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Stalled Aramco IPO sets back deal-making at U.S. subsidiary Motiva

FILE PHOTO: An Aramco oil tank is seen at the Production facility at Saudi Aramco's Shaybah oilfield in the Empty Quarter
FILE PHOTO: An Aramco oil tank is seen at the Production facility at Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia May 22, 2018. REUTERS/Ahmed Jadallah/File Photo

March 26, 2019

By Jessica Resnick-Ault and Erwin Seba

HOUSTON (Reuters) – Saudi Aramco’s delayed initial public offering is sidelining grand North American expansion plans at its U.S. refining subsidiary Motiva Enterprises LLC, people familiar with the matter said, at a time when its rivals grew their market share.

After dissolving a partnership with Royal Dutch Shell PLC two years ago, Motiva set out to rebuild and boost market share in the Americas. It evaluated deals for LyondellBasell Industries NV’s Houston refinery, with the Caribbean government of Curacao, and considered expanding its sole U.S. oil refinery.

But none of those came to pass as the company feared it might pay too much for acquisitions or become too exposed to disruptions by expanding its sole U.S. refinery, the people said. As a result, Motiva has slipped to 11th place from ninth among the top U.S. refiners by capacity since striking out on its own, according to U.S. government data, as other refiners inked deals to take advantage of the shale boom.

(For a graphic, click https://tmsnrt.rs/2HxT1wn)

“They were very handicapped by the fact that the kingdom was contemplating the IPO,” a refining consultant to Motiva said, speaking on condition of anonymity as the talks were private. “What they told us was ‘until this gets done or resolved, we cannot do anything.'”

Saudi Aramco did not want Motiva to enter deals that could hamstring its IPO or raise questions about its strategy, leaving Motiva unable to expand, the people said.

Plans for the Aramco IPO were shelved last year for the foreseeable future, sources told Reuters in 2018. Saudi Energy Minister Khalid al-Falih said in January the kingdom would still go ahead, and list the company by 2021.

A Motiva executive said the company has not given up on increasing its U.S. processing might.

“We don’t comment on anything specifically, but we do want to increase our refining capacity,” said Todd Fredin, the company’s head of supply, trading and logistics.

A spokeswoman for Motiva declined to comment on past or potential acquisitions and expansion plans. Saudi Aramco declined to comment.

Vision 2030, the Saudi Crown Prince’s signature economic program designed to lessen the kingdom’s reliance on oil, also undercuts the need for U.S. expansion, said Andrew Lipow, president of refining consulting firm Lipow Oil Associates.

“They are in the process of trying to look toward 2030, and adding assets outside of Saudi Arabia” is not as critical anymore, he said. “A refinery in the United States doesn’t create jobs in Saudi Arabia.”

Rivals have used acquisitions and expansion to boost their share of the U.S. market. Marathon Petroleum Corp last year acquired the fifth largest U.S. refiner Andeavor for $23 billion.

This year, Exxon Mobil Corp embarked on a multi-billion dollar refinery expansion and Chevron Corp added a second Gulf Coast refinery as the two largest U.S. oil companies take advantage of record production out of Texas shale fields. The United States is now the world’s top oil producer, pumping more than 12 million barrels a day.

(For a graphic, click https://tmsnrt.rs/2VIJTbg)

“Economy of scale is very important for refiners,” said Joseph Israel, chief executive of Houston-based refiner Par Petroleum, whose parent last year acquired a Tacoma, Washington, plant and new refining capacity in Hawaii. “The right kind of growth typically supports efficiency, commercial flexibility, and visibility in the market.”

Motiva emerged from a Texaco-Saudi venture formed in 1988 as a U.S. outlet for Saudi crude. Last year, Saudi exports to the U.S. fell to 949,000 barrels per day (bpd), only the second time that figure has been less than 1 million bpd since that year, according to U.S. Energy Department data, as the United States gets more barrels from Canada than OPEC producers.

Motiva can process up to 603,000 barrels of oil a day at its Port Arthur, Texas refinery, the largest in the United States. The plant, which processes U.S. and other crudes, does not disclose revenue.

Last April, during a reception for the Crown Prince, the company said it was considering expanding the Texas refinery by up to 900,000 bpd capacity, which would have made it the largest plant in the world, surpassing a Reliance Industries plant in India.

