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Petrobras scuttles diesel price hike at Bolsonaro’s behest, spooking investors

FILE PHOTO: A logo of the Brazil's state-run Petrobras oil company is seen in Rio de Janeiro
FILE PHOTO: A logo of the Brazil's state-run Petrobras oil company is seen in Rio de Janeiro, Brazil March 25, 2019. REUTERS/Sergio Moraes/File Photo

April 12, 2019

By Lisandra Paraguassu and Rodrigo Viga Gaier

BRASILIA/RIO DE JANEIRO (Reuters) – Brazil’s Petroleo Brasileiro SA canceled a diesel price hike on Friday at the behest of Brazilian President Jair Bolsonaro, spooking investors wary of political interference at the state-run oil firm.

Preferred shares dropped 4.3 percent in Sao Paulo trading as the abrupt reversal raised doubts about pledges to separate politics from business at Petrobras, which sold fuel at a loss for years under pressure from previous governments.

Although Bolsonaro vowed orthodox economic policies in his far-right presidential campaign last year, his first 100 days in office have raised concerns that more populist factions in his government may have an upper hand over free-market voices.

Petrobras announced on Thursday afternoon it would raise diesel prices by 5.7 percent to the highest level since October, effective on Friday, then disclosed it was backing off in an early-morning securities filing.

In a radio interview on Friday, Vice President Hamilton Mourao said Bolsonaro had pressured Petrobras to cancel the price hike, but added he had “absolute certainty” that it was a one-time matter.

Bolsonaro called Petrobras chief executive Roberto Castello Branco late Thursday to address the sharp price hike after discussing the matter with his chief of staff, according to a source in the presidential palace.

Petrobras did not immediately respond to requests for comment on Bolsonaro’s role in the decision.

Last year, a huge truckers strike over high diesel prices paralyzed much of Brazil and led the government to intervene in Petrobras’ pricing policy. Then-CEO Pedro Parente quit in protest and the company’s share price was nearly halved in a month.

Petrobras updated its diesel pricing policy last month, saying prices would not be readjusted more than once every 15 days and reaffirming it would not price the fuel below parity with international markets.

“It’s a shame because all that’s been said by the government up to now is that you’re going to have prices tied to international prices, and Petrobras is going to have independence when it comes to pricing policy,” said Adriano Pires, a consultant at Brazil’s Center for Infrastructure.

He added that the move could complicate Petrobras’ plans to sell two groups of refineries over fears the government might intervene in refinery fuel pricing. That sale would raise several billion dollars if successful.

Analysts at UBS led by Luiz Carvalho pointed to a March announcement that Petrobras would take part in a gas tender in Israel, an ally of the Bolsonaro government, as evidence that the price hike reversal is likely part of a larger trend of government interference at the firm.

GHOSTS OF GOVERNMENTS PAST

Petrobras said in the Friday filing its current hedge position allowed it to delay a price revision for “some days,” without detailing its plans for a future readjustment.

Although Bolsonaro has decried the economic mismanagement of his predecessors and vowed to follow the lead of his market-friendly Economy Minister Paulo Guedes, he is a late convert to free-market ideas and was an early backer of the 2018 trucker strike.

The reversal was stirring concerns that Petrobras could again be forced to foot the bill for cheaper fuel in the Brazilian market, according to a person close to the company.

“Bolsonaro is engaged in exactly the same dangerous populism as Dilma (Rousseff),” said the source, referring to the former leftist president who served from 2011 to 2016. “If you want to question the policy, then do that through the board of directors. But price decisions are made by the management, not the president of the republic.”

Bolsonaro installed Castello Branco as CEO at Petrobras after his January inauguration, with a mandate to extend asset sales and focus on the core activities of offshore oil exploration and production.

(Reporting by Lisandra Paraguassu, Rodrigo Viga Gaier and Gram Slattery; Additional reporting by Carolina Mandl and Marta Nogueira in Sao Paulo; Editing by Brad Haynes, Jeffrey Benkoe and Rosalba O’Brien)

Source: OANN

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Indians head to the polls with PM Modi the front runner

FILE PHOTO: Indian Prime Minister Narendra Modi gestures as he speaks after releasing BJP's election manifesto for the April/May general election, in New Delhi
FILE PHOTO: Indian Prime Minister Narendra Modi gestures as he speaks after releasing India's ruling Bharatiya Janata Party (BJP)'s election manifesto for the April/May general election, in New Delhi, India, April 8, 2019. REUTERS/Adnan Abidi/File Photo

April 10, 2019

By Devjyot Ghoshal

NEW DELHI (Reuters) – Tens of millions of Indians will begin queuing on Thursday to cast their ballots in the first phase of a mammoth general election at which Prime Minister Narendra Modi is seen as the front-runner, campaigning on his national security record.

