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Japan keen to do post-Brexit trade deal quickly: UK trade minister Fox

FILE PHOTO: Britain's Secretary of State for International Trade Liam Fox arrives in Downing Street in London
FILE PHOTO: Britain's Secretary of State for International Trade Liam Fox arrives in Downing Street in London, Britain January 29, 2019. REUTERS/Toby Melville/File Photo

February 18, 2019

TEL AVIV (Reuters) – British trade minister Liam Fox said on Monday that Japan was keen to agree a post-Brexit trade deal and believed it could be done “quite quickly”.

The Financial Times earlier reported Japan had reacted with dismay to a letter from Fox and foreign minister Jeremy Hunt encouraging it to agree a quick trade deal with Britain as it was interpreted as an accusation of foot-dragging.

“My Japanese counterparts are very keen to do (a deal) because they think such an agreement could be concluded quite quickly,” Fox said when asked by a reporter whether Japan may seek greater concessions from Britain when it had left the European Union.

Fox, who is in Tel Aviv to sign a continuity trade agreement with Israel, also said that most of Britain’s trade with Japan to date has been done without a free trade agreement as an EU-Japan trade deal only entered into force on Feb. 1.

(Reporting by Steven Scheer, Writing by Kylie MacLellan; editing by William James)

Source: OANN

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Egypt schedules referendum on constitutional changes

Egypt authorities have scheduled a nationwide referendum on proposed constitutional changes that could see President Abdel-Fattah el-Sissi remain in power until 2030.

Lasheen Ibrahim, chairman of the National Election Authority, says Wednesday the vote will take place Saturday through Monday. He says Egyptian expatriates will vote Friday through Sunday.

Parliament overwhelmingly approved the amendments on Tuesday. They would only extend a president's term in office from four to six years. But they include a special article specific to el-Sissi to extend his current, second term to six years and allow him to run for another six-year term in 2024.

The proposals are seen by critics as another step back to authoritarianism, eight years after a pro-democracy uprising ended autocrat Hosni Mubarak's three-decade rule.

Source: Fox News World

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The Philippine journalists taking the rap in Duterte’s latest war

Rappler reporter Pia Ranada interviews Davao City Mayor Sara Duterte in Calamba City
Rappler reporter Pia Ranada interviews Davao City Mayor Sara Duterte, the eldest daughter of President Rodrigo Duterte, after a campaign sortie in Calamba City, Laguna, Philippines, March 9, 2019. REUTERS/Eloisa Lopez

March 28, 2019

By John Geddie and Martin Petty

MANILA (Reuters) – When Filipino journalist Pia Ranada fell into a ditch and injured her leg on election day, May 9, 2016, the presidential candidate she was reporting on drove her to hospital and sat with her as she was treated.

Less than two years later, that same man, by then in the midst of a bloody crackdown on drugs in which around 5,000 suspects were killed by police, attacked her during a national broadcast.

“You are a Filipino who was allowed to abuse our country … in the name of the holy grail of press freedom,” President Rodrigo Duterte said in a speech in January 2018, addressing Ranada directly. “You are not only throwing toilet paper, you are throwing shit at us.”

It was an explosive moment during a period of simmering tension between Ranada’s news outlet, Rappler, and Duterte’s administration, part of a chain of events that has drawn global concern for one of Southeast Asia’s few remaining corners of relatively free and open press.

Now facing multiple criminal charges against the site and its staff, the latest of which were filed this week, Rappler’s management say they will not bow to what they see as government intimidation.

Duterte’s office says it has no grudge against Rappler and the government is not behind any of the cases against the news site and its staff.

Reuters also has no evidence that Duterte was directly involved. Instead, interviews with Philippine officials and journalists show that close allies of Duterte coordinated the investigations against Rappler, and that Duterte was deeply angered by some of its reporting.

A spokesman for Duterte’s office said accusations his government was abusing or harassing Rappler were “unreasonable”.