The project was abandoned two months later to avoid concentrating at one U.S. Gulf Coast site, Motiva said. It has pledged to explore adding between 1 million and 1.5 million bpd capacity, but has not said when or where that would happen.

In February, Motiva ended talks with Curacao over a request to operate its 335,000 barrel-per-day Isla refinery and storage terminal. Those discussions ended after the Isla refinery’s supervisory board in January disclosed a corruption probe into selection process for a new operator.

“They didn’t want to be dragged into a corruption scandal – it was fraught,” said another refining consultant familiar with the Curacao talks.

Before its split from Shell in 2017, Motiva weighed buying LyondellBasell’s 264,000 bpd Houston refinery to replace plants it was turning over to Shell. Motiva pulled out of the sale process fearing it could be seen as overpaying for the plant after outbidding other refiners, said a person familiar with the talks. The plant was taken off the market after no bid reached Lyondell’s desired minimum price, the person said.

The company has shifted at Saudi Aramco’s direction toward petrochemicals. The U.S. operation recently gained its parent’s approval to build a $5 billion steam cracker to produce ethylene, a plastics building block, that would start operations by late 2022, according to documents reviewed by Reuters.

Recently, it requested proposals from investment banks to evaluate its options should CITGO Petroleum Corp, the U.S. arm of Venezuela’s state oil company, go on the market, according to two people familiar with the matter.

“Motiva has been allowed its freedom and is heading in all directions at once,” said the person familiar with Motiva’s Curacao talks, speaking on condition of anonymity. “There’s initiative fatigue.”

(Reporting by Jessica Resnick-Ault and Erwin Seba, additional reporting by Stephanie Kelly and David J. French; editing by Gary McWilliams and Edward Tobin)

Source: OANN

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Maher Rages Over Russia Hoax Collapse: Barr A ‘Stooge’ — ‘This Is Like A High-Tech Coup’

Attorney General William Barr is a “stooge” for President Trump coordinating “a high-tech coup” by announcing that Special Counsel Robert Mueller’s report found no collusion, said late night host Bill Maher.

On Friday’s HBO show “Real Time,” Maher accused “dictator” Trump of hiring Barr for the sole purpose of being exonerated by him.

“You know, high-tech lynching. Remember that phrase? This is like a high-tech coup,” Maher told his guest panel. “I know Barr is an esteemed person, William Barr. He’s a stooge. This is what Third World countries do. The dictator appoints somebody who exonerates him. That’s what happened here.”

Additionally, Maher said, Barr’s announcement last week was simply to provide cover for Trump when Mueller’s full report is released a few weeks later when the true nature of the collusion is revealed.

“I think the whole point of what Barr did was to give Trump a month-long lead to get out there and do the end zone dance, put the bullshit out, I’m completely exonerated. Because then, when we come up with the other stuff, it’s a month later, and then we’re like undoing something.”

Barr released a 4-page summary last weekend outlining Mueller’s main findings, which concluded the Trump campaign did not collude with Russia and Trump did not obstruct justice during the course of the “investigation.”


Alex Jones presents video footage of Texas Representative Mike Conaway calling out California Representative Adam Schiff on the house floor for his open participation in pushing propaganda on the American public that suggested President Trump colluded with the Russian Government in 2016.

Source: InfoWars

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Officer says partner fired before he could analyze threat

The partner of a Minneapolis police officer who fatally shot an unarmed woman testified Thursday that he didn't fire his own weapon because he hadn't fully analyzed the possible threat, agreeing with a prosecutor's characterization that it would have been "premature" to use deadly force.

Officer Matthew Harrity is a key witness in the trial of Mohamed Noor, who fired a single shot at Justine Ruszczyk Damond as she approached the officers' squad car on July 15, 2017.

Damond had placed two 911 calls that night to report a possible sexual assault in the alley behind her home. Struck in the abdomen, the 40-year-old dual citizen of the U.S. and Australia bled to death in an incident that sparked anger and disbelief in both countries.

Prosecutors questioned Harrity on some key points, including why he didn't fire his own weapon and why he didn't tell investigators at the scene about a supposed thump on the squad car that he said startled the officers.

Harrity, dressed in full uniform and crying at one point during his testimony, said as he and Noor responded to Damond's 911 call, they drove down the alley with their headlights off, using a spotlight to search for any evidence of a woman in trouble. Harrity, who was driving, had the safety hood off his holster, ready to pull his gun if needed.

The pair was in the alley for less than two minutes. Finding nothing, they stopped at the end of the alley and planned to go to another call.

