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Dollar holds modest gains after U.S. jobs report, Brexit in focus

FILE PHOTO: A trader shows U.S. dollar notes at a currency exchange booth in Peshawar
FILE PHOTO: A trader shows U.S. dollar notes at a currency exchange booth in Peshawar, Pakistan December 3, 2018. REUTERS/Fayaz Aziz/File Photo

April 8, 2019

By Shinichi Saoshiro

TOKYO (Reuters) – The dollar retained modest gains on Monday after a U.S. jobs report put to bed fears of a sharper slowdown in the world’s largest economy.

The closely watched data released on Friday showed nonfarm payrolls rose by a solid 196,000 in March, topping expectations and giving riskier assets a much-needed lift.

The dollar index against a basket of six major currencies was little changed at 97.383 after edging up 0.1 percent on Friday.

The greenback’s gains were limited as some components of the U.S. employment report suggested the economy wasn’t firing on all cylinders.

Wage gains had slowed in March, with average hourly earnings rising a modest 0.1 percent after jumping 0.4 percent in February. The moderation in wage growth supported the Federal Reserve’s decision to suspend further interest rate increases this year.

“The Fed can neither cut or hike rates in light of Friday’s jobs report, which does not provide the dollar with decisive incentive,” said Yukio Ishizuki, senior currency strategist at Daiwa Securities.

“The Sino-U.S. trade talks don’t look to end any time soon and market focus will drift to Europe this week, as Brexit nears its next milestone on April 12.”

U.S. and Chinese negotiators wrapped up their latest round of trade talks on Friday and were scheduled to resume discussions next week to try to secure a pact that would end a months-long tit-for-tat tariff battle.

Britain’s departure from the European Union looms on April 12, but Prime Minister Theresa May has asked Brussels to postpone the exit until June 30 with little progress being made towards the departure.

The pound slipped to a one-week low of $1.2987 on Friday as France and the Netherlands expressed doubt about May’s plan to further delay Brexit. [GBP/]

Sterling last traded at $1.3037, little changed on the day.

The euro was flat at $1.1218 after dipping slightly against the dollar on Friday.

Against the yen, the dollar was a shade lower at 111.65 yen after popping up to a three-week high of 111.825 on Friday following the U.S. jobs report.

The Australian dollar dipped 0.15 percent to $0.7095 in the wake of declining prices of commodities such as copper.

(Graphic: Graphic: World FX rates in 2019 – http://tmsnrt.rs/2egbfVh)

(Reporting by Shinichi Saoshiro; Editing by Shri Navaratnam)

Source: OANN

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Smart offers advice to Wisconsin town on teen's kidnapping

Kidnapping victim Elizabeth Smart says it's OK for residents of a northwestern Wisconsin town to "smile, but don't stare" if they bump into a 13-year-old local girl recovering from the killings of her parents and her own abduction.

Smart spoke to about 1,300 people Friday night at Barron High School. Residents are trying to understand how they can support Jayme Closs, who authorities say escaped from captivity in January, nearly three months after her parents were fatally shot at the family's home outside Barron. Authorities have charged 21-year-old Jake Patterson with killing Jayme's parents and abducting her.

The Star Tribune reports Smith said that if people want to talk to Jayme, they should "write her a letter, and she can choose to read it whenever she's ready."

Smart was 14 when she was kidnapped from her Salt Lake City home in 2002.

___

Information from: Star Tribune, http://www.startribune.com

Source: Fox News National

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New York City baby sitter stabbed mom of two because she ‘don’t work for free,’ reports say

A New York City baby sitter was arrested after she stabbed the mother of a child she was hired to care for when the duo got into an argument over pay, reports said.

Miriam Paloma ended up in handcuffs on Monday after she plunged a knife into the 27-year-old mother’s body and slashed her once inside at a Bronx apartment, the New York Post reported.

“I don’t work for free!” Paloma allegedly yelled during the altercation with the mother.

