its performance would improve in the second half of the year.

Continental AG advanced after it backed its outlook for the year despite reporting a fall in first-quarter earnings.

Renault rose more than 3 percent as it clung to full-year targets and pursues merger talks with its Japanese partner Nissan.

(Reporting by Medha Singh and Agamoni Ghosh in Bengaluru; Editing by Gareth Jones and Elaine Hardcastle)

Source: OANN

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