Harrity testified that he then had a "weird feeling" to his left but couldn't make out what it was.

"At this time, I hear something hit the car and I also hear some sort of murmur," he said. He said he was startled by the thump and his mind went straight to a possible ambush.

He immediately drew his gun and held it to his ribs pointing downward, he said. Under cross-examination from defense attorney Peter Wold, Harrity admitted he was scared.

Harrity said that as he tried to make sense of what was happening, he heard a pop, saw a flash, and looked over to see Noor had fired his gun. Noor had fired across Harrity and through the driver's side window.

Prosecutor Amy Sweasy seized on Harrity's restraint, asking him about his training in the reasonable use of deadly force. Noor is charged with murder and manslaughter and prosecutors need to prove that he acted unreasonably when he shot Damond.

Under questioning from Sweasy, Harrity said that he would need to identify a threat and a target before firing his weapon. Harrity conceded that an officer would not point a gun unless he intended to use it, and said deadly force can be used only under reasonable circumstances.

"Use of deadly force, from your viewpoint at this point, would have been premature," Sweasy said of the situation. "Yes, with what I had," Harrity replied.

Harrity also faced tough questions about what he told investigators in the moments right after the shooting. Prosecutors have questioned the defense narrative of a thump on the squad car, saying investigators found no forensic evidence that Damond touched it.

Harrity acknowledged Thursday that he didn't mention the thump to anyone that night, but said that was because only a brief statement was required and he knew he would be making a full statement in coming days.

Noor never talked to investigators and it isn't clear whether he will testify.

Harrity said he worked well with Noor, adding that he trusted him and felt Noor always had his back.

"I loved working with Officer Noor," he said.

Harrity grew emotional during his testimony when he talked about his own mindset in the days after the shooting.

Neither officer had their body cameras running when Damond was shot, something Harrity blamed on what he called a vague policy that didn't require it.

Sweasy questioned Harrity about that repeatedly, at one point asking, "It was more important to get your gun ready than your body-worn camera?" Harrity said it was, after repeatedly testifying that he didn't know what he would encounter.

Both men switched their cameras on afterward, and both videos were played on Thursday.

The body camera videos show efforts by the two men to save Damond with CPR, and they show the last moments of her life. In the videos, Damond struggles to breathe, and Harrity says repeatedly, "Stay with me, stay with me, stay breathing." He also is heard addressing his partner: "Noor, breathe, just breathe."

At one point, Harrity tells Noor to continue CPR and Harrity gets medical supplies for Damond's wound. Harrity cautions Noor to slow down the CPR, and reassures Noor that an ambulance is coming.

A medical examiner testified earlier that Damond was hit in a key artery and lost so much blood so quickly that even faster medical care might not have saved her.

When other officers arrive on the scene, both Harrity and Noor tell them that Damond was shot by police, according to the videos.

Damond was white. Noor , 33, is a Somali American whose hire two years before the shooting was celebrated by Minneapolis leaders as a sign of a diversifying police force in a city with a large population of Somali immigrants.

Much of the prosecution's early case focused on the handling of the crime scene by police and state Bureau of Criminal Apprehension agents, including possible missteps. They also highlighted officers turning their body cameras on and off repeatedly after the shooting.

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This story has been corrected to show that the prosecutor's last name is Sweasy, not Sweazy.

___

Follow Amy Forliti on Twitter: http://www.twitter.com/amyforliti

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Check out the AP's complete coverage of Mohamed Noor's trial.

Source: Fox News National

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Barclays sets aside millions to deal with Brexit uncertainty

British bank Barclays says it set aside 150 million pounds ($196 million) to deal with economic uncertainty as Britain prepares to leave the European Union.

The bank said Thursday that bad loans in its credit card and corporate lending businesses may increase amid "anticipated economic uncertainty in the U.K." Britain is scheduled to leave the EU on March 29, ending more than 40 years of free trade with the bloc.

The comments came as Barclays said recent restructuring efforts delivered "improved performance across the group" last year.

Barclays says fourth-quarter pretax profit jumped to 374 million pounds from 93 million pounds a year earlier as it cut costs and set aside less money to cover past misdeeds. The bank's net loss shrank to 76 million pounds from 1.29 billion pounds.