‘THANK GOD FOR THE MIRACLE:’ MAN WHO SURVIVED 47-STORY FALL FROM NYC SKYSCRAPER RECOUNTS STORY

The woman told CBS New York that her two children, a 4-year-old girl and 7-year-old boy, were in the apartment when Paloma attacked her. She said took shelter after the stabbing by barricading her and her children in a bedroom.

“I didn’t know what to do,” the woman who was stabbed told the news station. “I told her to put the knife down, she wouldn’t put the knife down.”

“Previously she had told me that the agency owed her money, and about two hours later she just came out of nowhere and attacked me with a knife,” she added. “She stabbed me in my back twice, there was blood all over my apartment and children were running back and forth."

'FAKE SOCIALITE' WHO ALLEGEDLY SWINDLED VICTIMS OUT OF $275G REFUSES TO TAKE STAND

The woman said she met Paloma through a private agency while looking for a caretaker for her children, who has special needs.

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Paloma was arrested shortly after the incident and charged with assault, acting in a manner injurious to a child, menacing and criminal possession of a weapon.

Source: Fox News National

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U.S. producer prices rise less than expected in February

File photo of shopper walking down aisle in newly opened Walmart Neighborhood Market in Chicago
FILE PHOTO: A shopper walks down an aisle in a newly opened Walmart Neighborhood Market in Chicago in this September 21, 2011 file photo. REUTERS/Jim Young/Files

March 13, 2019

WASHINGTON, (Reuters) – U.S. producer prices barely rose in February, resulting in the smallest annual increase in more than 1-1/2 years, in the latest sign of benign inflation that supports the Federal Reserve’s wait-and-see approach to further interest rate hikes this year.

The Labor Department said on Wednesday its producer price index for final demand edged up 0.1 percent last month, lifted by a rebound in the cost of gasoline. The PPI had dropped for three straight months.

In the 12 months through February, the PPI rose 1.9 percent. That was the smallest gain since June 2017 and followed a 2.0 percent increase in January. Economists polled by Reuters had forecast the PPI rebounding 0.2 percent in February and advancing 1.9 percent on a year-on-year basis.

A key gauge of underlying producer price pressures that excludes food, energy and trade services rose 0.1 percent last month after climbing 0.2 percent in January. The so-called core PPI increased 2.3 percent in the 12 months through February, the smallest rise since December 2017, after advancing 2.5 percent in January.

Data on Tuesday showed consumer prices rising moderately in February, with the consumer price index posting its smallest annual gain in nearly 2-1/2 years.

Slowing domestic and global growth are keeping inflation contained even as a tight labor market boosts wage growth. An improvement in productivity is curbing labor costs for companies and the dollar strength last year is weighing on prices of imported goods.

The Fed has pledged to be “patient” before tightening monetary policy further. The U.S. central bank raised interest rates four times in 2018.

Last month, wholesale energy prices rose 1.8 percent, with gasoline prices rebounding 3.3 percent. Energy prices dropped 3.8 percent in January. Wholesale food prices fell 0.3 percent in February after dropping 1.7 percent in the prior month.

Overall, the cost of wholesale goods increased 0.4 percent in February after tumbling 0.8 percent in January. Core goods edged up 0.1 percent after rising 0.3 percent in January.

The cost of services was unchanged in February after rising 0.3 percent in the prior month.

(Reporting By Lucia Mutikani; Editing by Andrea Ricci)

Source: OANN

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Canada grounds Boeing 737 Max 8s after Ethiopia crash

Canada joined much of the world in barring the Boeing 737 Max 8 jet from its airspace on Wednesday, saying satellite tracking data shows possible but unproven similarities between the Ethiopian Airliner crash that killed 157 people and a previous crash involving the model five months ago. The decision left the U.S. as one of the few remaining countries to allow the planes to keep flying.

