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German manufacturing contracts for third month in a row: PMI

FILE PHOTO: Aerial view of containers at a loading terminal in the port of Hamburg
FILE PHOTO: Aerial view of containers at a loading terminal in the port of Hamburg, Germany August 1, 2018. REUTERS/Fabian Bimmer/File Photo

March 22, 2019

BERLIN (Reuters) – German manufacturing contracted further in March, a survey showed on Friday, compounding fears that unresolved trade disputes are exacerbating a slowdown in Europe’s biggest economy.

After nine successive years of growth, the German economy is facing trade conflicts between the United States and both China and the European Union as well as weakening economic activity in the euro zone.

IHS Markit’s flash composite Purchasing Managers’ Index (PMI) measuring activity in services and manufacturing, which together account for more than two-thirds of the economy, fell to 51.5, it lowest reading since June 2013.

The fall was mainly driven by the weakest activity in manufacturing since August 2012. That sub-index fell to 44.7, remaining below the 50.0 mark separating growth from contraction for a third straight month.

Growth in services slowed to 54.9, after rebounding to 55.3 in February.

Markit economist Chris Williamson said the diverging trends raised the question of how long services can continue to provide impetus for the economy and help it avoid a recession.

“As long as you get growth in the services sector you can avoid a wider recession,” he said.

“When you look at the employment trend and new orders, they pose a downside to the outlook. They look like they will subdue business confidence further and lead to a further retrenchment of spending by businesses and consumers, raising the risk of a recession.”

The survey showed that manufacturers had laid off people in March, the first such development in three years. New orders contracted for the sixth time in a row.

Williamson said manufacturing contracted 1 percent in the first quarter, compared with a 1.7 percent expansion in services. That suggested the economy grew by 0.2 percent in the first quarter, he said.

In addition to trade hostilities, manufacturing is also facing the risk of Britain leaving the European Union without an agreement on the terms of its departure.

Germany narrowly avoided a recession in the fourth quarter, when growth stagnated after contracting in the third quarter.

The economy has been relying on consumption for growth. A robust labor market, rising wages and low interest rates have been supporting the consumption-driven cycle.

(Reporting by Joseph Nasr, editing by Larry King; ((Joseph.Nasr@thomsonreuters.com; +49 172 678 5836; Reuters Messaging: joseph.nasr.thomsonreuters.com@reuters.)

Source: OANN

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Finnish minister threatened at election rally, escapes unhurt: police

A man is detained after trying to hit Finnish Foreign Minister Timo Soini at the Korson Maalaismarkkinat country fair in Vantaa
A man is detained after trying to hit Finnish Foreign Minister Timo Soini at the Korson Maalaismarkkinat country fair in Vantaa, Finland March 24, 2019. Lehtikuva/Heikki Saukkomaa via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. NO THIRD PARTY SALES. NOT FOR USE BY REUTERS THIRD PARTY DISTRIBUTORS. FINLAND OUT. NO COMMERCIAL OR EDITORIAL SALES IN FINLAND.

March 24, 2019

(Reuters) – A Finnish cabinet minister was approached by “an agressive and threatening man” during an election rally on Sunday, but escaped unhurt, police said in a statement.

It did not name the minister, but a photographer from the Lehtikuva pictures agency, who took photos at the rally, said the threats were towards Foreign Minister Timo Soini.

The Foreign Ministry was not immediately available for comment. A spokeswoman for Soini declined to comment when contacted by Reuters.

Neither the police nor Finnish media gave any indication the would-be attacker was armed with any weapon during the skirmish at the event just north of Helsinki.

“Based on the early information an agressive and threatening man had tried to approach a minister at an election event at a local market event in Korso, Vantaa,” the police said.

The man was bundled to the ground by police, who are investigating whether he was trying to attack the minister.

Pictures from Lehtikuva showed a man lying on the ground with several people restraining him. He was wearing a black shirt with the logo of Soldiers of Odin, a right-wing anti-immigration group.

(Reporting by Terje Solsvik in Oslo and Tarmo Virki in Tallinn; Editing by Alison Williams)

Source: OANN

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Rep. Thune: Republicans must win House in 2020 to get healthcare reform

Sen. John Thune, R-S.D., backed President Trump's promise that a healthcare vote will be held after the 2020 election if Republicans can win back the House to "drive costs down" on healthcare.

"The president's doing what the president does and that is he wants to solve big problems," Thune told "America's Newsroom" Wednesday.

"He wants to take on healthcare and so do we. The challenge he has right now is he's running into the political obstacle of a Democrat-controlled House whose idea for healthcare reform is a $36 trillion one-size fits all government-run plan that would take health insurance coverage away from 180 million Americans."

