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Aramco treads carefully on Saudi ties as it markets debut bond

FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal
FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, May 21, 2018. REUTERS/Ahmed Jadallah/File Photo

April 4, 2019

By Tom Arnold, Karin Strohecker and Jennifer Ablan

LONDON/NEW YORK/DUBAI (Reuters) – For Saudi Aramco and its advisers, a debut international debt issue that could raise well over $10 billion presents a key challenge – how to forge an identity as a state-owned major while in the same league as the likes of Exxon Mobil and Shell.

At stake is the likely multi-million dollar difference in interest payments over coming years between its standing as an independent international corporate and one tied closely to the host kingdom whose oil it ships to global markets.

Having said in January it was planning its first ever international debt issue, Aramco has been meeting with investors in Asia, Europe and the United States to promote the bonds. It hasn’t commented on what was said during the sessions.

Moody’s and Fitch said Aramco’s rating was capped by their assessments of Saudi Arabia, but unconstrained by its sovereign links it would have achieved ratings that would put it at par with the likes of Exxon, the world’s largest listed oil company.

But bankers arranging the roadshow have tried to convince crossover buyers, both emerging markets funds and pure investment-grade players, about Aramco’s merits, marketing the company as having characteristics which put it above the credit worthiness of Saudi Arabia.

“We would look at it its rating against the sovereign, but there’s a lot of interest from outside the emerging markets universe from investors looking at it against international oil majors from the U.S. and Europe,” said Jan Dehn, head of research at Ashmore Group.

Previously reluctant to do so, the oil major was forced to disclose its financials to obtain public credit ratings ahead of the debt sale.

SOVEREIGN DILEMMA

Aramco’s financial data, published earlier this week, showed it generates by far the biggest profit of any company in the world, boasting core earnings of $224 billion and a net income of $111 billion.

These figures have practically guaranteed plentiful of demand for Aramco’s issue, expected next week.

Saudi Energy Minister Khalid al-Falih said earlier this year Aramco would raise around $10 billion, but the final amount will be determined by market demand.

Aramco is largely expected to offer investors a slight premium to what Saudi government bonds are offering, as that is generally the case with government-owned entities.

But the mismatch between its rating and its staggering finances has presented investors with a pricing dilemma.

“It has more of a double-A credit profile than the single-A rating it has,” said Samy Muaddi, emerging markets portfolio manager at T. Rowe Price.

“But you have to keep in mind that if the sovereign were to get into trouble, there are some financial resources, whether they be through royalties, taxes, or dividends, that could be taken from Aramco.”

Aramco has insisted on its independence over the past few days. In an online presentation seen by Reuters, a company executive said that even when oil prices declined to $45 a barrel in 2016, the kingdom remained committed to Aramco’s governance framework to safeguard its independence.

“The government borrowed on its balance sheet for its budget needs with no ask of or interference to Aramco,” the presentation said.

INVESTMENT STRATEGY

Aramco said last week it had agreed to buy the 70 percent stake held by the Saudi Public Investment Fund (PIF) in Saudi Basic Industries (SABIC) for $69.1 billion, one of the largest deals in the global chemicals industry.

While the firm said in the presentation the bonds would not be used to fund the acquisition, many investors believe the debt plans are linked to the purchase, which will give PIF, the main vehicle for Crown Prince Mohammed Bin Salman’s plan to diversify the Saudi economy away from oil, cash to push through its investment strategy.

“There is a clear connection with the sovereign, it is highly coordinated policy, particularly in terms of production targets and in some cases the price of oil and where they want to sell oil,” said Ray Singh, vice president, diversified fixed income at Eaton Vance.

According to Ashmore’s Dehn the “seamless” relationship between Aramco and the government is positive for investors.

“I would imagine they [Aramco] would be coordinating with the Saudi debt management office as the government and Aramco are pretty similar issuers and Aramco’s issue would cannibalize the government to some extent and reduce the Saudi government weighting on the JPM index.”

Some bankers and fund managers expect Aramco to issue up to $30 billion or $40 billion in bonds, but company representatives have not discussed a firm target during the roadshow.

This would allow it to focus on obtaining the right pricing without creating larger supply expectations that would impact its cost of borrowing in future issues.

Also, had Aramco announced an even larger transaction than $10 billion, this could have put some pressure on Saudi Arabia’s debt curve, as some investors would switch Saudi sovereign paper for the upcoming Aramco securities.

“But more importantly it would change the narrative Aramco put forward around the SABIC acquisition and the governance framework with the government as shareholder,” said Mohieddine Kronfol, chief investment officer of Global Sukuk and MENA Fixed Income at Franklin Templeton Investments.