MAKING WAVES

Rappler Executive Editor Maria Ressa, who previously held senior positions at U.S. broadcaster CNN, started Rappler with some associates on Facebook in 2011, and it became a news website in 2012. The name comes from combining “rap” and “ripple”, meaning to discuss and to make a wave.

Ressa told Reuters she had found Duterte “utterly refreshing” when she interviewed him in the run-up to the 2016 election.

Ressa added that her site’s extensive coverage of Duterte’s campaign allowed the septuagenarian to tap into a young, social media-savvy voter base that helped a provincial city mayor secure an unlikely triumph over challengers from Manila’s political establishment.

Yet Duterte’s victory was also founded on a pledge to eliminate crime and drugs, and allegations the crackdown that ensued involved widespread extrajudicial executions by police quickly became a focus of Rappler’s and other media outlets’ reporting on his presidency.

Ressa said she believes their hard-hitting drug war reports, as well as stories accusing the administration of creating a social media “ecosystem” where bloggers and internet trolls attack Duterte’s opponents, quickly put them on a collision course with the president.

The tide turned on Rappler in late 2016, when the government’s top lawyer, Solicitor-General Jose Calida, requested the Philippines’ Securities and Exchange Commission investigate the firm over alleged ownership violations.

Calida is seen as a close ally of Duterte and helped manage his election campaign before being appointed solicitor-general in June 2016.

But a source close to Duterte, who wished to remain anonymous, said Calida was not acting under orders from the president.

“Duterte doesn’t really care about stories about the war on drugs,” the source recounted. “It was really Calida trying to gain brownie points.”

A spokesman for Calida’s office said via email “it is a serious misconception” he was focused on the president’s opponents. The Office of the Solicitor-General declined to comment on Rappler citing ongoing legal proceedings.

Ressa said “attacks” by the government which started in 2016 led to board members leaving, a 45 percent drop in advertising revenue and a hefty pay cut for key management. Rappler now operates pending a review after its license was revoked for violating rules against foreigners owning stakes in media.

TOO CLOSE

Throughout 2017, Duterte stepped up criticism of certain press outlets, singling out Rappler as “fake news” and “foreign-owned” in public speeches.

But Ranada – the Rappler reporter assigned to cover the president – said on a personal level their relationship was at a “very good point” during the same period.

Indeed, Duterte and Ranada spent so much time together at a media Christmas party at the presidential palace in December 2017, her peers started to worry she was getting exclusive material, journalists and officials present said.

That was just weeks before Duterte’s expletive-laden rant about Ranada.

What prompted that outburst, and changed the nature of Duterte’s relationship with Rappler forever, according to the source close to the president, was a story about his closest aide, Christopher Go. The article alleged Go had “intervened” in a military procurement deal by asking the navy to look at a proposal by a South Korean firm. Go denied wrongdoing.

The source said Duterte “lost it” over that story because “it was too close to him, it was almost alleging that he was corrupt”.

In response to Reuters’ questions, a spokesman for Duterte’s office, Martin Andanar, said: “We do not have any personal issues with any reporter… However, any form of deliberate attempt to misinform the public is an attack to the efforts of the administration to deliver what is due to the Filipino people.”

Go declined to comment on the procurement deal, saying it had been investigated by the Philippine Senate and was “case closed”. He told Reuters he thought Rappler was “very biased against me and the president”.

A day after Duterte’s verbal attack, the justice minister at the time, Vitaliano Aguirre – a staunch loyalist and former university classmate of the president – issued a blanket order to the Philippines’ equivalent of the FBI, the National Bureau of Investigation (NBI), to probe Rappler “over possible violation of the constitution and laws”.

Rappler said the order, a copy of which was reviewed by Reuters, was a “fishing expedition”.

Aguirre, who resigned in April 2018, denied this.

Asked about his experience of Rappler during his time in office, Aguirre said in a text message: “My experience with RAPPLER?…it is engaged in bias reporting against the Duterte administration…It would slant news reports every chance it gets… and it is not above reporting fake news.”

