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Major UK financial firms make little progress on gender pay gap

FILE PHOTO: Jayne-Anne Gadhia, when CEO of Virgin Money, speaking at the Confederation of British Industry (CBI) annual conference in London, Britain
FILE PHOTO: Jayne-Anne Gadhia, when Chief Executive of Virgin Money, speaking at the Confederation of British Industry (CBI) annual conference in London, Britain November 9, 2015. REUTERS/Toby Melville/File Photo

April 5, 2019

By Carolyn Cohn and Lawrence White

LONDON (Reuters) – Major financial services firms in Britain have made very little progress in narrowing the gap between male and female pay and more than a third have gone backwards, a Reuters analysis of gender pay data shows.

Financial firms have on average reduced pay disparities by just over half a percentage point in the last year, the analysis of 89 of the biggest companies showed, highlighting the lack of progress in the sector with the worst average pay gap in Britain.

The poor figures come despite finance companies publicizing a raft of initiatives to close the gap, from hiring more women in senior roles to mandating mixed gender shortlists and promoting flexible working.

Pay disparities in Britain have come under the spotlight since the government forced businesses to submit gender pay gap figures annually from last year.

The data shows the difference between average hourly male and female pay, and tends to reflect the smaller number of women at senior levels, where financial services firms have a poor record.

Reuters surveyed 89 major banks, asset managers, hedge funds, insurers and other financial services firms in Britain, including all the FTSE 100 and FTSE 250 financial services firms that had reported gender pay data by Thursday.

On average, the firms showed a narrowing in the mean gender pay gap of just 0.6 percentage points compared with a year earlier, the survey showed.

For a graphic on UK financial sector gender pay gap, see – https://tmsnrt.rs/2I3vy6C

For an interactive version of the graphic, click here https://tmsnrt.rs/2HYgZkH.

Jayne-Anne Gadhia, the former chief executive of Virgin Money, who runs the government-backed Women in Finance charter, criticized finance firms for not doing enough.

“Businesses need to realize that they will not succeed unless they embrace diversity as a key driver of results and growth,” she said.

“They need to focus on it, measure it, set targets and hold senior executives accountable for making progress – year in year out.”

Virgin Money – which was bought by rival CYBG last year – had itself faced criticism for reporting a wide gender pay gap of 32.5 percent for 2017. The bank narrowed the gap to 29.7 percent last year.

Only three firms had a gender pay gap below last year’s mean national average.

Fifteen of the 48 major British, U.S. and other international banks surveyed reported a widening in the gender pay gap of their UK employees, and 32 of all the firms did so.

Firms with more than 250 employees in Britain had until April 5 to submit gender pay data, the second year of this government requirement.

The overall mean hourly gender pay gap based on employers who reported in 2018 was 14.3 percent, according to government data, but that widened to 30 percent for the financial sector according to an Investment Association (IA) study published this week.

In addition to a “motherhood penalty” and behavioral biases, the IA said that in financial services, there were “limitations in real meritocracy”.

HSBC had the biggest gender pay gap of the companies surveyed, at 61 percent, a widening of two percentage points from a year ago.

“We are committed to improving our gender balance and recognize that this will require sustained focus over the long-term,” the bank said in a statement.

It added it was taking a number of specific steps, including an “aspirational target” for 30 percent of senior leadership roles to be filled by women by 2020. On this measure, it said it had progressed from 22 percent in 2012 to 28.2 percent at the end of 2018.

Within some of the companies looked at, individual operating units performed particularly badly.

Across all the firms surveyed, State Street Global Advisors, the asset management arm of custody bank State Street, showed a year-on-year widening in the pay gap of 13.9 percentage points. The overall bank, though, saw a 0.1 percentage point reduction.

“While we have made significant on-going efforts to improve, we recognize that there is much more work to be done,” a spokeswoman for State Street said.

FTSE 100 asset manager Hargreaves Lansdown was most successful in narrowing its pay gap, more than halving it to 13.7 percent from 28.8 percent, which the firm attributed to hiring more women in its third to sixth tiers of seniority although it noted its median gap rose.

Consumer credit firm Provident Financial’s home credit division had the smallest gender pay gap, at 4.9 percent.

(Reporting by Carolyn Cohn, Lawrence White, Simon Jessop, Maiya Keidan, Iain Withers and Sinead Cruise; Editing by Mark Potter)

Source: OANN

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Three more women accuse Biden of improper contact, say his video wasn’t enough

Just hours after former Vice President Joe Biden appeared on video to promise he'd be "more mindful" about others' personal space, three more women have gone public claiming he touched them inappropriately -- and all three said Biden's video didn't go far enough.