“A large bond deal may imply a transfer to PIF as the main motivation rather than the opening up of Aramco.”

(Additional reporting by Reporting by Kate Duguid in New York and Davide Barbuscia in Dubai; Writing by Davide Barbuscia; Editing by David Holmes)

Source: OANN

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Afternoon Mirror: Meghan McCain Jokes About Voting For Her Dead Father’s Ghost In 2020

Betsy Rothstein | Reporter

Quote of the Day:

“Mr. President, seriously stop talking about Senator McCain.” 

Rep. Dan Crenshaw (R-Texas).

What These Daily Beast Journalists REALLY Wanted To Call Their Book 

“I want to be very clear about this: I wanted the title of my and @lachlan’s book to be ‘Another Shitstorm in Fucktown,’ but no one with any authority over that would let me.” — Asawin Suebsaeng, reporter, The Daily Beast.

According to Politico‘s Michael Calderone, Suebsaeng is teaming up with fellow reporter Lachlan Markay to write this: Sinking in the Swamp: How Trump’s Minions and Misfits Poisoned Washington. Viking has signed onto the project. Read more here.

WTF is going on with Clarence Thomas? 

“SPOTTED : Clarence Thomas leaving lunch at the Capital Grille. He was greeted by a TMZ reporter, who yelled ‘Justice! Justice! Who do you like in March Madness?’ He laughed and said, ‘I like you.'” — Politico Playbook Thursday.

Mirror sources say the journalist was male.

Rudy Guiliani misses Fox News’s Judge Jeanine Pirro 

“Jeanine is the best. We miss her honest and common sense analysis.” — Rudy Guiliani, Trump’s attorney.

Meghan McCain jokes about voting for her father in 2020

“At this point I may end up voting for the ghost of my father, who is so relevant right now.” — Meghan McCain on ABC’s “The View” Friday when discussing who she may vote for in 2020. One thing is for certain: She says she will never vote for Trump.

President Trump has been beating up on the late Sen. John McCain (R-Ariz.) all week long. (RELATED: Trump Doubles Down On His McCain Tweets) 

George Conway calls b.s. on Trump approving Sen. McCain’s funeral 

The National Cathedral has denied needing Trump’s permission to hold the service there.

“Yet another lie, apart from the disgrace of his attacks the late Sen. McCain. Again, his compulsion to lie knows no bounds. His mendacity is unprecedented for a public official. He debases his office, and all around him, especially those who shamelessly defend him.” — George Conway, husband to Trump Counselor Kellyanne Conway, on Thursday night. (RELATED: Kellyanne Conway Picks Trump Over Hubby)

Journalists who are becoming ‘Buttigeeks’

Democratic Presidential hopeful Pete Buttigeig‘s name is pronounced like this: Butta-judge. 

“I’ll be honest: I wasn’t expecting to be so impressed, or even like!, Mayor @PeteButtigieg, but after my conversation with him for the latest #Deconstructed, I was. Big time. Other 2020 Democratic presidential candidates, beware!” —Mehdi Hasan, columnist, The Intercept.

“Mehdi joins the #Buttigeeks.” — Brian Beutler, editor-in-chief, Crooked Media.

“Rise of the #Buttigeeks,” Beutler tweeted on March 12.

“Making more Buttigeeks at ever stop,” Buetler tweeted on March 7.

With one more “t” Beutler could be in the ‘Butt’ family.

Journo annoyed by mispronunciation of her name 

“I SWEAR TO GOODNESS IF ONE OF YOU MOTHERF***ERS MISPRONOUNCES MY SIMPLE SICILIAN LAST NAME ONE MORE TIME” — Amanda Prestigiacomo, writer, The Daily Wire.

Gossip Roundup

Atlantic reporter opines on the Conway situation… “The Conway marriage is a perfect metaphor for the current Republican Party, split between those who see Trump as an opportunity & those who see him as a horror—and yet, somehow, they stay together.” — Molly Ball, The Atlantic.

Tucker Carlson sends Brian Stelter a dozen jelly donuts. Here.

It’s truly amazing that MSNBC’s Chris Hayes can’t speak… like a regular human: “It’s truly amazing how much programming Fox News builds off of extremely recondite Twitter disputes.” — Chris Hayes, host, MSNBC.

