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UK watchdog to investigate handling of London Capital & Finance failure

FILE PHOTO: The Canary Wharf financial district is seen at dusk in London
FILE PHOTO: The Canary Wharf financial district is seen at dusk in London, Britain, March 26, 2019. REUTERS/Marika Kochiashvili/File Photo

April 1, 2019

By Huw Jones

LONDON (Reuters) – Britain’s markets watchdog will carry out an independent review of its handling of London Capital & Finance, which went into administration in January with losses of up to 237 million pounds from unregulated “mini bond” investments, it said on Monday.

The Financial Conduct Authority (FCA) said its board decided at a meeting last Thursday that the probe will also look at whether the existing regulatory system adequately protects retail buyers of mini-bonds, which raise funds for small businesses.

The FCA said its board had decided to ask the Treasury for an official direction to commission the review, to ensure it had a “broad and comprehensive” remit.

Britain’s finance ministry said it had agreed to direct the FCA to undertake an investigation into LC&F.

“The recent stories of those affected by the collapse of LC&F are incredibly concerning,” said John Glen, Britain’s financial services minister.

Smith & Williamson, appointed administrators for LC&F in January, said last week in a report that 11,500 bondholders were unlikely to get more than 20 percent of their 237 million pound investment back.

LC&F effectively ceased trading in December after the FCA intervened to direct the firm to withdraw its promotional material for mini bonds.

Staff were made redundant in February, leaving just 3.6 million pounds of cash in the bank.

“There are a number of highly suspicious transactions involving a small group of connected people which have led to large sums of the bondholders’ money ending up in their personal possession or control,” the administrators’ report said.

Nicky Morgan, chair of parliament’s Treasury Select Committee, called last month for the FCA to consider if a statutory investigation was needed into possible regulatory failure.

The FCA said detailed terms of reference of the review and identity of the independent reviewer will be published when it is available.

Last week Britain’s Serious Fraud Office opened its own investigation into LCF, saying it had arrested four people associated with the firm.

(Reporting by Huw Jones; Editing by Carolyn Cohn and Jan Harvey)

Source: OANN

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Mueller's report on Russia investigation: What happens when it finally drops?

For weeks, rumors have been swirling that Special Counsel Robert Mueller is nearing the end of his years-long Russia investigation — and lawmakers on Capitol Hill are eager to make his final report public.

The House of Representatives unanimously voted (420-0) Thursday in favor of a resolution to urge Attorney General William Barr to release Mueller’s full report to Congress and the country for the sake of "transparency." The probe was intended to examine Russian election interference and whether President Trump's campaign colluded with Russian officials during the 2016 election -- and has since resulted in charges for several former Trump campaign associates, though none have directly related to collusion.

Trump called the investigation "illegal" and "conflicted" this week, arguing Mueller should have never been appointed in the first place.

WHAT IS 'COLLUSION,' AND IS IT A CRIME? RUSSIA INVESTIGATION'S BUZZWORD EXPLAINED

“THIS SHOULD NEVER HAPPEN TO A PRESIDENT AGAIN!” Trump exclaimed in a tweet after claiming "collusion" was an excuse invented by Democrats after Hillary Clinton lost the election.

Here's a look at what happens when Mueller finally drops the long-awaited files that spell out his findings.

Mueller submits his report to Barr

When the investigation — which began in May 2017 — concludes, Mueller will release his final report to Barr, who has been overseeing the special counsel since he took office in February.

"At the conclusion of the Special Counsel's work, he or she shall provide the Attorney General with a confidential report explaining the prosecution or declination decisions reached by the Special Counsel," Cornell Law School explains in a blog post detailing the federal regulations.

ANDREW WEISSMANN, A TOP PROSECUTOR ON MUELLER TEAM, TO LEAVE SPECIAL COUNSEL'S OFFICE 'IN NEAR FUTURE'

Throughout the two-year probe, Mueller has also been required to flag any documents that detail any impending prosecutions or witness interviews, among other actions.

