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StanChart hiring Chinese-speaking bankers to connect its network

FILE PHOTO: A logo of Standard Chartered is displayed at its main branch in Hong Kong
FILE PHOTO: A logo of Standard Chartered is displayed at its main branch in Hong Kong, China August 1, 2017. REUTERS/Bobby Yip/File Photo

February 27, 2019

By Lawrence White

LONDON (Reuters) – Standard Chartered is targeting more trade-focused business from Chinese companies by hiring around 15 bankers worldwide, a source familiar with the plans told Reuters.

The move forms part of a broader StanChart strategy announced on Tuesday to boost profits in its corporate and institutional banking division by focusing on its network of 63 countries, mainly in Asia, Africa and the Middle East.

The London-based bank is pursuing the plan despite trade tensions between the United States and China and the new Chinese-speaking hires will be based in countries including Thailand, India, Sri Lanka, Nigeria, Uganda and the United Arab Emirates, the source said on Wednesday.

They will work in StanChart’s Global Subsidiaries team to bank Chinese companies with business in those markets.

StanChart Chief Executive Bill Winters said a network was vital to financing trade and investment between regions, after analysts questioned why it remains in markets such as Indonesia and Korea where returns have been weak for years.

Around 20 of its 63 markets are delivering substandard returns, Winters said, but maintaining a presence in them is worthwhile for the ability to help global companies expand, invest and trade in those countries.

The corporate banking unit added more than 6,400 customers last year and ‘network’ income from firms operating outside their home market grew to 70 percent of the investment banking division’s total income, head of that division Simon Cooper told staff in a memo seen by Reuters.

The bank’s emerging markets and trade-focused business model has been hit hard in recent years by rising Sino-U.S. trade tensions and slowing growth in Asia, Africa and the Middle East, but Cooper said the bank will keep pursuing its strategy.

“We’ve talked a lot about trade tensions recently and they continue to be a concern. However, we might see some new winners emerge: Vietnam, Malaysia and Thailand have great potential to capitalize on the shifting trade landscape,” he said in the memo to around 12, 000 staff in the investment bank.

The new China bankers, which will also include hires in Pakistan and Britain, will help grow the bank’s business with Chinese companies that are expanding globally, the source said.

(Reporting by Lawrence White; Editing by Alexander Smith)

Source: OANN

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Huawei CEO offered Berlin no-spy deal to soften 5G concerns: Wirtschaftswoche

Huawei CEO and founder Ren Zhengfei walks inside Huawei's headquarters in Shenzhen
FILE PHOTO: Huawei CEO and founder Ren Zhengfei walks inside Huawei's headquarters in the southern Chinese city of Shenzhen, Guangdong province, in this October 16, 2013 file photo. REUTERS/Bobby Yip

April 17, 2019

BERLIN (Reuters) – China’s Huawei offered Berlin a “no-spy agreement” to address security concerns over the Chinese company’s involvement in building Germany’s next-generation 5G mobile infrastructure, a German magazine said on Wednesday.

“Last month, we talked to the German Interior Ministry and said that we were ready to sign a no-spy agreement with the German government and to promise that Huawei will not install any backdoors in the networks,” Wirtschaftswoche quoted Huawei Chief Executive Ren Zhengfei as saying.

He called on the Chinese government to sign a similar no-spy-agreement and to adhere to European Union data protection laws.

Germany last month set tougher criteria for vendors supplying network equipment, stopping short of singling out Huawei for special treatment and instead saying the same rules should apply to all vendors.

(Reporting by Riham Alkousaa; Editing by Tassilo Hummel)

Source: OANN

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Amazon lifts restriction on sellers criticized as anti-competitive: source

FILE PHOTO: The logo of Amazon is seen at the company logistics centre in Boves
FILE PHOTO: The logo of Amazon is seen at the company logistics centre in Boves, France, January 19, 2019. REUTERS/Pascal Rossignol

March 11, 2019

(Reuters) – Amazon.com has decided to stop telling third-party sellers on its platform that they cannot offer lower prices on competing websites, a source said on Monday.

The source gave no details on the decision.

The decision comes in the wake of a letter from Senator Richard Blumenthal arguing that the practice would “stifle market competition and artificially inflate prices.” The letter is dated Dec. 19, 2018 and was sent to Federal Trade Commission Chairman Joseph Simons.

(Reporting by David Shepardson; Editing by Lisa Shumaker)

Source: OANN

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China coal investments unpopular in ‘new Silk Road’ nations: poll

A cargo train loaded with coal dust, moves past the port area near City Station in Karachi
A cargo train loaded with coal dust, moves past the port area near City Station in Karachi, Pakistan September 24, 2018. Picture taken September 24, 2018. REUTERS/Akhtar Soomro

April 24, 2019

SHANGHAI (Reuters) – People living in countries along China’s new “Silk Road” favor investment in renewable energy over the construction of coal-fired power plants, according to a poll released on Wednesday ahead of a major summit in Beijing.