Source: Fox News World

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Indian consumers face post-election fuel price shock, economy could be hit

A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai
FILE PHOTO: A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas

April 26, 2019

By Manoj Kumar and Nidhi Verma

NEW DELHI (Reuters) – Surging global oil prices will pose a first big challenge to India’s new government, whoever wins an election now under way, especially as domestic prices have been allowed to lag, meaning consumers are in for a painful surge as they catch up.

For oil-import dependent India, higher global prices could lead to a weaker rupee, higher inflation, the ruling out of interest rate cuts and could further weigh on twin current account and budget deficits, economists warned.

But compounding the future pain, state-run fuel suppliers and retailers have held off passing on to consumers the higher prices during a staggered general election, which began on April 11 and ends on May 23, according to sources familiar with the situation.

That delay is expected to be unwound once the election is over. And there could be additional price increases to make up for losses or profits missed during the period of delayed increases, the sources said.

In some major Asian countries, such as Japan and South Korea, pump prices are adjusted periodically so they move largely in tandem with international crude prices.

That was what was supposed to happen in India but the election means there have been many days when pump prices have been unchanged.

In New Delhi, for example, while crude oil prices have gone up by nearly $9 a barrel, or about 12 percent, in the past six weeks, gasoline prices have only risen by 0.47 rupees a liter, or 0.6 percent.

State-controlled fuel suppliers and retailers declined to say why they had delayed price increases, or discuss whether there has been any pressure from the government of Prime Minister Narendra Modi.

A government spokesman declined to comment.

The opposition Congress party said Modi’s government was violating its own policy of daily price revision by advising the state oil companies to hold prices steady.

“The government should cut fuel taxes otherwise consumers will have to pay much higher oil prices once the elections are over,” said Akhilesh Pratap Singh, a senior leader of the Congress party.

(GRAPHIC: India Polls: Fuel price hike lags crude surge – https://tmsnrt.rs/2XLlxik)

Nitin Goyal, treasurer at the All India Petroleum Dealers Association, representing fuel stations in 25 states, said prices were similarly held down for 19 days in the southern state of Karnataka last year, when it held state assembly elections.

Only for them to surge after the vote.

“Consumers should be ready for a rude shock of a massive jump in retail prices, similar to the level we have seen in the Karnataka state election,” Goyal said.

‘CREDIT NEGATIVE’

Sri Paravaikkarasu, director for Asia oil at Singapore-based consultancy FGE, said retail prices of gasoline and gasoil prices would have been up to 6 percent, or about 4 rupee, higher if they had been allowed to rise in line with global prices.

“Indian pump prices have failed to keep up with the recent uptrend in crude prices,” Paravaikkarasu said.

“With the country’s general elections underway, the incumbent government has been keeping pump prices relatively unchanged.”

India had switched to a daily price revision in June 2017 from a revision every two weeks, as the government allowed retailers to set prices.

But the government faced protests last October when retailers raised prices by up to 10 rupees a liter after the crude oil price went above $80 a barrel, forcing it to cut fuel taxes.

Global prices rose to their highest level in 2019 on Thursday, days after the United States announced all Iran sanction waivers would end by May, pressuring importers including India to stop buying Tehran’s oil. [O/R]

Higher oil prices will mean Asia’s third largest economy is likely to see growth of less than 7 percent rate this fiscal year, economists said. Growth slowed to 6.6 percent in the October-December quarter, the slowest in five quarters.

Rating agency CARE has warned that a 10 percent rise in global oil prices could increase demand for dollars, putting pressure on the rupee and widening the current account deficit.

India’s oil import bill rose by nearly one-third in the fiscal year ending March 31 to $140.5 billion, against $108 billion the previous year.

“The increase in international oil prices is a credit negative for the Indian economy,” ICRA, the Indian arm of the Fitch rating agency, said in a note.

“Every $10/ bbl increase in crude oil prices increases the fiscal deficit by about 0.1 percent of GDP.”

Any big price rise would also build a case for the central bank to keep rates steady, or even raise them.

The Reserve Bank of India’s Monetary Policy Committee, which cut the benchmark policy repo rate by 25 basis points this month, warned that rising oil and food prices could push up inflation.

Policymakers are worried that a sustained increase in the oil price in the range of $70-75/barrel or higher can move the rupee down by 3-4 percent on an annual basis.

The rupee has depreciated by 1.24 percent against the dollar since a year high in mid-March.