Commentary‘s John Podhoretz took himself off Twitter this week after he said he wanted a neutron bomb to hit J-Schools. This was in response to ex-Teen Voguer Lauren Duca teaching a summer journalism class at NYU called “The Feminist.” Twitter’s unofficial social director Yashar Ali, a writer for HuffPost and New York Mag, insists Podhoretz, a familiar face on MSNBC’s Morning Joe, will return:”John Podhoretz will be back. That I can promise you. It may take a decade, but he’ll be back. (RELATED: Lauren Duca’s NYU Syllabus Is Really Bad) 

MOO:Ellen Degeneres’s EP is on a mission against Devin Nunes

Rep. Nunes (R-Calif.) is suing Twitter for a sassy cow parody account that he says defamed him.

Source: The Daily Caller

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Slain Missouri Ku Klux Klan leader’s wife admits killing him

The wife of a Missouri Ku Klux Klan leader has admitted to fatally shooting her husband.

The St. Louis Post-Dispatch reports that Malissa Ancona pleaded guilty Friday to second-degree murder, tampering with evidence and abandonment of a corpse in the 2017 death of Frank Ancona Jr. She was sentenced to life in prison under a plea deal. Frank Ancona identified himself as an imperial wizard of the KKK.

Malissa Ancona initially reported her husband missing. She later claimed her son, Paul Jinkerson Jr., shot him while he was sleeping and after he had asked for a divorce. He faces the same charges as his mom.

But she said Friday that he had no role in the shooting. She said did help clean up the crime scene in a rural area of southeast Missouri and helped dump the body.

___

Information from: St. Louis Post-Dispatch, http://www.stltoday.com

Source: Fox News National

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Trump says Herman Cain has withdrawn from consideration for Fed seat

FILE PHOTO: FILE PHOTO: Cain gives the Tea Party Express response to U.S. President Barack Obama's State of the Union Address, at the National Press Club in Washington
FILE PHOTO: Former Republican presidential hopeful Herman Cain gives the Tea Party Express response to U.S. President Barack Obama's State of the Union Address, at the National Press Club in Washington January 24, 2012. REUTERS/Jonathan Ernst/File Photo

April 22, 2019

By Trevor Hunnicutt

(Reuters) – U.S. President Donald Trump said on Monday that businessman Herman Cain has withdrawn his name from consideration for a seat on the Federal Reserve Board.

“My friend Herman Cain, a truly wonderful man, has asked me not to nominate him for a seat on the Federal Reserve Board. I will respect his wishes. Herman is a great American who truly loves our Country!” Trump said in a Twitter post.

Four Republican U.S. senators had voiced opposition to Cain in recent weeks, likely enough to deny Cain the support needed to be confirmed in the post.

Economists and critics expressed concerns about loyalists of Republican Trump serving on the traditionally nonpartisan central bank.

But Cain had vowed to fight on in several interviews, saying it was not clear that the minds of the four Republican senators who voiced concerns about his nomination cannot be changed.

He had also said he was under attack because he is a conservative. Cain’s bid for president in 2012 was derailed by accusations of sexual harassment that he has repeatedly denied.

Cain did not immediately respond to a request for comment on Monday.

(Additional reporting by Tim Ahmann; Editing by Meredith Mazzilli)

Source: OANN

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Ghosn’s new lawyer says he should be released on bail

FILE PHOTO: Carlos Ghosn, Chairman and CEO of the Renault-Nissan Alliance, poses after the Renault's 2015 annual results presentation at their headquarters in Boulogne-Billancourt
FILE PHOTO: Carlos Ghosn, Chairman and CEO of the Renault-Nissan Alliance, poses after the Renault's 2015 annual results presentation at their headquarters in Boulogne-Billancourt, near Paris, France, February 12, 2016. REUTERS/Benoit Tessier/File Photo

February 20, 2019

TOKYO (Reuters) – The new lawyer for ousted Nissan Chairman Carlos Ghosn said his client should be released on bail while awaiting trial and that Japan was out of step with international norms.

At his first press briefing, Junichiro Hironaka also said that Ghosn’s case should have been dealt with internally at Nissan.

(Reporting by Tim Kelly; Editing by Muralikumar Anantharaman)

Source: OANN

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Limo company operator pleads not guilty in fatal crash

The operator of a limousine company has pleaded not guilty to 20 counts each of criminally negligent homicide and second-degree manslaughter in a crash that killed 20 people in upstate New York.

Nauman Hussain was arraigned Wednesday in Schoharie County Court. State police have said the 2001 Ford Excursion stretch limousine should not have been on the road due to safety issues.

The limo ran a stop sign at a T-intersection and crashed beside a country store on Oct. 6.