Barr reviews the documents

Attorney General William Barr will be the first to receive the official copy of Mueller's report.

Attorney General William Barr will be the first to receive the official copy of Mueller's report. (AP Photo/Andrew Harnik)

It's currently unclear what documentation will be produced at the end of the probe, but it's up to Barr to determine how much information Congress will see.

“He could write a two-sentence explanation — or he could write something very detailed,” Andrew Kent, a professor at Fordham University School of Law, previously told The Washington Post. “There appears to be a great deal of discretion vested by the regulations to determine how detailed a report to write. The regulations don’t limit that.”

He is obligated to tell members of Congress why Mueller decided to end the investigation but he's not legally required to provide any supporting paperwork, according to The New York Times.

It's likely Barr will redact any information he deems inappropriate or harmful to a person's character if he or she has not been charged with a crime. Classified information, grand jury items and closed-door testimony will also be protected.

In a February letter to Barr, Democratic leaders argued that Trump, given his status, should not fall under those categories of protection.

"I also believe it is very important that the public and Congress be informed of the results of the special counsel's work."

— William Barr

"Although we recognize the policy of the Department to remains sensitive to the privacy and reputation interests of individuals who will not face criminal charges, we feel that it is necessary to address the particular danger of withholding evidence of misconduct by President Trump from the relevant committees," the lawmakers wrote.

During his confirmation hearing, Barr stressed that he would be as transparent as possible while following federal laws.

"I also believe it is very important that the public and Congress be informed of the results of the special counsel's work," he told the Senate Judiciary Committee in January, adding that he doesn't believe Mueller would be involved in a "witch hunt."

Congress receives Barr's summary of the report

Once Barr sifts through what's anticipated to be a lengthy report — which could take days or even weeks to fully read — then he will give lawmakers a summary.

If lawmakers are dissatisfied with the documents Barr has provided, they could call for hearings or private depositions seeking more information.

WHO IS WILLIAM BARR? 5 THINGS TO KNOW ABOUT THE ATTORNEY GENERAL

"This is going to be a legal battle," Rep. Doug Collins, R-Ga., commented on the likelihood of lawmakers attempting to seek confidential information from the report, according to USA Today.

Patrick Cotter, a former federal prosecutor who is in private practice in Chicago, expressed doubt that lawmakers would subpoena the report or call on Mueller to discuss the high-profile case publicly.

"This notion that Congress is going to throw a subpoena on Bob Mueller and say, 'Box up all the grand jury stuff, and give it to me': I think that's a fantasy," Cotter told USA Today.

Fox News' Brooke Singman and The Associated Press contributed to this report.

Source: Fox News Politics

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Latam critics of Venezuela’s Maduro meet in Chile; try to launch regional bloc

Colombian President Ivan Duque and his Chilean counterpart Sebastian Pinera pose during a meeting at La Moneda Palace in Santiago
Colombian President Ivan Duque and his Chilean counterpart Sebastian Pinera pose during a meeting at La Moneda Palace in Santiago, Chile, March 21, 2019. REUTERS/Rodrigo Garrido

March 21, 2019

By Fabian Cambero

SANTIAGO (Reuters) – South American leaders will meet in Chile this week in hopes of forming a new regional bloc to replace Unasur, which was launched by Venezuela’s late socialist leader Hugo Chavez but has splintered over his country’s crisis under his embattled successor, President Nicolas Maduro.

Maduro was not among the leaders invited to meet in the Chilean capital Santiago on Friday to discuss forming a new regional political group called “Prosur.” Heads of state from Argentina, Brazil, Colombia, Chile, Ecuador, Paraguay and Peru will join the summit, with Chile and Colombia looking to sign countries up to the new political bloc after criticism over Unasur’s lack of action on the Venezuela.

Some leaders have criticized the organizers for leaving out Maduro and instead inviting Venezuelan opposition leader Juan Guaido, recognized by many countries as the interim leader. Guaido has said he will send a representative.