($1 = 70.1800 Indian rupees)

(Reporting by Manoj Kumar and Nidhi Verma; Editing by Martin Howell and Rob Birsel)

Source: OANN

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Pence in Colombia Announces New Sanctions on Maduro

The Trump administration announced new sanctions Monday on allies of Venezuela's Nicolas Maduro as it struggles to find new ways to boost his opponent after an effort to deliver humanitarian aid to the economically devastated nation faltered amid strong resistance from security forces loyal to the socialist leader.

Vice President Mike Pence arrived in the Colombian capital for an emergency summit of regional leaders to discuss the deepening crisis and immediately met with Juan Guaido, the opposition leader the U.S. and 50 other nations recognize as Venezuela's rightful president.

In a speech, Pence urged regional partners to freeze oil assets controlled by Maduro, transfer the proceeds to Guaido and restrict visas for Maduro's inner circle. He said the U.S. was imposing more sanctions on four pro-government governors, including a close Maduro ally who negotiated the release of an American jailed for more than two years.

"It's time to do more," Pence said. "The day is coming soon when Venezuela's long nightmare will end, when Venezuela will once more be free, when her people will see a new birth of freedom, in a nation reborn to libertad."

Pence's appearance before the Lima Group comes at an important crossroads for the coalition of mostly conservative Latin American nations and Canada that has joined forces to pressure Maduro. A month after Guaido declared himself interim president at an outdoor rally, hopes that support for Maduro inside the military would quickly crumble have faded.

Over the weekend, security forces on the borders with Colombia and Brazil fired tear gas and buckshot on activists waving Venezuelan flags while escorting trucks with emergency medical and food kits. Four people were killed and at least 300 wounded, although only a few were hospitalized.

While Colombian authorities said more than 160 soldiers deserted their posts and sought refuge across the border over the weekend, the highest-ranking among them was a National Guard major. No battalion or division commanders have come forward to challenge Maduro despite almost-daily calls by Guaido and the U.S. to do so.

That's left many asking what Guaido and the U.S. can do to break the stalemate.

The Lima Group, in an 18-point declaration signed by 10 nations and Guaido, reiterated their call on the Venezuelan military to recognize the opposition leader as their commander in chief, urged the International Criminal Court to declare Maduro's aid blockade a crime against humanity and pressed the United Nations to play a bigger role in resolving the crisis.

For now, the U.S. is showing no signs it is considering a military intervention to remove Maduro.

During his visit, Pence repeated President Donald Trump's threat that "all options are on the table" but gingerly avoided talking about the potential for military action.

Instead, he stuck to traditional policy tools that so far have only hardened Maduro's resolve. Foremost among them was the addition of four governors to a growing list of more than 50 Venezuelan officials under sanctions and blocked from doing business or having accounts in the U.S.

The most prominent target was Rafael Lacava, the governor of central Carabobo state who played a key role negotiating the release last year of Joshua Holt, a Utah man jailed without a trial for two years on what were seen as trumped-up weapons charges.

Pence also said the U.S. would continue to search for places to pre-position aid for eventual delivery to Venezuela, and announced $56 million in new assistance to countries in the region helping to absorb an exodus of more than 3 million Venezuelans who have fled hyperinflation and shortages in recent years.

"In the days ahead, the United States will announce even stronger sanctions on the regime's corrupt financial networks. We will find every last dollar they have stolen and return that money to the Venezuelan people," he said.

Guaido, in his visit to the Colombian capital, was afforded all the trappings of a head of state. He posed for selfies with well-wishers upon arriving for the summit and stood before a pile of aid boxes stamped with the U.S. flag as he and Pence greeted a group of Venezuelan migrants, including an elderly man who wept as he shook hands with the U.S. vice president and pleaded for help.

But Guaido's speech to the diplomats was short on specifics despite speculation he would request a military intervention as close ally Julio Borges, the opposition ambassador to the Lima Group, suggested on Sunday.

"Being permissive with the usurpation of power would be a threat to democracy in all of America," Guaido said.

Meanwhile, the Lima Group, which has been staunchly behind Guaido, rejected the use of force.

"Let's hope that the pressure of the international community, dialogue and prudence will prevail," said Panamanian President Juan Carlos Varela, who likened the crisis in Venezuela to the one his country faced in the run-up to the 1989 U.S. invasion to remove dictator Manuel Noriega. "Although the circumstances are similar, we must have the capacity to find a solution different than the one used back then."