In an article published late Wednesday in The Washington Post, Vail Kohnert-Yount charged that when she was an intern in the White House in 2013, Biden approached her to introduce herself.

“He then put his hand on the back of my head and pressed his forehead to my forehead while he talked to me," Kohnert-Yount told The Post. "I was so shocked that it was hard to focus on what he was saying. I remember he told me I was a ‘pretty girl.'"

Although Kohnert-Yount said she did not consider Biden's behavior to be "sexual assault or harassment,” she added that "it was the kind of inappropriate behavior that makes many women feel uncomfortable and unequal in the workplace.”

Earlier on Wednesday, Biden -- who is widely expected to enter the 2020 presidential race soon -- responded to a series of other misconduct allegations leveled against him by promising to “be more mindful about respecting personal space in the future.”

BIDEN IS 'READY TO KILL BERNIE,' AMID ALLEGATIONS SANDERS TEAM MAY BE LEAKING ALLEGATIONS TO SABOTAGE HIM

Biden also acknowledged the allegations in a tweeted video.

“Social norms are changing. I understand that, and I’ve heard what these women are saying," Biden tweeted. "Politics to me has always been about making connections, but I will be more mindful about respecting personal space in the future. That’s my responsibility and I will meet it."

Responding to Biden's comments, Kohnert-Yount told The Post: “I appreciate his attempt to do better in the future, but to me this is not mainly about whether Joe Biden has adequate respect for personal space. It’s about women deserving equal respect in the workplace.”

A second woman, Sofie Karasek, told The Post that Biden acted inappropriately when he placed his forehead against hers following the Oscars ceremony in 2016. Karasek had appeared on-stage with 51 other people who said they had experienced sexual assault. A photograph of the incident is widely available online.

In his comments Monday, Karasek said Biden “still didn’t take ownership in the way that he needs to.”

Biden "emphasized that he wants to connect with people and, of course, that’s important," Karasek said. "But again, all of our interactions and friendships are a two-way street. . . . Too often it doesn’t matter how the woman feels about it or they just assume that they’re fine with it."

Finally, Ally Coll said Biden squeezed her "for a beat too long" while she was a staffer organizing a reception for Democrats in 2008. She now runs the Purple Campaign, a nonprofit devoted to combating sexual harassment.

On its website, the Purple Campaign stated: "Courageous women have broken the silence by sharing their experiences with sexual harassment in the workplace, exposing a systemic problem that exists across every industry. Now we must work together to create lasting change."

Vice President Joe Biden with customers at a diner in Seaman, Ohio, in September 2012. (AP Photo/Carolyn Kaster, File)

Vice President Joe Biden with customers at a diner in Seaman, Ohio, in September 2012. (AP Photo/Carolyn Kaster, File)

The page continued: "The Purple Campaign’s mission is to end workplace sexual harassment by implementing stronger corporate policies, establishing better laws and empowering people to create lasting change within their own workplaces and communities."

Coll told The Post that while Biden's behavior didn't concern her at first, over time she came to realize it was inappropriate.

She told The Post that Biden's video illustrated "a continued lack of understanding about why these stories are being told and their relevance in the #MeToo era.”

FILE - In this March 13, 2017, file photo, former Vice President Joe Biden, right, embraces University of Delaware President Dennis Assanis during an event to formally launch the Biden Institute, a research and policy center focused on domestic issues at the University of Delaware, in Newark, Del. (AP Photo/Patrick Semansky, File)

FILE - In this March 13, 2017, file photo, former Vice President Joe Biden, right, embraces University of Delaware President Dennis Assanis during an event to formally launch the Biden Institute, a research and policy center focused on domestic issues at the University of Delaware, in Newark, Del. (AP Photo/Patrick Semansky, File)

Other allegations against Biden surfaced Tuesday from two women who spoke to The New York Times. One of the claims dated from 2012, while the other encounter was said to have taken place a few years later.

In the 2012 incident, writer D.J. Hill said Biden put his hand on her shoulder, then dropped it down her back in a way that made her "very uncomfortable" while Hill and her husband posed for pictures with him at a fundraiser in Minneapolis. Hill said her husband noticed the movement and made a joke about it.

In the second incident, former college student Caitlyn Caruso told the paper that Biden "rested his hand on her thigh — even as she squirmed in her seat to show her discomfort — and hugged her 'just a little bit too long' at an event on sexual assault at the University of Nevada at Las Vegas," as the paper reported. Caruso, now 22, said she was 19 at the time and had just recounted her own story of sexual assault.

