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Dollar holds gains as risk appetite recovery arrests yield decline

FILE PHOTO: U.S. dollars and other world currencies lie in a charity receptacle at Pearson international airport in Toronto
FILE PHOTO: U.S. dollars and other world currencies lie in a charity receptacle at Pearson international airport in Toronto, Ontario, Canada June 13, 2018. REUTERS/Chris Helgren

March 27, 2019

By Shinichi Saoshiro

TOKYO (Reuters) – The dollar held modest gains on Wednesday as a recovery in investor risk appetite arrested a decline in benchmark U.S. Treasury yields, which fell to 15-month lows this week.

The dollar index versus a basket of six major currencies was steady at 96.765 after edging up nearly 0.2 percent overnight.

The greenback advanced on Tuesday after 10-year Treasury debt yields rebounded due to stock gains on Wall Street.

An inversion of the U.S. yield curve, which has preceded every U.S. recession over the past 50 years, chilled risk sentiment and triggered a sharp stock selloff last week.

Yields for safe-haven bonds also declined, pressuring the dollar.

“Bids for the dollar are returning with Treasury yields off their lows, and also because negative views toward the European economy have done no favors for their currency,” said Shin Kadota, senior strategist at Barclays in Tokyo.

The euro was a shade higher at $1.1274 after shedding 0.4 percent the previous day. The currency has been on shaky ground after Friday’s weaker-than-expected German manufacturing survey raised concerns about Europe’s largest economy.

The dollar slipped 0.15 percent to 110.475 yen, losing some steam after surging 0.6 percent against its Japanese peer on Tuesday.

The pound nudged up 0.1 percent to $1.3215.

Sterling has drawn mild support after two eurosceptic British lawmakers indicated on Tuesday that they might agree to support Prime Minister Theresa May’s EU withdrawal deal rather than risk parliament cancelling Brexit. [GBP/]

The Australian dollar, sensitive to shifts in risk sentiment, stood little changed at $0.7135 after gaining 0.3 percent the previous day.

The 10-year U.S. Treasury note yield was a touch higher at 2.417 percent. The yield had fallen on Monday to 2.377 percent, its lowest since December 2017.

(Reporting by Shinichi Saoshiro; editing by Darren Schuettler)

Source: OANN

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The Day of Reckoning Is at Hand

This week before the Senate Appropriations Committee Attorney General William Barr gave testimony that is guaranteed to induce panic throughout the D.C. swamp. Regarding spying on Donald Trump’s 2016 presidential campaign, he testified as follows:

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Warriors suspend F Bell for one game

FILE PHOTO: NCAA Basketball: NCAA Tournament-First Round-Oregon vs Wisconsin
FILE PHOTO: Mar 22, 2019; San Jose, CA, USA; Golden State Warriors forward Jordan Bell attends the game between the Oregon Ducks and the Wisconsin Badgers in the first round of the 2019 NCAA Tournament at SAP Center. Kyle Terada/ File Photo

March 27, 2019

The Golden State Warriors suspended forward Jordan Bell for Wednesday night’s game at Memphis because of “conduct detrimental to the team.”

The team did not provide details about the transgression while making the announcement.

Bell, a second-year player out of Oregon, is averaging 3.0 points, 2.7 rebounds and 11.4 minutes in 61 games this season.

He contributed 4.6 points and 3.6 rebounds in 57 games (13 starts) as a rookie to help the Warriors win the NBA championship.

Golden State entered Wednesday night’s game tied with Denver at 50-23 atop the Western Conference standings.

–Field Level Media

Source: OANN

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Voting begins in third phase of India’s mammoth general election

Polling officers wait to collect the election materials at a distribution centre ahead of third phase of general elections in Ahmedabad
Polling officers wait to collect the election materials at a distribution centre ahead of third phase of general elections in Ahmedabad, India April 22, 2019. REUTERS/Amit Dave

April 23, 2019

By Devjyot Ghoshal

NEW DELHI (Reuters) – Voting began in the third and largest phase of India’s staggered general election on Tuesday, including in Prime Minister Narendra Modi’s home state of Gujarat and southern Kerala, where opposition Congress party chief Rahul Gandhi is contesting.