Secretary of State Mike Pompeo, in interviews on "Fox News Sunday" and CNN's "State of the Union," did not rule out U.S. military force but said "there are more sanctions to be had."

Any additional sanctions will increase the suffering of the Venezuelan people and may lead to more political violence, said Mark Weisbrot, co-director of the Center for Economic and Policy Research, who advocates a negotiated end to the political crisis.

"The 'humanitarian aid' this weekend was a public relations stunt, since the aid was just a tiny fraction of the food and medicine that they are depriving Venezuelans of with the sanctions," Weisbrot said. "As the Trump administration admitted, it was an attempt to get the Venezuelan military to disobey Maduro. It was a farce, and it failed."

Source: NewsMax Politics

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Singer R. Kelly due in court Saturday on sexual assault charges

Singer Robert Kelly, known as R. Kelly, appears in a booking photo provided by the Chicago Police Department in Chicago
Singer Robert Kelly, known as R. Kelly, appears in a booking photo provided by the Chicago Police Department in Chicago, Illinois, U.S., on February 23, 2019. Courtesy Chicago Police Department/Handout via REUTERS

February 23, 2019

By Suzannah Gonzales

CHICAGO (Reuters) – Grammy-winning R&B singer R. Kelly, who for years has faced allegations that he abused women and underage girls, was due in court in Chicago on Saturday to hear charges that he sexually assaulted four people, including three teenagers.

The 52-year-old, whose real name is Robert Kelly, was charged with a 10-count indictment on Friday, nearly two months after the Lifetime television network aired a six-hour documentary series “Surviving R. Kelly” in which multiple women accused him of sexual misconduct and abuse.

Kelly surrendered to police on Friday evening and Saturday’s initial court appearance is a bond hearing.

His lawyer Steven Greenberg told reporters on Friday night: “I suspect this is succumbing to public pressure. I think they shouldn’t have rushed to judgment. He’s an innocent man.”

At a brief news conference on Friday, the Cook County state’s attorney, Kimberly Foxx, said three of the four victims were under age 17 at the time of the abuse, which dated back as far as 1998. She did not comment on the details of the charges, which each carry a maximum sentence of 10 years in prison.

Lawyer Michael Avenatti, known for representing porn star Stormy Daniels in her legal battle against President Donald Trump, said at a separate news conference on Friday that he had obtained a videotape from the late 1990s depicting Kelly performing sexual acts with a 14-year-old girl.

Avenatti, who said he represents two victims, two parents and two whistleblowers from Kelly’s inner circle, told reporters he had given the tape to authorities.

More than a decade ago, Kelly was acquitted of child pornography charges in Chicago. That case stemmed from a video purportedly showing Kelly having sex with an underage girl; both Kelly and the girl denied they were in the video.

Kelly, best known for his hit single “I Believe I Can Fly,” has for years denied accusations of abuse.

In 1994, he married his 15-year-old protege, the singer Aaliyah, a union that was annulled months later because of her age. Aaliyah died in a plane crash in 2001.

“Surviving R. Kelly” touched off a new furor when it debuted in January, prompting his record label, Sony Music-owned RCA, to end its relationship with the performer.

“We are proud that Lifetime was able to provide a platform for survivors to be heard,” Lifetime said in a statement on Friday.

It was not clear if any of the alleged victims, who were not named in the indictment, were the same as those in the documentary.

Kelly, a three-time Grammy winner whose hits also include “Bump N’ Grind” and “Your Body’s Callin,” grew up in a Chicago public housing project where, according to his autobiography, he was sexually abused beginning at age 8.

(Reporting by Suzannah Gonzales in Chicago; Writing by Joseph Ax; editing by Grant McCool)

Source: OANN

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

April 26, 2019

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

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

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

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

(Reporting by Gary McWilliams; Editing by James Dalgleish)

Source: OANN

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

April 26, 2019

By Tom Arnold

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

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

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

Vettivetpillai could not be reached for a comment.

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

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

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

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

(Editing by Jane Merriman)

Source: OANN

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

April 26, 2019

By James Oliphant

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(Reporting by James Oliphant; editing by Jonathan Oatis)

Source: OANN

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

April 26, 2019

By Noel Randewich

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

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

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

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

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

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

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

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

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

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

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

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

(Reporting by Noel Randewich; editing by Jonathan Oatis)

Source: OANN

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

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

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

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

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

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

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

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

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

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

Source: Fox News Politics

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