On Monday, Amy Lappos, a former aide to Rep. Jim Himes, D-Conn., told the Hartford Courant that Biden touched her face with both hands and rubbed noses in 2009. Late last week, former Nevada politician Lucy Flores -- who campaigned for Bernie Sanders and served on the board of an activist group aligned with Sanders -- wrote that Biden had grabbed her shoulders, smelled her hair and kissed her on the back of her head at a campaign event in 2014.

FILE - In this May 22, 2013 file photo, Newly commissioned officer Erin Talbot, left, poses for a photograph with Vice President Joe Biden during commencement for the United States Coast Guard Academy in New London, Conn. AP Photo/Jessica Hill)

FILE - In this May 22, 2013 file photo, Newly commissioned officer Erin Talbot, left, poses for a photograph with Vice President Joe Biden during commencement for the United States Coast Guard Academy in New London, Conn. AP Photo/Jessica Hill)

A former Sanders staffer told Fox News on Wednesday that Flores is a "racist" and a "fraud."

CLICK HERE TO GET THE FOX NEWS APP

In his Twitter video, Biden discussed the "gestures of support and encouragement" that he said he's made to both men and women which "have made them uncomfortable."

"In my career, I’ve always tried to make a human connection," Biden said. "That’s my responsibility, I think. I shake hands, I hug people, I grab men and women by the shoulders and say ‘you can do this.’ And whether they’re women, men, young, old, it’s the way I’ve always been. It’s the way I’ve tried to show I care about them and I’m listening."

Fox News' Elizabeth Zwirz contributed to this report.

Source: Fox News Politics

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How Wells Fargo’s regulators and employees drove out its CEO

FILE PHOTO: Wells Fargo CEO Sloan testifies before a House Financial Services Committee hearing
FILE PHOTO: Wells Fargo CEO Tim Sloan testifies before a House Financial Services Committee hearing titled: "Holding Megabanks Accountable: An Examination of Wells Fargo's Pattern of Consumer Abuses" in Washington, U.S. March 12, 2019. REUTERS/Erin Scott/File Photo

April 9, 2019

By Imani Moise and Pete Schroeder

NEW YORK/WASHINGTON (Reuters) – The day after former Wells Fargo & Co Chief Executive Tim Sloan told U.S. lawmakers he was transforming the bank’s high-pressure culture, Federal Reserve officials met privately with bank employees.

At the meeting on March 13, which has not been previously reported, Fed officials were told by four bank employees that little had changed within the bank’s culture since the scandal that engulfed Wells Fargo almost three years ago.

Among those present at the meeting was Fed Governor Lael Brainard, who is overseeing a decree requiring that Wells Fargo fix its risk management before it can resume growing, two sources with direct knowledge of the matter said. The employees belonged to an advocacy group, Committee For Better Banks, which confirmed the meeting.

Brainard told the group she was there to listen and get insight into the mood among Wells Fargo staff but declined to say if or how the Fed would respond, the sources said.

While regulators occasionally meet with consumer advocacy or industry groups, it is unusual for a Fed board member to meet with an individual firm’s employees. It is not clear who asked for the meeting.

Sloan abruptly departed the bank last month, making him the second CEO to leave Wells Fargo in the wake of its sales practice scandal. Sloan, who declined to comment on this story through a representative, has previously said he stepped down because he felt the external attention on him had become a distraction.

His departure was at least partly the result of the board’s conclusion that Sloan had failed to convince regulators that he could transform the bank and rally a staff that had low confidence in its leadership, according to a source with knowledge of the board’s thinking.

Wells Fargo spokesman Mark Folk declined to comment on regulatory matters but disputed the employee group’s characterization of the bank’s culture.

Sloan’s struggles underscore the challenges faced by the bank’s next chief executive. They will not only have to transform the bank and its sales practices, but also persuade regulators and its 260,000 employees that they have done so.

Finding a new CEO who can win over the bank’s employees is as important as finding someone who can charm regulators and Wall Street, said Russell Raath, president of management consulting firm Kotter.

“The whole bank needs to know that this person cares about their contribution to the top and bottom line,” he said.

STRAINED RELATIONSHIP

Wells Fargo’s relationship with regulators has been strained since 2016, when employee whistleblowers revealed the bank had opened potentially millions of unauthorized accounts.

Internal and regulatory probes have since discovered other issues in the bank’s businesses, resulting in billions of dollars in fines and penalties.

In February 2018, Wells Fargo signed a Fed consent order that required the bank to fix its risk-management and governance problems before it could grow its balance sheet.