Canadian Transport Minister Marc Garneau said a comparison of vertical fluctuations found a "similar profile" to the Lion Air crash that killed 187 people in October.

Garneau emphasized that the data is not conclusive but crossed a threshold that prompted Canada to bar the Max 8. He said the new information indicated that the Ethiopian Airliner jet's automatic system kicked in to force the nose of the aircraft down after computer software determined it was too high. He said that in the case of the Lion Air crash off Indonesia, the pilot fought against computer software that wanted to drop the nose of the plane.

"So if we look at the profile, there are vertical fluctuations, in the vertical profile of the aircraft and there were similarities in what we saw," Garneau said. "But I would repeat once again. This is not the proof that is the same root problem. It could be something else."

Canada lost 18 of its citizens in Sunday's crash, the second highest number after Kenya. A Canadian family of six were among the dead.

Meanwhile, Ethiopian Airlines said Wednesday that flight recorders from the jet that crashed will be sent abroad for analysis, but it was unclear where. Some aviation experts have warned that finding answers in the crash could take months.

Boeing has said it has no reason to pull the popular aircraft from the skies and does not intend to issue new recommendations about the aircraft to customers. Boeing CEO Dennis Muilenburg spoke with President Donald Trump and reiterated that the 737 Max 8 is safe, the company said.

The U.S. Federal Aviation Administration has backed the jet's airworthiness and said it was reviewing all available data.

"Thus far, our review shows no systemic performance issues and provides no basis to order grounding the aircraft," acting FAA Administrator Daniel K. Elwell said in a statement.

The agency had no response to Canada's decision, saying it doesn't comment "on actions that other civil aviation organizations take."

While aviation experts warn against drawing conclusions until more information emerges from the investigation, more than 40 countries — including the entire European Union — have suspended flights by the Max 8 or barred it from their airspace. China also ordered its airlines to ground the planes — they had 96 Max 8 jets in service, more than one-fourth of the approximately 370 Max jets in circulation.

The list of countries continued to grow Wednesday. Lebanon and Kosovo barred the Boeing 737 Max 8 from their airspace, and Norwegian Air Shuttles said it would seek compensation from Boeing after grounding its fleet. Egypt banned the operation of the aircraft. Thailand ordered budget airline Thai Lion Air to suspend flying the planes for risk assessments. Lion Air confirmed reports it has put on hold the scheduled delivery of four of the jets.

Ethiopian Airlines, widely seen as Africa's best-managed airline, grounded its remaining four models.

And airline pilots on at least two U.S. flights have reported that an automated system seemed to cause their planes to tilt down suddenly.

Ethiopia was searching for another country to take the black box from Sunday's plane crash for analysis.

Germout Freitag, a spokesman for Germany's Federal Bureau of Aircraft Accident Investigation, said that agency declined a request from Ethiopia to analyze the box because it lacked the software needed.

A spokesman for Ethiopian Airlines, Asrat Begashaw, said the airline has "a range of options" for the data and voice recorders of the flight's last moments.

"What we can say is we don't have the capability to probe it here in Ethiopia," he said, adding that it would be sent to a European country that he did not identify. An airline official has said one of the recorders was partially damaged.

Boeing's technical team joined U.S., Israeli, Kenyan and other aviation experts in the investigation led by Ethiopian authorities.

An Ethiopian pilot who saw the crash site minutes after the disaster told AP that the plane appeared to have "slid directly into the ground."

Ethiopian Airlines CEO Tewolde Gebremariam said their pilots had received special training.

"In addition to the basic trainings given for 737 aircraft types, an additional training was given for the Max version," Tewolde told state news reporters.

"After the Lion Air crash, questions were raised, so Boeing sent further instructions that it said pilots should know. Those relate to the specific behavior of this specific type of aircraft. As a result, training was given by Boeing, and our pilots have taken it and put it into our manuals," he said.