Bolivian President Evo Morales, a close ally of Maduro, and Uruguayan President Tabare Vazquez are not expected to attend.

The Unasur bloc was established in 2004 at the behest of Chavez. It was modeled on the European Union at a time when center-left governments were at their strongest in South America.

Politics on the continent have shifted toward conservative leaders such as Brazil’s Jair Bolsonaro, Argentina’s Mauricio Macri and Chile’s President Sebastian Pinera.

As Venezuela has descended into political and economic turmoil, Unasur members have been divided on how to respond. In 2017, Bolivia and Ecuador opted out of a joint statement in which other Unasur countries called for democratic order to be restored in Venezuela. Half the nations belonging to Unasur suspended their membership in April last year.

A few months later, Colombian President Ivan Duque announced his country’s withdrawal the bloc, calling it an accomplice to the “Venezuelan dictatorship”. Ecuador withdrew this year.

“Unasur failed due to excessive ideology and bureaucracy,” Chile’s Pinera said in a Tweet this week, claiming the new Prosur bloc would avoid these pitfalls without elaborating. Chile and Colombia have been the driving forces behind the bloc’s formation.

“BORN DIVIDED”

Jose Miguel Insulza, the former head of regional body the Organization of American States (OAS), rejected the creation of the new bloc on the grounds that it is “born divided”, Chilean newspaper La Tercera reported.

Former Brazilian Foreign Minister Celso Amorim told La Tercera that the bloc did not seek unity and its sole objective was to put an end to Unasur.

An agreement or joint declaration is not expected to come out of the meeting, according to the most recent version of the press guide and schedule for the event.

(Reporting by Fabian Cambero; writing by Cassandra Garrison; Editing by Adam Jourdan and David Gregorio)

Source: OANN

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Homeless man faces sentencing in $400,000 GoFundMe scam

The homeless veteran who admitted to conspiring with a New Jersey couple in a GoFundMe scam that raised more than $400,000 faces sentencing.

Johnny Bobbitt is scheduled to appear in court in southern New Jersey Friday morning.

He pleaded guilty last month to conspiracy to commit theft by deception and has been accepted into a drug program as part of his plea deal.

Prosecutors say Bobbitt and the couple made up a story in 2017 about him giving $20 to help Katelyn McClure when her car ran out of gas.

Bobbitt, McClure and McClure's then-boyfriend, Mark D'Amico, garnered more than 14,000 GoFundMe donors.

Authorities began investigating last year after Bobbitt sued the couple for allegedly not giving him the money.

McClure has pleaded guilty to one federal count of wire fraud conspiracy.

Source: Fox News National

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Britain will not take part in EU parliament elections: junior Brexit minister

Members of the European Parliament take part in a voting session in Strasbourg
Members of the European Parliament take part in a voting session in Strasbourg, France, February 13, 2019. Picture taken with a fisheye lens. REUTERS/Vincent Kessler

February 19, 2019

BRUSSELS (Reuters) – Britain will not take part in the elections to the European Parliament in May because it will leave the European Union on March 29th, junior Brexit minister Martin Callanan told reporters on Tuesday.

European Commission head Jean-Claude Juncker said on Monday that although it seemed unlikely, he could not rule out that Britain would participate in the European elections because it could ask for an extension of the deadline to leave the EU.

But asked if Britain could take part in the elections, Callanan said: “No, because we are leaving … on the 29th of March”

Asked if that meant Britain would not ask for an extension of the deadline to get more time to agree a withdrawal agreement, Callanan said:

“The prime minister has been very clear that we intend to leave on the 29th of March — that’s what Art 50 says and that’s what our domestic legislation says.”