Voting in the first of seven rounds will be held in 91 constituencies across 20 states and federally-administered regions, amid tightened security, stepped up after violence killed seven people on Tuesday.

Pollsters say Modi’s ruling Hindu nationalist Bharatiya Janata Party (BJP) has been riding high on his tough stance against Pakistan, after aerial clashes between the nuclear-armed neighbors followed a February attack by an Islamist militant group that killed 40 Indian paratroopers in disputed Kashmir.

But the main opposition Congress party, which wrested three major farming states from the BJP in December by promising to waive the outstanding loans of distressed farmers, sought to corner the government on a lack of jobs and weak farm prices.

The election was open but in favor of Modi’s coalition, said Gilles Verniers, a political science professor at Ashoka University near New Delhi.

“The gap between Congress and the BJP is still enormous, so no one is seriously thinking that Congress is going to fill that gap,” he added. “The opposition landscape remains heavily fragmented.”

The alliance led by Modi’s BJP is poised to win a narrow majority of 273 of the 543 seats at stake, an average of four opinion polls showed.

In the 2014 general election, the party won a landslide 282 seats, securing a clear majority for the first time in decades and raising hopes of economic reform after a period of sluggish growth.

In the northern state of Uttar Pradesh, which sends more lawmakers to parliament than any other, Ajesh Kumar, who runs a roadside restaurant, said he voted for the BJP in 2014, when Hindu-Muslims riots in the area killed at least 65 people, and would do so again.

“But jobs are a problem here,” he said, echoing government and private statistics https://in.reuters.com/article/india-economy-jobs/indias-february-jobless-rate-climbed-to-72-percent-cmie-idINKCN1QM1NT that show Modi’s government has failed to create enough jobs for the burgeoning workforce in a population of 1.3 billion.

More than 142 million Indians are eligible to vote in the first phase, of a total of 898.9 million. Votes in the seven rounds, spread over 39 days, will be counted on May 23.

From sugar farmers in northern India going unpaid for produce, to small businesses in the south shut because they are unable to meet the requirements of a new, unifying national tax, discontent over the economy has brewed for months.

A Reuters analysis https://graphics.reuters.com/INDIA-ELECTION-PROMISES/010091DR1ZR of 50 pledges from the BJP’s 2014 manifesto showed Modi only partly fulfilled, or did not fulfill, most promises on the economy and business.

Congress, which won only 44 seats last time around, is betting a promise of monthly handouts of 6,000 rupees ($86.59) for the poorest families will boost its performance now.

It hopes to win enough seats to lure regional parties opposed to Modi to back it after the election and form the government.

(Reporting by Devjyot Ghoshal; Additional reporting by Aftab Ahmed; Editing by Krishna N. Das and Clarence Fernandez)

Source: OANN

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U.S. requests consultations with South Korea under trade deal

American and South Korean flags at Yongin South Korea
FILE PHOTO: The South Korean and American flags fly next to each other at Yongin, South Korea, August 23, 2016. Courtesy Ken Scar/U.S. Army/Handout via REUTERS

March 15, 2019

WASHINGTON (Reuters) – The Trump administration has requested consultations with South Korea under the two nations’ free trade pact to try to resolve U.S. concerns about procedures in competition hearings held by a South Korean trade commission.

“Some of these (Korea Fair Trade Commission) hearings have denied U.S. parties certain rights, including the opportunity to review and rebut the evidence against them,” the Office of the U.S. Trade Representative said in a statement. “Denial of this fundamental right undermines their ability to defend themselves.”

(Reporting by Tim Ahmann)

Source: OANN

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Texas Bill Would Require Safety Studies for Vaccines

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Source: InfoWars

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EU watchdog acts on share trading in case of no-deal Brexit

FILE PHOTO: Reactions following vote on Brexit 'plan B'
FILE PHOTO: Dealers work at their desks whilst screens show market data following a vote on Prime Minister Theresa May's Brexit 'plan B' at CMC Markets in London, Britain, January 30, 2019. REUTERS/Dylan Martinez

March 19, 2019

LONDON (Reuters) – The European Union’s markets watchdog published guidance on Tuesday that would allow investors to continue trading shares in London for a temporary period in the event of a no-deal Brexit.

The European Securities and Markets Authority (ESMA) said its guidance should be understood as being “limited to the no-deal Brexit scenario and as being conceived for a temporary period to mitigate cliff-edge effects because of a no-deal Brexit”.