In all, 188 million voters are eligible to cast ballots in 117 constituencies during the day – across 15 states and federally-controlled territories.

The general election, which has seven phases, began on April 11 and will end on May 19. Votes will be counted on May 23.

“This is, sort of, an inflection point,” said Rahul Verma, a fellow at the New Delhi-based think-tank Centre for Policy Research, with more than half of India’s parliamentary constituencies having voted by the end of the third phase. The country’s parliament has 545 members.

So far, the ruling Bharatiya Janata Party (BJP) has aggressively pushed Modi’s national security record as it seeks to offset the opposition’s charges of economic mishandling, inadequate jobs creation and widespread farm distress.

“I think job creation, sustainable development, and communal harmony should be the top priorities for the upcoming government,” said Ubaidullah Mohyideen, 26, who voted on Tuesday in Kerala’s Wayanad, one of the two seats that Gandhi is contesting.

At an election rally in western Maharashtra state on Monday, Modi mentioned the attacks on Sri Lankan hotels and churches on Easter Sunday that killed 290 people before saying India’s security had been enhanced after his government came to power in 2014.

“Friends, remember what India’s situation was before 2014,” Modi said. “Weren’t there bombs going off in different corners of the country every other day?”

Verma said Modi’s repeated reference to the Sri Lankan attacks were a sign that the BJP would double down on the security issue for the remainder of the election campaign, which the prime minister began as a front-runner amid escalated tensions with neighboring Pakistan.

“I feel BJP is hell-bent on running this campaign on national security,” Verma said. “Basically if they bring up any other thing, they would be on a difficult terrain, like on economic issues or on their performance.”

In late February, Modi sent warplanes to Pakistan to bomb a purported training camp in response to a suicide attack in India-controlled Kashmir that killed 40 Indian paratroopers. The attack was claimed by an Islamist militant group based in Pakistan.

(Reporting by Devjyot Ghoshal; Additional reporting by Munsif Vengattil; Editing by Martin Howell and Michael Perry)

Source: OANN

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What if Climate Warriors Put their Money Where their Mouths Are?

The other week, the infamous and much-derided Green New Deal was voted down in the Senate and with it the dreams of a Federal spending party for tackling climate change.

But maybe its advocates have been going about this the wrong way, engaged in political solutions and international treaties such as the Paris Agreement. To anybody with insight into political decision-making — or even a healthy skepticism about the miraculous workings of the political apparatus — trying to navigate such a minefield of special interests and entrenched divisions must have seemed like a fool’s errand. Trying to address externalities and global tragedies of the commons through a political prism might not be the best option.

What if climate activists, striking school children, television pundits, New York Time columnists and others — here affectionately referred to as Climate Warriors — joined forces and, on their own, tried to mitigate the harmful consequences of climate change?

Apparently, climate change induced natural disasters will still be with us even if we ceased emissions tomorrow. As such, we require protection — those least able to literally weather the storm most of all. As Climate Warriors’ preferred route for transforming society — i.e., politics — has faced a setback, perhaps there’s a more voluntary and individual way to offer assistance to those facing potential climate-related damages to life and property.

Financial Markets to the Rescue: Catastrophe Bonds

Catastrophe bonds (“Cat bonds”) is a fast-growing segment of the corporate bond market that emerged out of Hurricane Andrew in the 1990s, when property damages bankrupted several insurance companies. Insurance companies of the sort that you and I usually interact with pool risks across many customers so as to afford payouts for the unlucky few that are affected by damages. To protect themselves from worst possible outcomes, they typically transfer off some of their most extreme risks to re insurance companies – essentially, insurance companies’ own insurance policies. You might think about it as “capping” risk exposure at a pre-arranged level by paying reinsurance firms a fee to accept damage claims above a particular level ( Warren Buffet’s Berkshire Hathaway has large such business; other market leaders include Swiss Re, Munich Re and Hannover Re).