Tewolde said he is confident the "investigation will reveal that the crash is not related to Ethiopian Airlines' safety record."

Forensic DNA work for identifications of the remains recovered so far has not yet begun, Asrat said. The dead came from 35 countries.

More devastated relatives of victims arrived at the crash site Wednesday, some supported by loved ones and wailing.

Others mourned in private. Dawit Gebremichael sat with a photograph of his only sister, Sara, a flight attendant on the plane. She left three children.

"It is customary for Ethiopians to have a body and a proper burial," he told the AP. "But we don't have the body here, and we don't expect anything now."

___

Gillies reported from Toronto. AP writer Yidnek Kirubel contributed from Hejere, Ethiopia.

___

Follow Africa news at https://twitter.com/AP_Africa

Source: Fox News World

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Philippines says presence of Chinese vessels in disputed waters is illegal

A view of Philippine occupied (Pagasa) Thitu island in disputed South China Sea
FILE PHOTO - A view of Philippine occupied (Pagasa) Thitu island in disputed South China Sea April 21, 2017. REUTERS/Erik De Castro

April 4, 2019

MANILA (Reuters) – The presence of hundreds of Chinese boats near an island occupied by Manila in the disputed South China Sea is illegal and a clear violation of Philippine sovereignty, the country’s foreign ministry said on Thursday.

“Such actions when not repudiated by the Chinese government are deemed to have been adopted by it,” the Department of Foreign Affairs said in a statement, days after the Philippines said it had lodged a diplomatic protest over the vessels.

The presence of the vessels in the vicinity of Thitu island for sustained and recurring periods raised questions about their intent and concerns over their role “in support of coercive objectives,” the ministry added.

Military data shows the Philippines has monitored more than 200 Chinese boats near Thitu, or Pagasa, as it is known locally, from January to March this year.

Besides the Philippines, Brunei, China, Malaysia, Taiwan and Vietnam have competing claims of sovereignty in the busy waterway, a conduit for goods in excess of $3.4 trillion every year.

(Reporting by Karen Lema; Editing by Clarence Fernandez)

Source: OANN

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Donors Who Ignored Trump in 2016 Back Him for 2020

Prominent conservative donors who avoided President Donald Trump's 2016 campaign are now participating in a new fundraising drive for Trump ahead of his re-election bid, Politico reports.

Donors to former President George W. Bush and former presidential candidates Sens. John McCain, R-Ariz., and Mitt Romney, R-Utah, have agreed to steer their fundraising networks toward Trump. Politico compares the project to the Pioneers network that backed Bush's first presidential campaign. The program will offer rewards, such as invitations to retreats, briefings, and dinners sponsored by the campaign, to donors who give $25,000 or more to the Trump Victory fund.

"I think you'll have a significant number of Bush and Romney veterans that were on the sidelines or didn't get overly involved in 2016 but will be involved in the 2020 campaign," said Jack Oliver, a longtime GOP fundraiser who helped President Bush and his brother Jeb Bush in their presidential campaigns.

"There were still a lot of people who were trying to lick their wounds and hadn't quite gotten over the fact that he [Trump] had whipped everybody. They were slow to come on board," said Roy Bailey, a fundraiser and one of the leaders of the Trump Victory project. He added about 150 people have joined.

"I've had a couple of people that in 2016, they just weren't on board with candidate Trump at all and they said, 'Look, Roy, he has won me over. I'm all in,'" he said.

Source: NewsMax America

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FILE PHOTO: Sri Lankan Special Task Force soldiers stand guard in front of a mosque as a Muslim man walks past him during the Friday prayers at a mosque, days after a string of suicide bomb attacks on Easter Sunday, in Colombo
FILE PHOTO: Sri Lankan Special Task Force soldiers stand guard in front of a mosque as a Muslim man walks past him during the Friday prayers at a mosque, five days after a string of suicide bomb attacks on Catholic churches and luxury hotels across the island on Easter Sunday, in Colombo, Sri Lanka April 26, 2019. REUTERS/Dinuka Liyanawatte/File Photo

April 26, 2019

By Tom Lasseter and Shri Navaratnam

KATTANKUDY, Sri Lanka (Reuters) – Mohamed Hashim Mohamed Zahran was 12 years old when he began his studies at the Jamiathul Falah Arabic College. He was a nobody, with no claim to scholarship other than ambition.