Environmental group E3G, which commissioned the poll, said the results showed there was little support for investment in coal, despite China’s role as a major funder of new plants.

“China should now work with governments, business and investors at the upcoming forum to make sure these demands are met,” said Nick Mabey, chief executive of E3G.

The survey was released ahead of China’s second international forum on its 2013 Belt and Road initiative, which is designed to build infrastructure and encourage trade and economic cooperation along the old Silk Road route connecting China to Europe and elsewhere.

According to a draft communique seen by Reuters, world leaders attending the summit will call for sustainable financing that promotes green growth.

But concerns have been raised that China is using the program to export substandard polluting technologies, even as it boosts the share of renewable power at home in a bid to cut smog and climate-warming greenhouse gases.

The YouGov poll of more than 6,000 people covered Indonesia, Pakistan, Philippines, South Africa, Turkey and Vietnam, which are among the top 10 locations for the construction of new coal-fired power plants, with many backed by Chinese developers.

Over 85 percent of those surveyed said they favored investment by foreign governments, banks and companies in renewable projects, while less than a third said they favored investments in coal.

More than 90 percent said solar power should be a priority. Coal-fired power was less popular than nuclear in four of the six countries.

In a separate announcement on Wednesday, a coalition of Chinese environmental groups urged Beijing to draw up green guiding principles for investment in Belt and Road countries.

“The host country’s climate objectives and the long-term impact of investment activities on the local environment must be taken into consideration,” said Yang Fuqiang, a senior climate advisor with the Natural Resources Defense Council.

(Reporting by David Stanway; editing by Richard Pullin)

Source: OANN

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Reports Reveal 3rd Anti-Trump Dossier

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In physics, a tipping point refers to the point at which an object is no longer balanced, and adding a small amount of weight can cause it to topple. In general, a tipping point is defined as the “point at which a series of small changes or incidents becomes significant enough to cause a larger, more important change or the critical point in a situation, process, or system beyond which a significant and often unstoppable effect or change takes place.”

In every conflict, there comes a time, usually following a string of heavy losses, when the despair lifts and the outlook brightens and hope returns. It doesn’t mean that the fight is over. In WWII, D-Day was the tipping point, but the Allies still had to endure the Battle of the Bulge. But it does signal the beginning of the end.

Over the last week or so, a series of events have occurred which, if assessed by themselves, might appear meaningless. When considered as a group, however, the synergy created can lead to a meaningful shift.

1. First, disgraced former FBI Deputy Director Andrew McCabe has stepped into the spotlight. (You really have to wonder why McCabe, who remains under a criminal investigation, believes that now is a good time to publish a book and embark on a media tour.)

He presents himself more as one who is trying to defend himself than as a reasonable, credible leader who acted out of genuine concern for US national security. He still can’t offer any reasons why he opened a criminal investigation of Trump other than he “believed that there might be a threat to national security.” Trump’s firing of Comey is not evidence of obstruction of justice.

In the exchanges below with CNN’s Anderson Cooper and NBC’s Savannah Guthrie, please note my emphasis of words such as “I think, it’s possible, there might be, the President himself might in fact be a threat, in our view, potentially impact, possibly turn off, we thought it might be possible, if you believe that the President might have obstructed justice.”

Cooper asked him if he still believes that the President is a Russian asset. McCabe replied, “I think it’s possible. I thinkthat’s why we started the investigation and I’m anxious to see where Director Mueller concludes that.”

Appearing on NBC with Savanah Guthrie, McCabe was asked if he believed Trump was a threat to national security. He replied:

We had information that led us to believe that there might be a threat to national security. In this case, that the President himself might be in fact be a threat to the United States’ national security.

The president, in our view, had gone to extreme measures to potentially impact— negatively impact, possibly turn off— our investigation of Russian meddling into the election, and Russian coordination with his campaign. We thought that it might be possible [that Trump was working for Russia] … you have to ask yourself, if you believe that the President might have obstructed justice for the purpose of ending our investigation into Russia, you have to ask yourself why. Why would any President of the United States not want the FBI to get to the bottom of Russian interference in our election?

He is very careful to avoid any definitive statements about Trump’s wrongdoing because he knows that would come back to bite him. He’s an FBI agent. He knows how to avoid traps.