In the weeks that followed, a years-old libel case was resurrected against Rappler, a tax evasion probe was launched and both Ranada and Ressa were banned from the palace at the president’s order.

Andanar, from Duterte’s office, said the cases against Ressa and Rappler were “bereft of any government participation” and that it was “unreasonable to conclude that the administration is in any form harassing them or abusing its power”.

DANGEROUS MESSAGE

Ressa was among a group of journalists named Time Magazine’s Person of the Year in December 2018 for “defending free expression and the pursuit of truth and facts”.

Last month, she was served an arrest warrant live on television at her office over a libel case and had to spend a night at NBI’s headquarters before she was released on bail.

On Wednesday, several Rappler executives including Ressa, were also charged with violating laws in relation to foreign ownership rules.

“The Philippines has for a long time been a standard bearer in the region for press freedom,” said Shawn Crispin, Southeast Asia representative for the New York-based Committee to Protect Journalists. “If Duterte is able to get away with effectively silencing what has been one of his most prominent and credible media critics, that could send a message to the wider region that this is an attack you can get away with.”

Despite all the legal cases, verbal and online attacks, and financial troubles, Ressa remains defiant.

“This is largely intimidation and this is part of the reason we are refusing to be intimidated,” said Ressa. “We will fight and I do think we can win.”

(Reporting by John Geddie and Martin Petty; Additional reporting by Karen Lema and Neil Jerome Morales; Editing by John Chalmers and Alex Richardson)

Source: OANN

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Ukraine presidential candidate wants debate with drug tests

The debate about a presidential runoff debate in Ukraine is escalating.

Volodymyr Zelenskiy, the comic actor who easily beat President Petro Poroshenko in the first round, is proposing that a debate between the two before Ukraine's April 21 presidential runoff be moderated by the candidate who came in third place, former prime minister Yulia Tymoshenko.

Zelenskiy on Thursday said that Tymoshenko could guarantee an honest debate because she doesn't support either candidate.

Tymoshenko, however, has consistently denounced Poroshenko for failing to rein in corruption and has run against him for president twice.

Zelenskiy wants the debate to be held April 19 in Kiev's Olimpiskiy Stadium, the country's biggest arena and said both candidates should take drug tests. Poroshenko's campaign spokesman said the president will wait for Zelenskiy at the stadium Friday morning for the tests.

Source: Fox News World

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AP Photos: Heartbroken New Zealanders mourn mass shooting

Heartbroken New Zealanders lit candles and placed flowers at makeshift memorials set up in the city of Christchurch in the wake of the deadliest mass shooting in the country's history.

Some mourners hugged their neighbors, while others stood in solemn silence at sites in the city center, not far from the two mosques where Muslims gathered for Friday prayers were mowed down by a racist gunman.

Prime Minister Jacinda Ardern said the shooter, an Australian native, had chosen to strike in New Zealand "because we represent diversity, kindness, compassion."

Source: Fox News World

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Exclusive: Chinese EV car maker NIO restricts its IPO banks from working for rivals – sources

FILE PHOTO: Chinese electric vehicle start-up Nio Inc. company logo is on display on its initial public offering (IPO) day at the NYSE in New York
FILE PHOTO: Chinese electric vehicle start-up Nio Inc. company logo is on display on its initial public offering (IPO) day at the NYSE in New York, U.S., September 12, 2018. REUTERS/Brendan McDermid/File Photo

March 29, 2019

By Julia Fioretti and Kane Wu

HONG KONG (Reuters) – Chinese electric vehicle (EV) maker NIO Inc has blocked the eight top investment banks that did its IPO from working for rivals by tying them up in rare year-long non-compete clauses, several people with direct knowledge of the matter said.

The move highlights the fierce competition between China’s EV makers as they seek the capital needed to survive in a fast-growing market, also the world’s largest.

NIO, for its initial public offering in September, had hired Bank of America Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley and UBS.

These were also the top eight banks worldwide for equity sales in 2018, according to Refinitiv data.