Cat bonds provide the same service as this traditional reinsurance business through publicly traded financial markets instead. Much like securitization in other areas, a Cat bond complements this firm-to-firm reinsurance business by allowing insurance companies to sell off risk straight to financial markets. Investors, similarly, have recently been much more willing to buy them since a Cat bond’s value and interest rate payouts vary with natural disasters rather than business cycles or financial crashes. Indeed, a standard basket of Cat bonds have delivered remarkably stable returns, even outperforming the S&P500 since 2006 (measured very opportunistically). Their two prime virtues from an investment point of view are that they are virtually uncorrelated with other kinds of investment risk (stocks, bonds, FX), and their volatility is microscopic.

Specifically, this is how a Cat bond works:

1) An insurance company offers up (“Cedes”, “Sponsors”) a well-specified risk for a section of its claimants, packaged into a bond with a face value of, say, $100m.

2) A group of investors (through an investment bank or other vehicle) puts up $100m in a Special Purpose Vehicle that holds nothing but the Cat bond funds (usually invested in short-term CDs or government bonds to ensure some minimum real return).

3) The ceding insurance company then pays regular premiums into the SPV for the insurance protection it now receives from the bond.

4) For the duration of the Cat bond — typically 3-5 years — the SPV sends its investors regular interest payments if no event takes place. Should the “Trigger event” (the event specified in the contract, such as earthquakes floods or droughts of a certain severity) occur, the losses are deducted primarily from the set-aside funds and made instantly available to the insurance company to pay for their clients’ damages.

The great benefit for the insurance company is that the money is set aside, ring-fenced, and instantly available should the terms of the contract be fulfilled (i.e. damages of a certain kind and magnitude). For investors, the construction offers a diversifiable income stream, uncorrelated with other markets, and typically yields a few percentage points above market rates of similar duration.

Even the huge storm damages in 2017 from Hurricanes Harvey and Irma did nothing to dissipate this emergent market. A recent article in Bloomberg reported that the Cat bond market have kept growing rapidly as climate change is believed to cause even more extreme weather in the future.

How Can Cat Bonds Mitigate Climate Change Damage?

The similarities between damages from extreme weather phenomena and climate change should be fairly obvious. In both cases we are talking about out-of-the-ordinary events, with damages and consequences that many communities are typically not set up to protect against. Dealing with the costs of climate change that Climate Warriors and scientists say will inevitably come, could thus be conveniently done through the Cat bond market. And the best thing? It requires no political negotiation, no global haggling of rights or responsibilities and no expansive packages navigated through Congress. It requires Climate Warriors to simply put their money where their mouths are — and start buying Cat bonds.

This is how it could work.

AOC, Paul Krugman, Naomi Klein and Elizabeth Warren create the “CW Cat Non-Profit” and invite all their staff and supporters and the parents of the striking European school children to join. There could be membership fees and grand events filled with eloquent speeches, but the key point is to amass lots of funds through donations, and start buying Cat bonds like crazy. The purposes are twofold: assist the growth of the Cat bond market and become a large enough player so that they can start setting terms from their “upstream” partners in the insurance and reinsurance business.

If these activists and pundits truly fear the outcome for which they are protesting, and if they truly believe the grand and sharp slogans of their banners, it shouldn’t be a big problem to start pooling money to fund inevitable damages from the very thing they detest.

Quick back-of-the-envelope calculations also ensure that they could quickly reach a large share of the Cat bond market. Currently, there are Cat bonds outstanding worth $37.9 billions with new issues of some $10bn per year (some of which is simply re-investment of old bonds). Adding up a 25%-salary contribution by the hundred or so politicians who have publicly backed the Green New Deal, a one-off $200 contribution by the 2m or so participants of the last month’s #FridaysForFuture (double it to include non-attending friends, relatives and families) and add a one-time 25% wealth transfer by outspoken and well-off proponents of the Green New Deal scheme such as Maher, Krugman, Warren, Gore, Harris (naturally, they wouldn’t object…?), we’re already at a billion dollars – enough to entirely buy out the March issue of Cat bonds . With some extra cash from the $12 billion that environmental charities raise every year, and the generous support of the very vocal supporters of the Green New Deal, the “CW Cat Non-Profit” is soon on track to become the largest player in this business.

The Climate Warrior’s Edge

Now, if this is just a fund-raising attempt, why couldn’t Climate Warriors just as well pour their money into renewables, putting up solar panels or invent smart electricity grids and green car engines?