Two months later, the Office of the Comptroller of the Currency (OCC), Wells Fargo’s other key regulator, ordered the bank to make similar fixes and repay customers to whom it had improperly sold mortgages and auto insurance.

In December, Reuters reported that the Fed had rejected the bank’s initial remediation plan, putting it behind schedule. Days later, Federal Reserve Chairman Jerome Powell told Congress the Fed would not lift the asset cap until it was satisfied that Wells Fargo had fixed its risk problems.

LOW MORALE

An internal company-wide survey around that time also pointed to low morale, according to the Committee For Better Banks and other Wells Fargo employees.

The bank internally published a write-up about the survey, saying Wells Fargo found itself at a “challenging and interesting” crossroads. Some employees felt that the description sugar-coated the findings, sources said.

That sparked dozens of comments from workers criticizing management for being out of touch, according to the sources and screenshots of the internal site reviewed by Reuters.

A consumer loan underwriter complained on the internal site that the concerns about pay and employee benefits were falling on deaf ears.

“For years (team members) have been expressing their concerns and frustrations,” the employee wrote. “The only response (if any) are canned answers and talking points which we all know is baloney.”

An analysis of the survey Wells Fargo published publicly showed only 38 percent of employees felt senior management understood obstacles faced by frontline workers.

Wells Fargo’s Folk said the company seeks and values input from employees, and that the bank has already made a number of improvements based on the feedback.

He pointed to other categories in the survey that showed employees believed in the bank’s values and were satisfied. For example, 72 percent of employees said they believe Wells Fargo is a good place to work.

REGULATORY REBUKE

Sloan testified before Congress on March 12 in a hearing about the bank’s progress since 2016.

As a gesture of goodwill, Wells Fargo took the unusual step of offering the OCC the opportunity to review his testimony in advance, according to a source with direct knowledge of the matter. It is unclear how the OCC responded.

In his testimony, Sloan detailed Wells Fargo’s extensive transformation efforts, but regulators remained skeptical.

Sloan had barely finished speaking when the OCC said it was still “disappointed” by the bank’s remediation efforts.

The next day, after Wells Fargo disclosed Sloan had gotten a 5 percent pay raise, the Fed responded that it expects boards “to hold management accountable.”

A week later, Powell told reporters the bank had suffered a “remarkably widespread series of breakdowns” that needed to be addressed in a “fundamental” way.

These rebukes undermined Sloan’s position at the bank, the source with knowledge of the board’s thinking said.

On March 26, Sloan told the board he had decided to resign, according to a regulatory filing. Three days later, he publicly stepped down.

(Reporting by Imani Moise in New York and Pete Schroeder in Washington; additional reporting by Greg Roumeliotis in New York. Writing and additional reporting by Michelle Price; editing by Neal Templin and Paritosh Bansal)

Source: OANN

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Source: InfoWars

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Not Everyone Is Mourning Over Notre Dame Cathedral Being Set Ablaze

The burning of the nearly 1,000 year old Notre Dame Cathedral in France brought out some rather interesting responses on social media.

Perhaps the hottest “hot take” was from the left-wing rag “The Jewish Worker,” which suggested it was “white supremacy” to care about the “antisemitic” Notre Dame Cathedral being set ablaze:

The Jewish Worker later deleted the first tweet but made clear they still agree with everything they said (it was just “ill-timed”):


Alex Jones covers the Notre Dame fire as it burns the 900 year old cathedral to the ground. Could this event signal the grande finale of the Islamic takeover of France?

Here was some of the reactions from Facebook:

BuzzFeed hilariously tried to claim that video was a “hoax”:

Everything which runs contrary to their egalitarian worldview is fake and must be censored.

Here’s some of the reactions from Twitter:

Remember folks, all we need to do to bring about a multicultural utopia is eliminate all borders!

Source: InfoWars

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Rep. Maloney: 9/11 First Responders Deaths Climbing

The number of first responders who have died of cancer and other complications after the 9/11 attacks in 2001 will soon surpass the number of people who were killed in the attack itself, Rep. Carolyn Maloney, D-N.Y., said Monday, speaking out in favor of a bipartisan bill that will make a compensation fund permanent.

"We have 85 members of Congress already on our bill before we've introduced it, the Never Forget the Heroes Act, which would restore any funding that's been cut and make the Victims Compensation Fund permanent," Maloney said told MSNBC's "Andrea Mitchell Reports." "We will not stop until we pass this."

The 9/11 compensation fund is running out of money and will cut future payments by 50 to 70 percent, officials said earlier this month.