He then claimed that no one in the ‘Gang of Eight’ objected to their investigation. The ‘Gang of Eight’ at that time included Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, Senate Intelligence Committee Chair Richard Burr (R-NC), then-House Speaker Paul Ryan, then-House Intelligence Committee Chair Devin Nunes (R-CA), Sen. Mark Warner (D-VA), House Minority Leader Nancy Pelosi D-CA), and Rep. Adam Schiff (D-CA).

Knowing that members of the ‘Gang of Eight’ are not allowed to discuss what was said in their meetings, he tells NBC’s Savannah Guthrie that everyone was on board. I find it unbelievable that all 8 members agreed with opening the investigation, especially Devin Nunes, who worked tirelessly to expose the deep state.

McCabe: I told Congress what we had done.

Guthrie: Did anyone object?

McCabe: That’s the important part here, Savannah. No one objected. Not on legal grounds, not on constitutional grounds and not based on the facts.

Former Rep. Trey Gowdy (R-SC) appeared on Fox News’ Martha MacCallum’s show and said that was not so.

The reason he’s doing it this way is that Devin Nunes and Paul Ryan are not allowed to discuss anything that’s said in a ‘Gang of Eight’ meeting and McCabe knows that. So he can level the accusation and Devin and Paul cannot refute him.

There were three investigations into a duly elected president. The Peter Strzok one from July of 2016 and then McCabe started a counterintelligence [probe] and if he’s telling the truth, started a criminal probe into the president of the United States.

I listened to Devin and Paul quiz the [Justice Department] and the FBI for hours on multiple occasions about the one counterintelligence investigation, we all knew about it. I find it stunning that they would know about a second one and not say a single solitary word.

McCabe’s media tour, in my opinion, has only diminished the already weak case against President Trump. And it has likely reinforced the perception in voters’ minds that McCabe truly is the liar DOJ IG Michael Horowitz believes him to be.

2.  The Hill’s John Solomon and investigative reporter Sara Carter appeared together on Sean Hannity’s show on Tuesday night. Both have followed the Trump/Russian collusion probe closely.

Solomon spoke about a bombshell revelation he will be posting today about a third dossier prepared by Fusion GPS. He said:

We know about the Steele dossier, we know about the Blumenthal dossier that was sent to the State Department and forwarded to the FBI. Tomorrow, I’m gonna report that there was a third dossier put together and given to the Justice Department using Fusion GPS materials and when you hear who wrote it, who gave it to the Justice Department and who knew about it, you’re gonna love this.

He didn’t want to give the story away, but he gave Sean a clue that pointed to Nellie Ohr, wife of Bruce Ohr.

Sara Carter discussed how for over a year now, the Office of the Director of National Intelligence and the National Security Agency have “impeded” efforts by Republican lawmakers to review the “unmasking” requests of Obama Administration officials. Very little has been reported about the unmasking of over 100 Americans.

Hannity then discussed Victor Davis Hanson’s article (I posted about it here) in which he declared the coup against Trump to be dead. Hannity asked them both if they “believe that things are now closing in on those deep state people that tried to rig a presidential election and undo a duly elected President, breaking the law and doing nefarious and illegal things?”

Solomon: I do believe that the truth is coming out about the small group of people at the top of the Justice Department and the FBI tried to undo what the American voters did and do it in ways that were in violation of the law and the regulations they were supposed to adhere to.

Carter: Sean, what we’re seeing is a silent coup and if the Justice Department doesn’t open up an investigation, then it’s a disservice to the American people.

(The segment begins at 24:00 in the video below.)

3.  Jussie Smollett’s stunt provided a clear example of just how far those on the left are willing to take their hatred of conservatives. Americans have been riveted by the developments in this case. Smollett, as he navigates his way through the legal consequences he will surely face, will be a walking, talking reminder of how extreme the Democratic party has become.

4.  William Barr was confirmed by a senate vote of 54-45. (One senator did not vote.) 51 Republicans voted yes and one voted no. Three Democrats voted yes and 41 voted no.

Most reader comments express deep concern that Barr may be part of the deep state and therefore, will not do what’s necessary to clean up the mess and to hold people accountable. I would argue first that, after the damage done to his presidency by Jeff Sessions’ decision to recuse himself from oversight of the collusion investigation, Trump probably was very careful to vet Barr before nominating him. Second, Barr has been critical of the Mueller investigation in the past which is why only three Democrats voted for his confirmation. Third, this has been the most consequential, most destructive scandal in American political history. Does William Barr, after a long and respected career in law enforcement want to be remembered by history for his corruption? He has an opportunity to shine. I don’t believe he will be so quick to squander it because of his good buddy Robert Mueller.

Too much is known about the poisonous actions taken by this group of unelected government officials who have wielded such power. Although Democrats have moved so far to the left and would like nothing better than to see the US become a socialist state, which they, of course, would control, the majority of Americans oppose such a radical transformation. This feels like a pivotal moment in history. Let’s keep up the momentum.