Defense attorney Lee Kindlon said in a court brief that records demonstrate the company's efforts to maintain the vehicle's road-worthiness. He said the road design contributed to the accident.

Hussain has been free on $150,000 bail bond since October. Judge George Bartlett raised it Wednesday to $225,000 cash or $450,000 bond.

Source: Fox News National

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Swedish Official: Soros “One of the Most Dangerous Men” in Europe

A prominent Swedish lawmaker asserts that Hungarian billionaire George Soros's influence on European politics and policies make him "one of the most dangerous men," according to Samhällsnytt.

Björn Söder, an MP who has held high positions in government, recently met with Hungarian politician Zoltán Kovács, after Kovács was reportedly snubbed during a visit to Stockholm by the Swedish government as a diplomatic rift between the two nations grows.

Söder expressed his concern with Soros's involvement in European affairs – an issue which the current Hungarian administration has faced head-on.

“As for George Soros, I believe he is one of the most dangerous men at the moment,” Söder said. “The impact he has on political groups and parties in Europe is frightening.”

“The latest discussions within the European People’s Party group clearly showed that he is the one who pulls the strings. It really scares me.”

Söder also apologized to Kovács for the Swedish government's negative attitude towards the Hungarian administration

"On behalf of many Swedes, I really want to apologize for how the Swedish government and some of the other opposition parties act when they tell you how to govern your own country and when they criticize you for standing up and protecting your own country, people and defend your nation's Christian values," Söder said.

Söder's sentiments about Soros echo those expressed by Hungarian MEP Tamas Deutsch, who spoke on behalf of the adminstration regarding their belief that Soros and his operatives "are pulling the strings of the European Commission’s leading politicians."

"Deutsch said it was 'absurd' that a person claiming to be a philanthropist, who represents the official viewpoint of not a single country, can meet with E.U. leaders more frequently than the prime minister or head of state of any E.U. member state," Hungary Journal reported in January.

Paul Joseph Watson breaks down how the European Union has officially voted to adopt the Article 13 provision into law which would govern the production and distribution of online content under the presumption of copyright protections, but what this really means is no more creative memes.

(PHOTO: Olivier Hoslet /EPA/Pool/Anadolu Agency/Getty Images)

Source: InfoWars

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Traders work on the floor at the NYSE in New York
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid

April 26, 2019

By Sruthi Shankar and Amy Caren Daniel

(Reuters) – U.S. stock index futures were flat on Friday, as investors paused ahead of GDP data, which is expected to show the world’s largest economy maintained a moderate pace of growth in the first quarter.

Gross domestic product probably increased at a 2% annualized rate in the quarter as a burst in exports, strong inventory stockpiling and government investment in public construction projects offset a slowdown in consumer and business spending, according to a Reuters survey of economists.

The Commerce Department report will be published at 8:30 a.m. ET.

The GDP data comes as investors look for fresh catalysts to push the markets higher. The S&P 500 index is about 0.5% below its record high hit in late September, after surging nearly 17% this year.

First-quarter earnings have been largely upbeat, with nearly 78% of the 178 companies that have reported so far surpassing earnings estimates, according to Refinitiv data.

Wall Street now expects S&P 500 earnings to be in line with the year-ago quarter, a sharp improvement from the 2.3% fall expected at the start of April.

Amazon.com Inc rose 0.9% in premarket trading after the e-commerce giant reported quarterly profit that doubled and beat estimates on soaring demand for its cloud and ad services.

Ford Motor Co shares surged 8.5% after the automaker posted better-than-expected first-quarter earnings largely due to strong pickup truck sales in its core U.S. market.

Mattel Inc jumped 8% after the toymaker beat analysts’ estimates for quarterly revenue, as a more diverse range of Barbie dolls powered sales in the United States.

At 6:52 a.m. ET, Dow e-minis were down 35 points, or 0.13%. S&P 500 e-minis were down 1.5 points, or 0.05% and Nasdaq 100 e-minis were up 10.75 points, or 0.14%.

Among decliners, Intel Corp slumped 7.7% after it cut its full-year revenue forecast and missed quarterly sales estimate for its key data center business.

Rival Advanced Micro Devices declined 0.8%.

Oil majors Exxon Mobil Corp and Chevron Corp are expected to report results later in the day.

(Reporting by Sruthi Shankar and Amy Caren Daniel in Bengaluru; Editing by Anil D’Silva)

Source: OANN

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General view of a destroyed building during World War II is pictured in Warsaw
General view of a destroyed building during World War II is pictured in Warsaw, Poland April 26, 2019. REUTERS/Kacper Pempel

April 26, 2019

By Joanna Plucinska

WARSAW (Reuters) – Germany could owe Poland more than $850 billion in reparations for damages it incurred during World War Two and the brutal Nazi occupation, a senior ruling party lawmaker said.