They could. But here’s the beauty: they have no particular technical or comparative advantages in those fields. As Cat investors, they do. Let me show you:

1) Long time horizon

An obstacle for Cat bonds has been their limited maturity of 3-5 years, after which they fall due and the risks revert back to the insurance companies. One reason for this is that risk-averse investors have been reluctant to commit funds to longer terms than that, partly as the combined Trigger event risk rises very high; the 30-year likelihood of at least one Magnitude 6 earthquake in the San Francisco Bay area is estimated at 98% . By emphasizing longer terms , CW Cat Non-Profit can induce market participant to expand bond durations.

2) Much lower required rate of return

Climate Warriors are excessively concerned with future generations , and losses — in contrast to regular investors — are to be welcomed as a needed redistribution from well-off donors to those literally affected by climate change. They therefore have much lower risk premia and, not running a for-profit, consequently require much lower rates of return for holding climate risk.

3) No Liquidity premium

As long-term investors, not primarily set on earning money for themselves, CW Cat Non-Profit does not value the option of withdrawing the assets for consumption needs, i.e., places no particular price on the liquidity of the Cat instrument. As is the case today, the Cat market is still immensely small and not as liquid as many other financial markets. For ordinary investors, this kind of investment therefore demands a liquidity premium, a higher-than-otherwise interest rate. Not for CW Cat Non-Profit, and they thereby become a better client for bond originators, as CW Cat Non-Profit is willing to take on more risk for less cost.

4) Recycled return

Since the CW Cat Non-Profit has no interest in earning investment return for itself, the revenue streams generated can be fruitfully invested in social projects or infrastructure improvements — or simply re-distributed to those without insurance policies that the organization finds worthy. Indeed, should it become a large enough player on the global Cat market they can likely offer premium reductions in exchange for payouts to refugees of climate change, contingent on, say, UN status.

For Climate Warriors, the defeat of the Green New Deal should not be gloomed over, as it offers its proponents the ability to put their money where their mouths are and start alleviating climate change damages. Provided, that is, that they can overcome their hostility to financial markets.



Matt Bracken gives his take on the social media unpersoning epidemic sweeping across the internet.

Source: InfoWars

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Oldest reform school in US has licenses revoked over abuse

A spokeswoman for the nation's oldest reform school says it will appeal the state of Pennsylvania's decision to revoke its licenses amid an investigation into child abuse allegations.

An investigation by The Philadelphia Inquirer earlier this year detailed decades of alleged abuse and cover-ups at the 193-year-old Glen Mills Schools in suburban Philadelphia.

The Department of Human Services announced Monday that all 14 licenses were revoked "following documented instances of abuse against former students of the residential school." The department also cited "gross incompetence, negligence and misconduct in operating the facility."

Glen Mills spokeswoman Aimee Tysarczyk says that the school isn't closed and that some operations will continue as it appeals. The school has 10 days to appeal the license revocation.

Last week, the school laid off 250 staff members following the state's order that remaining students be removed from the campus about 25 miles (40 kilometers) west of Philadelphia.

Source: Fox News National

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Treaty’s end would give U.S., Russia impetus to make more nukes: study

National flags of Russia and U.S. fly at Vnukovo International Airport in Moscow
FILE PHOTO - National flags of Russia and the U.S. fly at Vnukovo International Airport in Moscow, Russia April 11, 2017. REUTERS/Maxim Shemetov

April 1, 2019

By Arshad Mohammed and Jonathan Landay

WASHINGTON (Reuters) – The demise of the only U.S.-Russia arms control pact limiting deployed nuclear weapons would make it harder for each to gauge the other’s intentions, giving both incentives to expand their arsenals, according to a study to be released on Monday.

The expiration of the New START accord also may undermine faith in the Nuclear Non-Proliferation Treaty, which calls on nuclear states such as the United States and Russia to work toward nuclear disarmament, as well as influence China’s nuclear posture, historically one of restraint.

The study, produced by the CNA Corp non-profit research group and seen by Reuters, is the most comprehensive public examination to date of the consequences of New START’s demise. It argues for extending the 2011 treaty, which expires in February 2021 but can be extended for five years if both sides agree.