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Judge May Force Administration to Reunite More Families Separated at Border

In a blow to the Trump administration's U.S.-Mexico border strategy, a federal court judge in California has expanded the number of migrant families separated at the border that the government may be required to reunite.

San Diego-based U.S. District Court Judge Dana Sabraw late on Friday issued a preliminary ruling that would potentially expand by thousands the number of migrants included in a class-action lawsuit brought by the American Civil Liberties Union.

Sabraw already ordered the Trump administration last year to reunite more than 2,800 migrant children who were separated from their parents at the U.S.-Mexico border under the administration's "zero tolerance" policy.

But he will allow more separated families to join the class-action lawsuit after a report released in January by the U.S. Department of Health and Human Services' Inspector General, which identified potentially thousands more families that had been separated as early as July 1, 2017. The administration's "zero tolerance" policy did not take effect until May 2018.

"The hallmark of a civilized society is measured by how it treats its people and those within its borders," Sabraw said in his ruling.

Sabraw said that report was "a significant development in this case" and its contents "are undisputed."

The Justice Department did not immediately respond to calls for comment.

The administration of U.S. President Donald Trump implemented the zero-tolerance policy to criminally prosecute and jail all illegal border crossers - even those traveling with their children - which led to a wave of separations last year.

The policy sparked outrage when it became public, and the backlash led Trump to sign an executive order reversing course on June 20, 2018.

The IG report said prior to the officially announced zero-tolerance policy, the government began ramping up separations in 2017 for other reasons related to a child’s safety and well-being, including separating parents with criminal records or lack of proper documents.

A Department of Homeland Security spokeswoman said in January after the IG report came out that the practice of separating apprehended minors from adults to protect the interests of the children has been standard practice “for more than a decade.”

The report also said more than 100 minors, including more than two dozen under age 5, were separated after the President’s executive order.

“The court made clear that potentially thousands of children’s lives are at stake and that the Trump administration cannot simply ignore the devastation it has caused,” Lee Gelernt, ACLU lead attorney in the class-action family separation lawsuit, said on Friday.

Source: NewsMax Politics

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Wipro Chairman Premji pledges 34 percent of company shares for philanthropy

Wipro Chairman Azim Premji attends the Saudi-India Forum in New Delhi
FILE PHOTO: Wipro Chairman Azim Premji attends the Saudi-India Forum in New Delhi, India, February 20, 2018. REUTERS/Anushree Fadnavis

March 13, 2019

(Reuters) – Wipro Ltd Chairman Azim Premji has pledged about 34 percent of the company’s shares controlled by him toward philanthropy, the Azim Premji Foundation said on Wednesday.

The commitment, worth 527.50 billion rupees ($7.5 billion), would take the total value of the endowment corpus contributed by Premji to 1.45 trillion rupees ($21 billion), it said.

Premji and entities controlled by him hold about 74 percent stake in Wipro, according to exchange data.

Premji, India’s second richest man, was instrumental in turning Wipro from a vegetable oil manufacturer to a software services company nearly four decades ago.

Azim Premji Foundation is a not-for profit organization that works in the field of education and runs a university in Bengaluru.

Shares of the Bengaluru-headquartered software services exporter closed at 257.90 rupees on Wednesday.

(Reporting By Arnab Paul in Bengaluru; Editing by Shreejay Sinha)

Source: OANN

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

April 26, 2019

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

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

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

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

Source: OANN

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

April 26, 2019

By Simon Jessop and Sinead Cruise

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

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

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

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

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

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

Sherborne declined to comment.

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

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

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

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

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

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

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

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

Barclays has nearly 500 institutional shareholders, Refinitiv data showed.

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

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

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

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

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

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

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

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

(Editing by Jane Merriman)

Source: OANN

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

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

Ron Magill/Zoo Miami

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

Source: Fox News World

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

April 26, 2019

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

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

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

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

Source: OANN

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FILE PHOTO: Ford logo is seen at the North American International Auto Show in Detroit, Michigan
FILE PHOTO: The Ford logo is seen at the North American International Auto Show in Detroit, Michigan, U.S., January 15, 2019. REUTERS/Brendan McDermid/File Photo

April 26, 2019

(Reuters) – Ford Motor Co said on Friday the U.S. Department of Justice had opened a criminal investigation into the automaker’s emissions certification process in the United States.

The potential concern does not involve the use of defeat devices, the company said in a regulatory filing. (https://bit.ly/2VqjHpl)

Ford had voluntarily disclosed the matter to the U.S. Environmental Protection Agency and the California Air Resources Board in February.

(Reporting by Ankit Ajmera in Bengaluru; Editing by James Emmanuel)

Source: OANN

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