(Reporting by Jan Strupczewski and Phil Blenkinsop)

Source: OANN

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Weak tech demand shrinks Taiwan export orders, rebound tipped in third-quarter

FILE PHOTO: People fish in front of an Orient Overseas Container Line container ship
FILE PHOTO: People fish in front of an Orient Overseas Container Line container ship, at Kaohsiung Port, Taiwan August 7, 2017. REUTERS/Tyrone Siu

April 22, 2019

By Yimou Lee

TAIPEI (Reuters) – Taiwan’s export orders fell for the fifth straight month in March, and at a much sharper pace than expected, as the island’s manufacturers kept struggling with a drop in global tech demand.

Orders in March dropped 9 percent from a year earlier to $38.59 billion, Ministry of Economic Affairs data showed on Monday.

For January-March, export orders slid 8.4 percent, the biggest annual drop for a first quarter since 2009 when they tumbled 30 percent, the ministry said.

March orders fell at almost twice the 5.45 percent forecast in a Reuters poll, though the pace was less than February’s 10.9 percent, the sharpest fall in nearly three years.

Taiwan’s hi-tech factories are major suppliers for global tech heavyweights such as Apple Inc and Qualcomm, and the continued drop in orders suggests global electronic could remain soft for some time.

The ministry said the March shrinkage was also due to declining machinery orders due to business caution in China as the U.S-Sino trade dispute continues.

However, launches of smartphone models and demand for new technology such as artificial intelligence and 5G could support a rebound of orders for electronics in coming months, it said.

The faster 5G networks are coming on line in the United States, China, South Korea and other places this year, but probably will not be widespread until 2020. The telecommunications industry is expected to spend $275 billion over seven years in the United States alone, according to Accenture estimates.

Carl Liu, an analyst at KGI Securities, said Taiwan export orders “are unlikely to return to growth until in June, thanks to re-stocking of electronics ahead of the peak season in the third quarter”.

CAUTION ON OUTLOOK

The ministry said it expects April export orders to decline 6.7-9.2 percent, and that it could be July before orders rebound.

“We remain cautious about orders in the first half and expect a year-on-year decline for the second quarter,” ministry official Lin Lee-jen said.

The slowing tech demand has taken a toll on Taiwan’s supply chain manufacturers. Chipmaker TSMC last week posted its steepest quarterly profit drop in more than seven years partly due to sluggish smartphone sales.

But the company gave an upbeat forecast for the coming months, betting on rising chip demand thanks to a rollout of 5G mobile network.

In March, weak export demand was seen from all Taiwan’s major markets.

Orders from the United States fell 9.7 percent on-year, on top of February’s 5.5 percent decline.

Those from China dropped 13.7 percent, compared with a fall of 14.3 percent the previous month, while orders from Europe slipped 2.4 percent. Japan orders declined 5.8 percent.

Taiwan’s government in February trimmed its 2019 economic growth forecast to 2.27 percent, citing growing uncertainties over global growth.

(Reporting by Yimou Lee and Taipei newsroom; Editing by Richard Borsuk)

Source: OANN

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Police: Mom with gun returns fire, forces burglar to retreat

Police say a North Carolina mother exchanged gunfire with a burglar in her kitchen, forcing him to retreat through a window.

In a news release, the Burlington Police Department says the 31-year-old woman and her 10-year-old son were sleeping early Wednesday morning in their home when she awoke to the sound of someone breaking in.

Police say she confronted the burglar with a pistol and he opened fire. The woman wasn't injured and returned fire, causing the suspect to leave through the window he'd used to break in. Police arrived shortly thereafter, around 3:55 a.m.

It wasn't clear if the suspect was injured. No arrests had been made as of mid-morning.

The woman won't face any charges. Her son was also uninjured.

Source: Fox News National

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South Africa's 400m Olympic gold medallist and world record holder Wayde van Niekerk looks on as he attends South African Championships in Germiston
South Africa’s 400m Olympic gold medallist and world record holder Wayde van Niekerk looks on as he attends South African Championships in Germiston, South Africa, April 25, 2019. REUTERS/Siphiwe Sibeko

April 26, 2019

GERMISTON, South Africa (Reuters) – Olympic 400 meters champion Wayde van Niekerk has backed South African compatriot Caster Semenya in her battle with the International Association of Athletics Federations (IAAF), which now appears to have taken a new twist.