KURTZ: WHY TRUMP ABANDONED HIS PLAN TO REPLACE OBAMACARE

Trump's tweet that "the Republican Party will be known as the Party of Great Healthcare," announcing a vote will be taken after 2020 election signaled that the president was punting the issue after it seemed it was viable politically.

As Democrats push for Medicare for all, Trump signaled Republicans will campaign on an alternative to Obamacare that will be "far less expensive and much more usable," adding that the GOP will always support pre-existing conditions.

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The Senate Republican Whip said, in the meantime, Republicans have a bill that will reduce prescription drug prices, the "Transparent Drug Pricing Act," introduced by Sen. Rick Scott, R-Fla. last Friday.

FLORIDA SEN. RICK SCOTT SAYS DEMS ARE OUT TO RUIN HEALTH CARE, TOUTS BILL FOCUSED ON DRUG COSTS

It's an issue that ultimately affects all Americans, Thune said, driving up health care costs.

"But to get that solution that the president's looking for, which will offer Americans more choices, more competition, drive costs down," Thune added, "I think it's going to take a different composition in the House of Representatives and a bunch of people who want a $36 trillion government-run program."

Source: Fox News Politics

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California prosecutor to discuss shackled children case

A Southern California district attorney will address the case of a couple charged with the torture and abuse of most of their 13 children.

A Friday morning court hearing is set for lawyers to discuss preparations for a Sept. 3 trial for David and Louise Turpin. The Turpins have pleaded not guilty to dozens of felony counts — including torture, willful child cruelty and false imprisonment.

Riverside County District Attorney Mike Hestrin plans a press conference to follow the court proceedings. His office didn't reveal what Hestrin plans to say.

The Turpins were arrested in January when a daughter escaped from the family's Perris home and called 911.

Investigators said some of the children had stunted growth and wasted muscles and described being beaten, starved and put in cages.

Source: Fox News National

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No Calls for Terrorist Control

No Calls for Terrorist Control By Paul O’Brien In the wake of the Texas school shooting I see demands from the left for gun control now. They try to shame anyone who believes in owning guns to defend themselves and their families from an attack by the monsters who will shoot up a school. But […]

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Donations for burned black churches up after Notre Dame fire

A crowdfunding campaign for three African American churches in Louisiana recently gutted by arson has climbed after social media posts urging the public not to forget them amid the focus on the fire-ravaged Notre Dame cathedral.

A Tuesday tweet from Hillary Clinton noted the Paris tragedy in while reminding followers to "also send some love to our neighbors in Louisiana." Freelance journalist Yashar Ali tweeted that the Notre Dame restoration "will be well funded" and urged support for the Louisiana churches.

The campaign for the Louisiana churches hit $500,000 Tuesday evening, with contributions ranging from $5 to thousands of dollars.

A suspect in custody in connection with the Louisiana blazes faces charges that include hate crimes. The fires happened in and around Opelousas beginning in late March.

Source: Fox News National

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Man charged with murder in overdose death of ailing wife

A Minnesota man accused of removing his ailing wife from a care center, taking her home and holding what he described as a "death party" before she died has been charged with murder.

Fifty-eight-year-old Duane Johnson had been charged with criminal neglect in the January death of his wife, Debra Lynn Johnson, at their home in Searles. Brown County prosecutors have now added a third-degree murder charge.

Prosecutors say Johnson told investigators he was fulfilling a promise to his wife that he would not let her die in a nursing home when he removed her from a transitional care facility against medical advice.

Authorities say Johnson told them he gave some methamphetamine to his wife because she wanted to party before her death.

A criminal complaint says the 69-year-old woman died of a methamphetamine overdose.

Source: Fox News National

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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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FILE PHOTO: Ford logo is seen at the North American International Auto Show in Detroit, Michigan
FILE PHOTO: The Ford logo is seen at the North American International Auto Show in Detroit, Michigan, U.S., January 15, 2019. REUTERS/Brendan McDermid/File Photo

April 26, 2019

(Reuters) – Ford Motor Co said on Friday the U.S. Department of Justice had opened a criminal investigation into the automaker’s emissions certification process in the United States.

The potential concern does not involve the use of defeat devices, the company said in a regulatory filing. (https://bit.ly/2VqjHpl)

Ford had voluntarily disclosed the matter to the U.S. Environmental Protection Agency and the California Air Resources Board in February.

(Reporting by Ankit Ajmera in Bengaluru; Editing by James Emmanuel)

Source: OANN

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