The Trump administration is deliberating whether to extend the pact, which President Donald Trump has reviled as a bad deal and his national security adviser, John Bolton, has long opposed. Russia has said it is prepared to extend New START but wants to discuss what it regards as U.S. violations first.

The State Department did not immediately respond to a request for comment on the administration’s deliberations.

Trump has said Washington will withdraw from another arms pact, the 1987 Intermediate-range Nuclear Forces Treaty, this summer unless Moscow ends its alleged violations, compounding tense ties. Russia denies violating the INF treaty. [nL1N1ZW0K1]

The New START treaty required the United States and Russia to cut their deployed strategic nuclear warheads to no more than 1,550, the lowest level in decades, and limit delivery systems – land- and submarine-based missiles and nuclear-capable bombers.

It also includes extensive transparency measures requiring each side to allow the other to carry out 10 inspections of strategic nuclear bases each year; give 48 hours notice before new missiles covered by the treaty leave their factories; and provide notifications before ballistic missile launches.

Both sides must also exchange data declaring their deployed strategic nuclear warheads, delivery vehicles and launchers, as well as breakdowns of how many of each are located at individual bases.

All of that would end if the treaty expires.

“Neither country would have the same degree of confidence in its ability to assess the other’s precise warhead levels,” CNA’s Vince Manzo wrote in the study. “Worst-case planning is also more likely as a result.

“Increased opacity between U.S. and Russian strategic nuclear forces would unfold within the broader context of growing mistrust and diverging perceptions about strategy, intentions, and perceptions,” he added.

Without the data, the United States would have to reassign its overworked satellites, possibly devoting more surveillance to Russia and less to China, Iran and North Korea.

Another casualty of the treaty’s expiration could be global nonproliferation, making non-nuclear states doubt the United States and Russia will keep working toward nuclear disarmament under the NPT, the study said.

While it was impossible to predict how China – estimated to have about 280 nuclear warheads – would react to New START’s expiry, the study cites factors that could make Beijing expand its capability.

Without a treaty limiting U.S. and Russian nuclear forces, China could overestimate their arsenals. Unconstrained U.S. and Russian forces could also strengthen voices in China that view a large arsenal as symbolically important, as well as those already advocating for more nuclear weapons.

The study recommends steps for the United States and Russia to mitigate the risks from the treaty’s expiration, including voluntarily sticking to its limits and continuing to exchange data. It also recommends Washington propose annual exchanges of nuclear weapons information and dialogue with Beijing.

(Reporting by Arshad Mohammed and Jonathan Landay; Editing by Mary Milliken and Dan Grebler)

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) – U.S. President Donald Trump on Friday said trade talks with China are going very well, as the world’s two largest economies seek to end talks with a trade agreement to defuse tensions.

Trump said on Thursday he would soon host China’s President Xi Jinping at the White House.

Earlier this week, the White House said that Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer would travel to Beijing for more talks on a trade dispute marked by tit-for-tat tariffs between the two countries.

(Reporting by Jeff Mason; Writing by Makini Brice; Editing by Chizu Nomiyama)

Source: OANN

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U.S. President Donald Trump hosts Take Our Daughters and Sons to Work Day at the White House in Washington
U.S. President Donald Trump gives a thumbs up to his audience as he hosts Take Our Daughters and Sons to Work Day at the White House in Washington, U.S., April 25, 2019. REUTERS/Kevin Lamarque

April 26, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday praised Russian President Vladimir Putin’s comments on North Korea this week following the Russian leader’s summit with Pyongyang’s Kim Jong Un.

Speaking to reporters at the White House, Trump also said China was helping with efforts aimed at the denuclearization of North Korea.

(Reporting by Jeff Mason and Makini Brice; Writing by Susan Heavey; Editing by Chizu Nomiyama)

Source: OANN

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Representatives of Russian Transneft, Ukranian Ukrtransnafta, Polish Pern and Belarusian Belneftekhim gather to hold talks on fixing tainted oil supplies to Europe, in Minsk
Representatives of Russian Transneft, Ukranian Ukrtransnafta, Polish Pern and Belarusian Belneftekhim gather to hold talks on fixing tainted oil supplies to Europe, in Minsk, Belarus April 26, 2019. REUTERS/Vasily Fedosenko

April 26, 2019

By Katya Golubkova and Andrei Makhovsky

MOSCOW/MINSK (Reuters) – Russia is confident it can soon resolve a problem of polluted Russian oil contaminating a major pipeline serving Europe and affecting supplies as far west as Germany, a senior official said on Friday at talks with importers about the issue.