Semenya, a double 800 meters Olympic gold medalist, is waiting for the outcome of her appeal to the Court of Arbitration for Sport (CAS) to halt the introduction of new regulations by governing body IAAF that would require her to take medicine to limit her natural levels of testosterone.

The IAAF wants female athletes with differences of sexual development who run in events from 400 meters to a mile, to reduce their blood testosterone level to below five (5) nmol/L for a period of six months before they can compete, saying they have an unfair advantage.

“She’s fighting for something beyond just track and field, she’s fighting for woman in sports, in society and I respect her for that,” Van Niekerk told reporters.

“I will support her and with the hard work and talent that she’s been putting into the sport. With what she believes in and what she’s dreaming for, I’ve got a lot of respect for her.

“I really hope and pray that everything just goes from strength to strength for her.”

Semenya has sprung a surprise at the on-going South African Athletics Championships though, ditching the 800 meters and instead competing over 1,500 and 5,000-metres – the latter one would not require her to medically lower her testosterone level.

She stormed to victory in the 5,000-metres final in a modest time of 16:05.97, but looked to have lots left in the tank as she passed the finish line.

Semenya beat fellow Olympian and defending national 5,000m champion Dominique Scott in Thursday’s final but the latter admitted she is unsure whether the 800m specialist could be a serious Olympic contender over the longer distance.

“Honestly‚ I have no idea‚” Scott said. “Before today I probably would have said no. It’s hard to compare a 5,000 at altitude to a 5,000 at sea level.

“But I think she’s an amazing runner and I don’t think there’s any limit or ceiling on what she can do.”

Van Niekerk, the 400m world record holder, had to abort his comeback from a knee injury, that had sidelined him for 18 months, following a combination of cold weather and a wet track.

“We are trying to take the correct decisions now early in the year so as not to put myself in any harm,” he said.

“It was a bit chilly this entire week prepping and coming through here as well it was quite cold and it caused bit of tightness in my leg. We decided to not risk it.

“My recovery is going well and I would like to be back in competition this year, but will only do so if I can deliver a good performance.

“I am a competitor and respect my opponents, so I need to be at my best when I return.”

(Reporting by Nick Said, additional reporting by Siyabonga Sishi; editing by Sudipto Ganguly)

Source: OANN

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The suspected leader of the Easter Sunday bombings in Sri Lanka died in the Shangri-La hotel, one of six hotels and churches targeted in the attacks that killed at least 250 people, authorities said.

Police said Mohamed Zahran, leader of the National Towheed Jamaat militant group, had been killed in one of the bombings. The group’s second in command was also arrested, police said.

Zahran amassed an online following for his hate-filled sermons. Some were delivered before a banner depicting the Twin Towers.

Sri Lankan authorities said Friday that Islamic cleric Mohammed Zahran died in the blast at the Shangri-La hotel during the Easter Sunday atatcks that killed at least 250 people. 

Sri Lankan authorities said Friday that Islamic cleric Mohammed Zahran died in the blast at the Shangri-La hotel during the Easter Sunday atatcks that killed at least 250 people.  (YouTube)

Australian Prime Minister Scott Morrison said Friday that the attackers responsible for the bombings were supported by the Islamic State group. Around 140 people in Sri Lanka had connections to ISIS, Sri Lankan President Maithripala Sirisena said.

“We will completely control this and create a free and peaceful environment for people to live,” he said.

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Investigators determined the attackers received military training from someone called “Army Mohideen.” They also received weapons training overseas and at some locations in Sri Lanka, according to authorities.

A copper factory operator arrested in connection with the bombings helped Mohideen make improvised explosive devices, police said. The bombings have led to increased security throughout the island nation as authorities warned of another attack.