Zahran and his four brothers and sisters squeezed into a two-room house with their parents in a small seaside town in eastern Sri Lanka; their father was a poor man who sold packets of food on the street and had a reputation for being a petty thief.

“His father didn’t do much,” recalled the school’s vice principal, S.M. Aliyar, laughing out loud.

The boy surprised the school with his sharp mind. For three years, Zahran practiced memorizing the Koran. Next came his studies in Islamic law. But the more he learned, the more Zahran argued that his teachers were too liberal in their reading of the holy book.

“He was against our teaching and the way we interpreted the Koran – he wanted his radical Islam,” said Aliyar. “So we kicked him out.”

Aliyar, now 73 with a long white beard, remembers the day Zahran left in 2005. “His father came and asked, ‘Where can he go?’.”

The school would hear again of Mohamed Zahran. And the world now knows his name. The Sri Lankan government has identified him as the ringleader of a group that carried out a series of Easter Sunday suicide bombings in the country on April 21.

The blasts killed more than 250 people in churches and luxury hotels, one of the deadliest-ever such attacks in South Asia. There were nine suicide bombers who blew apart men, women and children as they sat to pray or ate breakfast.

Most of the attackers were well-educated and from wealthy families, with some having been abroad to study, according to Sri Lankan officials.

That description does not, however, fit their alleged leader, a man said to be in his early 30s, who authorities say died in the slaughter. Zahran was different.

INTELLIGENCE FAILINGS

Sri Lanka’s national leadership has come under heavy criticism for failing to heed warnings from Indian intelligence services – at least three in April alone – that an attack was pending. But Zahran’s path from provincial troublemaker to alleged jihadist mastermind was marked by years of missed or ignored signals that the man with a thick beard and paunch was dangerous.

His increasingly militant brand of Islam was allowed to grow inside a marginalized minority community – barely 10 percent of the country’s roughly 20 million people are Muslim – against a backdrop of a dysfunctional developing nation.

The top official at the nation’s defense ministry resigned on Thursday, saying that some institutions under his charge had failed.

For much of his adult life, Zahran, 33, courted controversy inside the Muslim community itself.

In the internet age, that problem did not stay local. Zahran released online videos calling for jihad and threatening bloodshed.

After the blasts, Islamic State claimed credit and posted a video of Zahran, clutching an assault rifle, standing before the group’s black flag and pledging allegiance to its leader.

The precise relationship between Zahran and Islamic State is not yet known. An official with India’s security services, who spoke on condition of anonymity, said that during a raid on a suspected Islamic State cell by the National Investigation Agency earlier this year officers found copies of Zahran’s videos. The operation was in the state of Tamil Nadu, just across a thin strait of ocean from Sri Lanka.

“LIKE A SPOILED CHILD”

Back in 2005, Zahran was looking to make his way in the world. His hometown of Kattankudy is some seven hours’ drive from Colombo on the other side of the island nation, past the countless palm trees, roadside Buddha statues, cashew hawkers and an occasional lumbering elephant in the bush. It is a town of about 40,000 people, a dot on the eastern coast with no clear future for an impoverished young man who’d just been expelled.

Zahran joined a mosque in 2006, the Dharul Athar, and gained a place on its management committee. But within three years they’d had a falling out.

“He wanted to speak more independently, without taking advice from elders,” said the mosque’s imam, or spiritual leader, M.T.M. Fawaz.

Also, the young man was more conservative, Fawaz said, objecting, for instance, to women wearing bangles or earrings.