Russian Deputy Energy Minister Pavel Sorokin did not give a precise timeframe but Moscow has previously said it would pump clean oil to the border with Belarus from April 29, seeking to end a crisis hitting the world’s second-largest crude exporter.

Sorokin was speaking at talks with officials from Belarus, Poland and Ukraine in Minsk on the issue. Belarus said the issue had cost it $100 million, while analysts say alternative supply routes for refiners cannot fully fill the gap.

Poland, Germany, Ukraine and Slovakia have suspended imports of Russian oil via the Druzhba pipeline. Halting those supplies has knock-on effects further along the network.

The problem arose last week when an unidentified Russian producer contaminated oil with high levels of organic chloride used to boost oil output but which must be separated before shipment as it can destroy refining equipment.

Russia’s Energy Ministry said pipeline monopoly Transneft and other Russian companies had a plan to mitigate the effects of the contaminated oil. It did not give details.

Russian officials have said contaminated oil has already been pumped into storage in Russia and Friday’s talks would focus on how to partially withdraw the tainted crude from the Druzhba pipeline running via other countries.

The suspension cuts off a major supply route for Polish refineries owned by Poland’s PKN Orlen and Grupa Lotos, as well as plants in Germany owned by Total, Shell, Eni and Rosneft.

Some refiners have outlined plans for alternative supplies, but analysts say other routes cannot meet the shortfall.

OIL PRICES

Ukraine’s Ukrtransnafta suspended the transit of oil through the pipeline on Thursday, closing supplies via Druzhba’s southern route to Slovakia, the Czech Republic and Hungary.

The pipeline issue, which has supported global oil prices, lifted Russian Urals crude differentials to an all-time high on Thursday.

With pipeline supplies to Europe shut, Russia faces a challenge of how to divert about 1 million barrels per day (bpd) that was meant to be shipped through the network to other destinations at the time when export capacity is at its limits.

State-run Russian Railways held talks with energy firms on using up to 5,000 rail tankers to transport crude, RIA news agency reported on Friday.

Concerns about the quality of Urals crude also caused delays in loadings at the Baltic port of Ust-Luga, when buyers refused to lift cargoes, resulting in a brief shutdown of the port on Wednesday and Thursday. An Ust-Luga official and traders said on Friday loadings had resumed.

Russian loading plans indicate it aims to boost Urals exports in May before the expiry of a deal on output cuts agreed with the Organization of the Petroleum Exporting Countries and its allies, Reuters calculations and Energy Ministry data show.

The provisional loading plan for Russia’s Baltic Sea ports and Novorossiisk in May show exports rising to 10.7 million tonnes, the highest level in half a decade.

Minsk estimated its loss from lower oil product exports due to contaminated Russian oil at around $100 million, Russia’s Interfax news agency reported on Thursday, citing Belarusian state oil company Belneftekhim.

Russian Deputy Prime Minister Dmitry Kozak, in charge of government energy policy, said this week that those found responsible for contaminating the oil could be fined. He did not provide names.

(Reporting by Agnieszka Barteczko in WARSAW, Sandor Peto in BUDAPEST, Jason Hovet in PRAGUE, Matthias Williams and Natalia Zinets in KIEV, Katya Golubkova, Olesya Astakhova, Gleb Gorodyankin, Olga Yagova and Maxim Rodionov in MOSCOW, Andrei Makhovsky in MINSK; writing by Katya Golubkova; editing by Michael Perry and Edmund Blair)

Source: OANN

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FILE PHOTO - A worker sits on a ship carrying containers at Mundra Port in the western Indian state of Gujarat
FILE PHOTO: A worker sits on a ship carrying containers at Mundra Port in the western Indian state of Gujarat April 1, 2014. REUTERS/Amit Dave/File Photo

April 26, 2019

(Reuters) – India has once again delayed the implementation of higher tariffs on some goods imported from the United States to May 15, a government official said on Friday.