Source: Fox News World

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A Malaysian mountain climber was being treated in a hospital in Nepal’s capital Friday after being stranded nearly two days alone near the summit of Annapurna.

A helicopter crew searching for the missing climber on Thursday spotted Wui Kin Chin waving his hands at them, and rescuers brought him down to a lower camp.

At the time of his rescue, Chin had been without an oxygen bottle, food and water for over 40 hours, said Mingma Sherpa, the head of Seven Summit Treks, which arranged his expedition.

Chin was flown to the capital, Kathmandu, on Friday and taken to a hospital, where his wife joined him.

Chin is an anesthesiologist and accomplished climber, and Sherpa credited Chin’s medical knowledge and familiarity with mountains for keeping him alive.

“It’s a big thing to stay alive in that altitude without food, water, and oxygen,” Sherpa said. He described Chin on Thursday as fine but not in condition to walk.

Chin was a part of a 13-member expedition led by a French climber and was separated from the others during the descent.

The 8,091-meter (26,545-foot) Mount Annapurna is the ninth tallest mountain in Nepal and the 10th tallest in the world. It’s considered an especially treacherous mountain due to its difficult terrain and weather conditions.

Source: Fox News World

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Spain’s prime minister says he’s open to a coalition with an anti-austerity party, hinting for the first time at a possible center-left governing alliance after Sunday’s national election.

In an interview published Friday by El Pais newspaper, Socialist leader Pedro Sánchez says “it isn’t a problem” for the far-left United We Can to become part of his Cabinet if he wins the tight race.

With Spain’s electoral law banning polls during the last week of campaigning, it’s unclear if the two parties will emerge strong enough in the lower house of parliament or whether a right-wing alliance could assemble a majority.

Sánchez is calling on Spaniards to cast a “useful vote” and has warned that the rise of the far right in polls could be underestimated given the large pool of undecided voters.

Source: Fox News World

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FILE PHOTO: KPN logo is seen at its headquarters in Rotterdam
FILE PHOTO: KPN logo is seen at its headquarters in Rotterdam, Netherlands, January 30, 2019. REUTERS/Piroschka van de Wouw

April 26, 2019

By Bart H. Meijer and Toby Sterling

AMSTERDAM (Reuters) – Dutch telecom firm Royal KPN NV said on Friday it would select a Western supplier to build its core 5G mobile network, making it one of the first European operators to make clear it would not pick China’s Huawei for such work.

The United States has been seeking to discourage its allies from using equipment made by Huawei because of concerns that it could eventually be used for Chinese government spying. Huawei says such worries are baseless and U.S. policy is driven by economic interests.

The Hague-based KPN, the Netherlands’ largest telecom firm, said its decision took into account “the evolving assessment on the protection of vital infrastructure and the influence this may have on future Dutch policy.”

The Dutch government has not taken a decision on the issue.

KPN, which also reported on Friday slightly worse than expected first quarter core earnings of 563 million euros ($627 million), said it would still use equipment made by Huawei in some capacities.

In addition, the company announced a preliminary deal with Huawei to upgrade existing mobile telecommunications gear to make it safer. Huawei has been a key supplier to KPN in the past decade.

The Dutch government set up a task force with KPN and other major operators in the Netherlands this month to analyze the “vulnerability of 5G telecommunications networks to misuse by technology vendors … and measures needed to manage risks.”

KPN said it would use equipment made by Huawei, which it described as a world leader in radio and antenna technology, to improve security on its existing network.

“This preliminary agreement can be adjusted or reversed to align it with future Dutch government policy,” it added.

Sources told Reuters on Wednesday that Britain’s National Security Council (NSC) had decided to bar Huawei from core parts of the country’s 5G network and restrict its access to non-core areas.

(Reporting by Bart Meijer; Editing by Kirsten Donovan and Edmund Blair)

Source: OANN

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