“The rest of us come together as community leaders but Zahran wanted to speak for himself,” said Fawaz, a man with broad shoulders lounging with a group of friends in a back office of the mosque after evening prayers. “He was a black sheep who broke free.”

Mohamed Yusuf Mohamed Thaufeek, a friend who met Zahran at school and later became an adherent of his, said the problems revolved around Zahran’s habit of misquoting Islamic scriptures.

The mosque’s committee banned him from preaching for three months in 2009. Zahran stormed off.

“We treated him like a spoiled child, a very narrow-minded person who was always causing some trouble,” said the head of the committee, Mohamed Ismail Mohamed Naushad, a timber supplier who shook his head at the memory.

Now on his own, Zahran began to collect a group of followers who met in what Fawaz described as “a hut”.

At about that time, Zahran, then 23, married a young girl from a small town outside the capital of Colombo and brought his bride back to Kattankudy, according to his sister, Mathaniya.

“I didn’t have much of a connection with her – she was 14,” she said.

Despite being “a bit rough-edged”, Zahran was a skilled speaker and others his age were drawn to his speeches and Koranic lessons, said Thaufeek. He traveled the countryside at times, giving his version of religious instruction as he went.

Also, Zahran had found a popular target: the town’s Sufi population, who practice a form of Islam often described a mystical, but which to conservatives is heresy.

Tensions in the area went back some years. In 2004, there was a grenade attack on a Sufi mosque and in 2006 several homes of Sufis were set afire. Announcements boomed from surrounding mosques at the time calling for a Sufi spiritual leader to be killed, said Sahlan Khalil Rahman, secretary of a trust that oversees a group of Sufi mosques.

He blamed followers of the fundamentalist Wahhabi strain of Islam that some locals say became more popular after funding from Saudi Arabia, the birthplace of Wahhabism, flowed to mosques in Kattankudy.

It was, Rahman said, an effort “to convert Sufis into Wahhabis through this terrorism”. Rahman handed over a photograph album showing charred homes, bullet holes sprayed across an office wall and a shrine’s casket upended.

ONLINE RADICAL

It was an ideal backdrop for Zahran’s bellicose delivery and apparent sense of religious destiny.

He began holding rallies, bellowing insults through loudspeakers that reverberated inside the Sufis’ house of worship as they tried to pray.

In 2012, Zahran started a mosque of his own. The Sufis were alarmed and, Rahman said, passed on complaints to both local law enforcement and eventually national government offices. No action was taken.

The then-officer in charge of Kattankudy police, Ariyabandhu Wedagedara, said in a telephone interview that he couldn’t arrest people simply because of theological differences.

     “The problem at the time was between followers of different Islamic sects – Zahran was not a major troublemaker, but he and followers of other sects, including the Sufis, were at loggerheads,” Wedagedara said.

Zahran found another megaphone: the internet. His Facebook page was taken down after the bombings, but Muslims in the area said his video clips had previously achieved notoriety.

His speeches went from denouncing Sufis to “kafirs”, or non-believers, in general. Zahran’s sister, Mathaniya, said in an interview that she thought “his ideas became more radical from listening to Islamic State views on the Internet”.

In one undated video, Zahran, in a white tunic and standing in front of an image of flames, boomed in a loud voice: “You will not have time to pick up the remains of blown-up bodies. We’ll keep sending those insulting Allah to hell.”

“HARD TO TAKE”

Zahran spoke in Tamil, making his words available to young Muslims clicking on their cellphones in Kattankudy and other towns like it during a period when, in both 2014 and 2018, reports and images spread of Sinhalese Buddhists rioting against Muslims in Sri Lanka.

In 2017, Zahran’s confrontations boiled over. At a rally near a Sufi community, his followers came wielding swords. At least one man was hacked and hospitalized. The police arrested several people connected to Zahran, including his father and one of his brothers. Zahran slipped away from public view.