The new tariff structure was to come into force from May 2, the spokeswoman said without citing reasons for the delay.

Angered by Washington’s refusal to exempt it from new steel and aluminum tariffs, New Delhi decided in June last year to raise the import tax from Aug. 4 on some U.S. products including almonds, walnuts and apples.

But since then, New Delhi has repeatedly delayed the implementation of the new tariff.

Trade friction between India and the U.S. has escalated after U.S. President Donald Trump announced plans earlier this year to end preferential trade treatment for India that allows duty-free entry for up to $5.6 billion worth of its exports to the United States.

In a further blow, U.S. on Monday demanded buyers of Iranian oil stop purchases by May or face sanctions, ending six months of waivers which allowed Iran’s eight biggest buyers including India to continue importing limited volumes.

(Reporting by Manoj Kumar in New Delhi and Kanishka Singh in Bengaluru; Editing by Anil D’Silva and Raissa Kasolowsky)

Source: OANN

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One of Joe Biden’s newly-hired senior advisers has seemingly had a very recent change of heart.

Symone Sanders, a prominent Democratic strategist and Sen. Bernie Sanders, I-Vt., staffer in 2016, was announced as one of the big-name members of Team Biden on Thursday.

But Sanders, who has also served as a CNN contributor, is seen in resurfaced footage from November 2016 expressing her opposition to a white person leading her party after Donald Trump’s election.

“In my opinion, we don’t need white people leading the Democratic party right now,” Sanders told host Brianna Keilar during a discussion on Howard Dean potentially becoming DNC chairman.

BIDEN HIRES FORMER BERNIE SANDERS’ SPOKESPERSON AS SENIOR ADVISER

“The Democratic party is diverse, and it should be reflected as so in leadership and throughout the staff, at the highest levels. From the vice chairs to the secretaries all the way down to the people working in the offices at the DNC,” she said.

Sanders wrapped up her remarks by saying: “I want to hear more from everybody. I want to hear from the millennials and the brown folks.”

Footage of the interview was resurfaced by RealClearPolitics.

After news of her hiring broke on Thursday, Sanders backed her new boss on Twitter.

TRUMP ASSESSES 2020 DEMS; TAKES SWIPES AT BIDEN, SANDERS; DISMISSES HARRIS, O’ROURKE; SAYS HE’S ROOTING FOR BUTTIGIEG

“@JoeBiden & @DrBiden are a class act. Over the course of this campaign, Vice President Biden is going to make his case to the American ppl. He won’t always be perfect, but I believe he will get it right,” she wrote.

The hiring of Sanders has been viewed as another indication of the expected tough fight that Biden and Sanders are in for as the two frontrunners battle a deep Democratic field.

While Sanders himself didn’t torch Biden as he jumped into the race, it’s clear that many of his progressive supporters view the former vice president as a threat.

Biden’s entry into the race – at least in the early going – sets up a battle between himself and Sanders, who thanks to his fierce fight with eventual nominee Hillary Clinton for the 2016 Democratic nomination, enjoys name ID on the level of the former vice president.

BIDEN VOWS THAT ‘AMERICA IS COMING BACK,’ SPARKING ‘MAGA’ COMPARISONS

Justice Democrats — who also called Biden “out-of-touch” – is an increasingly influential group among the left of the party. They’ve championed progressive Rep. Alexandria Ocasio-Cortez of New York as well as Sanders. The group was founded by members of Sanders 2016 presidential campaign.

Biden has pushed back against the perception that he’s a moderate in a party that’s increasingly moving to the left. Earlier this month he described himself as an “Obama-Biden Democrat.”

And Biden said he’d stack his record against “anybody who has run or who is running now or who will run.”

Former Democratic National Committee chair Donna Brazile – a Fox News contributor – highlighted that “Joe Biden can occupy his own lane in large part because he’s earned it. He’s earned the right to call himself whatever.”

CLICK HERE TO GET THE FOX NEWS APP

But she emphasized that “elections are not about the past, they’re about the future…I do believe he has the right ingredients. The question is can he find enough people to help him stir the pot.”

Fox News Andrew O’Reilly contributed to this report.

Source: Fox News Politics

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