The non-compete clause prevents them from helping NIO’s rivals raise public or private funds for 12 months following the IPO, the sources said, declining to be named as they were not authorized to speak publicly on the matter.

NIO and the banks declined to comment.

The list of rivals covered by the restrictions included up to 10 names, although it may have varied between the individual agreements, the people said.

Xpeng Motors and WM Motor were on that list, three sources said. A separate source said the list included those two and Byton, among others.

NIO’s non-compete demands were particularly restrictive both in their breadth and duration, several sources said.

Typically such deals restrict banks from working with rivals until the transaction closes or for a shorter period such as six months, two of the sources said.

“Issuers sometimes don’t like it when you’re doing an IPO for the competitors on a concurrent timetable because they will worry that you might divulge information to the benefit of the other clients,” said Stephen Chan, partner at law firm Dechert LLP, speaking about general industry practices.

One banker involved in the NIO deal said his bank had lost mandates because of the non-compete clause.

Adding to the banks’ frustration, they had signed up to NIO’s demands when the IPO was expected to raise about double the $1 billion it actually brought in – meaning banks would initially have expected a much larger payout.

“It would have been interesting in hindsight seeing if it could have got the same agreement with people knowing what the actual valuation was going to be,” a senior banker who worked on the deal said.

EV CAPITAL-RAISING RUSH

NIO’s move comes at a time when many Chinese EV makers are considering IPOs or have launched private fundraisings as China cuts the subsidies it has historically offered as part of its efforts to curb pollution.

On Wednesday, China said it had raised its standards for NEVs that qualify for subsidies and reduced the amount it was willing to provide.

In January, Byton was seeking to raise at least $500 million to finance its growth, people familiar with the matter told Reuters at the time.

Earlier this month, WM Motor announced it closed its Series C funding round of 3 billion yuan ($446.16 million).

Reuters reported on Friday that Leap Motor, a smaller EV maker, was seeking a private fundraising of 2.5 billion yuan, advised by Deutsche Bank.

NIO itself did not stop with its IPO.

In January, it sold a $750 million convertible bond to plug the gap between the money it raised in its IPO and what it had expected to raise.

($1 = 6.7241 Chinese yuan)

(Reporting by Julia Fioretti and Kane Wu; Additional reporting by Julie Zhu; Editing by Jennifer Hughes and Himani Sarkar)

Source: OANN

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Bank of America drops ‘Merrill Lynch’ name in rebranding effort

A Bank of America logo is pictured in the Manhattan borough of New York City
A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri

February 25, 2019

By Imani Moise

(Reuters) – Bank of America Corp is dropping the “Merrill Lynch” name from some of its businesses, phasing out a brand with a long history on Wall Street as part of a multi-year marketing effort, the lender said on Monday.

The investment bank and capital markets business is ditching the 104-year old name to become BofA Securities and its wealth management businesses will collectively be called “Merrill,” without the Lynch.

The individual units, Merrill Lynch Wealth Management, Merrill Edge and Merrill Guided Investing will keep their names.

U.S. Trust, Bank of America’s private bank which caters to ultra-high net worth clients, will become Bank of America Private bank, and Merrill Lynch Private Banking & Investment Group will become Merrill Private Wealth Management, dropping the “Lynch.”

In the past, rebranding has faced some opposition. The average age of financial advisers is in the mid- to late-50s, and many feel fierce loyalty to the brand of the firm where they have worked for years.

Before it was bought in 2009 in the throes of the financial crisis, Merrill Lynch was known for its powerful investment bank and “thundering herd” of financial advisers. The brand survived over the last decade, unlike other iconic firms like Lehman Brothers and Bear Stearns whose names faded away once they were acquired.

Under the new “Merrill” umbrella, the firm will launch a new marketing campaign featuring the “Merrill bull front and center,” the company told Reuters in a statement.

The change comes as Bank of America is working to boost morale in its investment bank after a year of declining market share and revenue and a string of departures by senior leaders.

(Reporting By Aparajita Saxena in Bengaluru; Editing by Sai Sachin Ravikumar and Tom Brown)

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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