That December, the mosque Zahran founded released a public notice disowning him. Thaufeek, his friend from school, is now the head. He counted the places that Zahran had been driven away from – his school, the Dharul Athar mosque and then, “we ourselves kicked him out, which would have been hard for him to take”.

The next year, a group of Buddha statues was vandalized in the town of Mawanella, about five hours drive from Kattankudy. There, in the lush mountains of Sri Lanka’s interior, Zahran had taken up temporary residence.

“He was preaching to kill people,” said A.G.M. Anees, who has served as an imam at a small mosque in the area for a decade. “This is not Islam, this is violence.”

Zahran went into hiding once more.

On the Thursday morning before the Easter Sunday bombings, Zahran’s sister-in-law knocked on the door of a neighbor who did seamstress work near Kattankudy. She handed over a parcel of fabric and asked for it to be sewn into a tunic by the end of the day.

“She said she was going on a family trip,” said the neighbor, M.H. Sithi Nazlya.

Zahran’s sister says that her parents turned off their cellphones on the Friday. On Sunday, when she visited their home, they were gone.

She does not know if Zahran arranged for them to be taken somewhere safe. Or why he would have carried out the bombing.

But now in Kattankudy, and in many other places, people are talking about Mohamed Hashim Mohamed Zahran.

(Reporting by Tom Lasseter and Shri Navaratnam; Additional reporting by Sanjeev Miglani, Shihar Aneez and Alasdair Pal; Editing by John Chalmers and Alex Richardson)

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A Wells Fargo logo is seen in New York City
FILE PHOTO: A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith

April 26, 2019

By Jessica DiNapoli and Imani Moise

NEW YORK (Reuters) – Wells Fargo & Co’s board has retained executive search firm Spencer Stuart to hunt for a new chief executive, ideally a woman who can tackle its regulatory and public perception issues, two people familiar with the matter said.

Wells Fargo’s ambition to become the only major U.S. bank with a female CEO underscores the need to restore its image with a wide range of constituents, including customers, shareholders, regulators and politicians, after it became mired in a scandal in 2016 for opening potentially millions of unauthorized accounts.

Former CEO Tim Sloan left abruptly last month, becoming the second CEO to leave the bank in the scandal’s fallout.

The board plans to approach Citigroup Inc’s Latin America chief Jane Fraser, one of the sources said. During Fraser’s 15-year tenure at Citigroup, she has gained experience running consumer and commercial businesses as well as its private bank.

Fraser could not be immediately reached for comment.

The board also discussed approaching JPMorgan Chase & Co’s Marianne Lake, but after the bank named her to run JPMorgan’s consumer lending business last week, that option became less viable, the source added. The board wants someone who can convince regulators, employees, investors and customers that the bank has fixed problems underpinning the sales scandal, the sources said.

The bank’s board feels that choosing a woman might please lawmakers in Washington who have been critical not only of Wells Fargo’s misbehavior, but of the broader banking industry for a lack of diversity and gender equality, said the sources, who spoke on the condition of anonymity.

It also believes that such a move could bolster Wells Fargo’s image with the households of customers where women play a leading role in managing finances, one of the sources added.

The new CEO will also have to resolve litigation and regulatory matters. There are 14 outstanding consent orders with government entities, as well as probes by the U.S. Securities and Exchange Commission, the Department of Labor and the Department of Justice.

To be sure, Spencer Stuart will approach and consider several male candidates for the CEO job as well, one of the sources said. The top priority is to find an external candidate who can navigate the bank’s regulatory issues, the source added.

Finding an outsider who meets all those qualifications and wants the job will be difficult, the sources said. There are few people with the necessary experience, even fewer of those who are women, and it is not clear if any of the obvious candidates would be open to taking the role.

The sources asked not to be identified because Wells Fargo’s board deliberations are confidential.

Spokespeople for Wells Fargo and Spencer Stuart declined to comment.