Some six million Poles, including three million Polish Jews, were killed during the war and Warsaw was razed to the ground following a 1944 uprising in which about 200,000 civilians died.

Germany, one of Poland’s biggest trade partners and a fellow member of the European Union and NATO, says all financial claims linked to World War Two have been settled.

The right-wing Law and Justice (PiS) has revived calls for compensation since it took power in 2015 and has made the promotion of Poland’s wartime victimhood a central plank of its appeal to nationalism.

PiS has yet to make an official demand for reparations but its combative stance towards Germany has strained relations.

“Poland lost not only millions of its citizens but it was also destroyed in an unusually brutal way,” Arkadiusz Mularczyk, who heads the Polish parliamentary committee on reparations, told Reuters in an interview.

“Many (victims) are still alive and feel deeply wronged.”

His comments come a month before European Parliament elections in which populist and nationalist parties are expected to do well. Poland will also hold national elections later this year, with PiS still well ahead of its rivals in opinion polls.

EU LARGESSE

Mularczyk said the reparations figure could amount to more than 10 times the estimated 100 billion euros ($111 billion) that Poland has received so far in European Union funds since it joined the bloc in 2004.

Germany is the biggest net donor to the EU budget and some Germans regard its contributions as generous compensation to recipient countries like Poland which suffered under Nazi rule.

In 1953 Poland’s then-communist rulers relinquished all claims to war reparations under pressure from the Soviet Union, which wanted to free East Germany, also a Soviet satellite, from any liabilities. PiS says that agreement is invalid because Poland was unable to negotiate fair compensation.

Mularczyk said his committee hoped to complete its report on the reparations issue by Sept. 1, the 80th anniversary of Hitler’s invasion.

Accusing Berlin of playing “diplomatic games” over the issue, he said: “The matter is being swept under the rug (by Germany) … until it’ll be wiped from the memory, from people’s awareness.”

His comments come after the Greek parliament voted this month to seek billions of euros in German reparations for the Nazi occupation of their country.

(Additional reporting by Anna Wlodarczak-Semczuk, Editing by Justyna Pawlak and Gareth Jones)

Source: OANN

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FILE PHOTO - Otto Frederick Warmbier is taken to North Korea's top court in Pyongyang North Korea
FILE PHOTO – Otto Frederick Warmbier (C), a University of Virginia student who was detained in North Korea since early January, is taken to North Korea’s top court in Pyongyang, North Korea, in this photo released by Kyodo March 16, 2016. Mandatory credit REUTERS/Kyodo/File Photo

April 26, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday said the United States did not pay any money to North Korea as it sought the release of comatose American student Otto Warmbier.

The Washington Post reported on Thursday that Trump had approved payment of a $2 million bill from North Korea to cover its care of the college student, who died shortly after he was returned to the United States after 17 months in a North Korean prison.

(Reporting by Makini Brice and Susan Heavey)

Source: OANN

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Al-Qaida in Yemen is vowing to avenge beheadings carried out by Saudi Arabia this week — an indication that some of the 37 Saudis executed on terrorism-related charges were members of the Sunni militant group.

Al-Qaida in the Arabian Peninsula, as the branch is called, posted a statement on militant-linked websites on Friday, accusing the kingdom of offering the blood of the “noble children of the nation just to appease America.”

The statement says al-Qaida will “never forget about their blood and we will avenge them.”

U.S. ally Saudi Arabia on Tuesday executed 37 suspects convicted on terrorism-related charges. Most were believed to be Shiites but at least one was believed to be a Sunni militant.

His body was pinned to a pole in public as a warning to others.

Source: Fox News World

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For two friends with checkered pasts it was the luck of a lifetime: a 4 million-pound ($5.2 million) lottery win.

But Mark Goodram and Jon-Ross Watson may see their celebrations cut short.

The Sun newspaper reports that Britain’s National Lottery is withholding the payout as it investigates whether the men, who have a string of criminal convictions, used illicit means to buy the winning ticket.

The Sun said neither man has a bank account, leading lottery organizers to investigate how they obtained the bank-issued debit card that paid for the 10 pound ($13) scratch card.

Camelot, which runs the lottery, said Friday it couldn’t confirm details of the story because of winner-anonymity rules. The firm said it holds a “thorough investigation” if there is any doubt about a claim.

Source: Fox News World

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