(Reporting by Huw Jones; Editing by Gareth Jones)

Source: OANN

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Thousands at funeral for Bosnian govt critic slain in ambush

Thousands of people in Bosnia have attended the funeral of a prominent businessman and government critic who was gunned down this week in a mafia-style ambush.

Slavisa Krunic, who owned several businesses including a private security firm, Sector Security, was buried Thursday in his home village outside the northern Bosnian city of Banja Luka. Krunic was slain Monday in a late-night ambush outside his family home by men believed to have been hired assassins.

Krunic's bodyguard and one of the attackers were also killed in the execution, which sparked a shootout. After the attack, critics of the ruling Bosnian Serb nationalist party and its hard-line leader, Milorad Dodik, have voiced fears that they too might be targeted.

Source: Fox News World

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Beto O’Rourke defends Ilhan Omar, assails Trump as ‘racist’ as his celebrity status wanes

Presidential candidate Beto O’Rourke assailed President Trump as a “racist” for criticizing Rep. Ilhan Omar, D-Minn., over her remarks that appeared to downplay the September 11, 2001 terror attacks.

Speaking at the College of William & Mary in Williamsburg, Virginia, O’Rourke said Trump was “hateful” and incited violence against Muslims.

BETO O'ROURKE CONFRONTED AT TOWN HALL ABOUT STINGY CHARITABLE DONATIONS

“He’s trying to incite hatred, Islamophobia and, I would argue, violence against her and other Muslims in this country,” O’Rourke said.

“This is the test of all tests for us. It’s not just that he is partisan, it’s not just that he is divisive. He is hateful. He is racist. He has encouraged the worst tendencies amongst our fellow Americans.

“Unless we can beat him in November of 2020, it will continue. Unless we offer a compelling, profoundly powerful alternative to hatred and division and fear and anger, it will continue.”

“He is hateful. He is racist. He has encouraged the worst tendencies amongst our fellow Americans.”

— Beto O'Rourke

His comments came after Omar’s remarks last month at a Muslim advocacy group’s fundraiser, where she appeared to refer to the 9/11 attacks by saying “some people did something.” The description prompted criticism from Trump, who shared a video of her comments together with the footage of the terror attacks.

But O’Rourke’s latest attempt to directly confront Trump follows his diminishing stardom and the rising stock of Mayor Pete Butttigieg -- who has lately received similar media coverage as O’Rourke during the Texas Senate election last year.

SANDERS NABS TOP SPOT IN NEW DEMS POLL AS PETE BUTTIGIEG GAINS MOMENTUM

A new poll released Monday has Sen. Bernie Sanders, I-Vt., leading the 2020 Democratic presidential field, while former Vice President Joe Biden is in the second place, though he still hasn’t declared his candidacy.

Buttigieg, meanwhile ranked third ahead of O’Rourke, Sens. Kamala Harris and Elizabeth Warren, according to an Emerson Polling poll.

This is a downgrade for O’Rourke after he was ranked third in a poll just a few weeks ago. He also raised an eye-popping $6 million in his first 24 hours as a candidate.

Since then, however, he has been subjected to a more critical coverage than during the Senate bid, leading to a decline of his chances.

At another event in Virginia on Tuesday, O’Rourke was confronted by a voter about his charitable giving after his recently released tax returns showed he and his wife gave away just a tiny fraction of their income.

The filings show the couple had given $1,166 to charity in 2017 despite having a combined income of $370,412, which calculates to roughly one-third of 1 percent of their income.

According to a Washington Post reporter, a student who attended the town hall at the University of Virginia asked the former Texas representative why her sister, who was a recent college graduate, donated more to charity while making much less than he and his wife.

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O’Rourke responded by saying he does his best to give back to communities, but noted that some of the ways he gives back are “immeasurable.”

“I’ve served in public office since 2005. I do my best to contribute to the success of my community, of my state, and now, of my country. There are ways that I do this that are measurable and there are ways that I do this that are immeasurable. There are charities that we donate to that we’ve recorded and itemized, others that we have donated to that we have not,” he said.

Fox News’ Joseph A. Wulfsohn contributed to this report.

Source: Fox News Politics

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The headquarters of Wirecard AG is seen in Aschheim near Munich
FILE PHOTO: The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder

April 26, 2019

BERLIN (Reuters) – Wulf Matthias will not stand for a second term as Wirecard’s chairman in 2020, German daily Handelsblatt said on Friday, citing sources in the financial industry.

For age reasons alone this would not be an option for Matthias, aged 75, Handelsblatt added.

Matthias will keep his mandate until it ends in 2020, the paper quoted a company spokeswoman as saying.

Wirecard was not immediately available for comment when contacted by Reuters.

(Reporting by Tassilo Hummel; Editing by Thomas Seythal)

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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