Wells Fargo’s board has not made any public statements about its requirements for a new CEO, beyond Chair Betsy Duke saying the job should attract the “top talent in banking.”

The board wants to complete the search within the next three to six months, one of the sources said.

STALLED SHARES

After Sloan’s ouster, Wells Fargo’s board appointed Allen Parker, who had been general counsel, as interim CEO. The board has said it is looking for an external candidate as a permanent replacement. It is not clear whether Parker will stay at the bank.

Others whose names have been mentioned by analysts, recruiters and industry sources as perspective CEO candidates include Alphabet Inc finance chief Ruth Porat and Bank of America Corp’s chief technology officer Cathy Bessant.

Wells Fargo shares have stalled since Sloan’s departure on March 29th, while the KBW Bank index has rallied more than 7 percent.

Wells Fargo would be “the best stock on earth to buy” if it had the right CEO, said Greg Donaldson, chairman of Donaldson Capital Management in Indiana.

Donaldson held about 50,000 Wells Fargo shares, but sold the stake last year as problems mounted. The CEO change could convince him to re-invest, depending on who it is, he told Reuters.

“It would be very smart for them to get a woman,” he said.

(Reporting by Jessica DiNapoli and Imani Moise in New York; Editing by Lauren Tara LaCapra, Greg Roumeliotis and Susan Thomas)

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A worker walks on the roof of a new home under construction in Carlsbad
FILE PHOTO: A worker walks on the roof of a new home under construction in Carlsbad, California September 22, 2014. REUTERS/Mike Blake

April 26, 2019

NEW YORK (Reuters) – The U.S. economy is growing at a 2.08% annualized pace in the second quarter based on upbeat data on durable goods orders and new home sales in March, the New York Federal Reserve’s Nowcast model showed on Friday.

This was faster than the 1.92% growth rate calculated by the N.Y. Fed model the week before.

(Reporting by Richard Leong; Editing by Chizu Nomiyama)

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Extraordinary European Union leaders summit in Brussels
FILE PHOTO: Italian Prime Minister Giuseppe Conte arrives at an extraordinary European Union leaders summit to discuss Brexit, in Brussels, Belgium April 10, 2019. REUTERS/Yves Herman

April 26, 2019

(Reuters) – Italian Prime Minister Giuseppe Conte said on Friday he had assured China’s Huawei Technologies that it would not face discrimination in the rollout of Italy’s 5G telecoms network.

Conte was speaking on a visit to China where he said he met Huawei’s chief executive, Ren Zhengfei. The prime minister’s comments were carried in Italy by TV broadcaster Sky Italia.

“I told him that we have adopted some precautions, some measures to protect our interests that demand very high levels of security … not only from Huawei but any company entering into the 5G arena,” he said.

Huawei, the world’s biggest producer of telecoms equipment, is under intense scrutiny after the United States told allies not to use its technology because of fears it could be a vehicle for Chinese spying. Huawei has categorically denied this.

(Writing by by Mark Bendeich; Editing by Angelo Amante)

Source: OANN

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U.S. President Trump departs for travel to Indianapolis from the White House in Washington
U.S. President Donald Trump talks to reporters as he departs for travel to Indianapolis, Indiana from the White House in Washington, U.S., April 26, 2019. REUTERS/Jonathan Ernst

April 26, 2019

WASHINGTON (Reuters) – President Donald Trump on Friday was expected to announce his intention to revoke the United States’ status as a signatory of the Arms Trade Treaty, which was signed in 2013 by then-President Barack Obama but never ratified by Congress, two U.S. officials said.

Trump was expected to announce the decision in a speech in Indianapolis, to the National Rifle Association, the officials said. The NRA, a powerful gun lobby group, has long been opposed to the treaty, which was negotiated at the United Nations.

(Reporting By Steve Holland; Editing by Bill Trott)

Source: OANN

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