Former "Daily Show" host Jon Stewart, who has been fighting to keep the fund alive, and first responder John Feal called the continued response to help victims slow.

"It's an insult that they keep continuing to put a date, an arbitrary date, on legislation, five years here, five years there," Feal said. "Everybody knows these cancers and these respiratory illnesses have different latency periods. I mean, come on. I mean it's just insulting. We're sick and dying, but we're not stupid."

Rep. Jerry Nadler, D-N.Y., who chairs the House Judiciary Committee, said Sen. Cory Gardner, D-Colo., and a few other Republican senators are backing the bill, but now it is time to extend the compensation fund for 70 years.

Source: NewsMax Politics

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Kamala Harris defends Green New Deal despite estimated costs

Democratic presidential hopeful Kamala Harris defended the Green New Deal despite cost estimates; she's endorsed the plan wholeheartedly, even as Republicans cite nonpartisan estimates that it'll cost trillions of dollars to implement.

FEINSTEIN TELLS OFF KIDS YELLING AT HER TO SUPPORT GREEN NEW DEAL, POINTS OUT ONE OF THEM COULDN'T LEGALLY VOTE FOR HER 

Calling it an existential crisis facing the world, she said on “AM Joy,” “We as human beings have within our power the ability to change our behavior not in drastic ways, by the way, to reduce the effects of climate change.”

She said that the world must act with a sense of urgency because people are in collective peril.

She called the Trump administration a failure for not thinking about the future where climate's concerned, focused on science fiction rather than on science fact.

CLICK HERE TO GET THE FOX NEWS APP

Harris, D-Calif., joined Sens. Elizabeth Warren, D-Mass., and Cory Booker, D-N.J. to co-sponsor the Green New Deal resolution earlier this month. The resolution’s awkward rollout included the release of an official document by New York Rep. Alexandria Ocasio-Cortez’s office that promised economic security even for those “unwilling to work,” as well as the elimination of “farting cows” and air travel.

Source: Fox News Politics

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Britain's Chancellor of the Exchequer Philip Hammond looks on during an interview with Reuters at the British Ambassador's residence in Beijing
Britain’s Chancellor of the Exchequer Philip Hammond looks on during an interview with Reuters at the British Ambassador’s residence in Beijing, China April 26, 2019. REUTERS/Florence Lo/Pool

April 26, 2019

BEIJING (Reuters) – British finance minister Philip Hammond said on Friday that he had a “very constructive meeting” with his counterpart in the opposition Labour Party before leaving for Beijing and that he was optimistic about finding common ground.

Hammond, speaking on the sidelines of a summit on China’s Belt and Road initiative in Beijing, said talks with Labour aimed at finding a way forward on Brexit had not stalled.

“I’m optimistic that we will find common ground,” he said. “Both sides have got clear positions and both sides will have to compromise in order to reach an agreement.”

Hammond added that he absolutely did not favor a no deal exit from the European Union.

(Reporting by Ben Blanchard; editing by Darren Schuettler)

Source: OANN

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Police secure the area where the body of a woman was discovered near the village of Orounta
Police secure the area where the body of a woman was discovered near the village of Orounta, Cyprus, April 25, 2019. REUTERS/Stefanos Kouratzis

April 26, 2019

NICOSIA (Reuters) – Cypriot police searched on Friday for more victims of a suspected serial killer, in a case which has shocked the Mediterranean island and exposed the authorities to charges of “criminal indifference” because the dead women were foreigners.

The main opposition party, the left-wing AKEL, called for the resignation of Cyprus’s justice minister and police chief.

Police were combing three different locations west of the capital Nicosia for victims of the suspected killer, a 35-year-old army officer who has been in detention for a week.

The bodies of three women, including two thought to be from the Philippines, have been recovered. Police sources said the suspect had indicated the location of the third body, found on Thursday, and had said the person was “either Indian or Nepali”.

Police said they were searching for a further four people, including two children, based on the suspect’s testimony.

“These women came here to earn a living, to help their families. They lived away from their families. And the earth swallowed them, nobody was interested,” AKEL lawmaker Irene Charalambides told Reuters.

“This killer will be judged by the court but the other big question is the criminal indifference shown by the others when the reports first surfaced. I believe, as does my party, that the justice minister and the police chief should resign. They are irrevocably exposed.”

Police have said they will investigate any perceived shortcomings in their handling of the case.

One person who did attempt to alert the authorities over the disappearances, a 70-year-old Cypriot citizen, said his motives were questioned by police.

The bodies of the two Filipino women reported missing in May and August 2018 were found in an abandoned mine shaft this month. Police discovered the body of the third woman at an army firing range about 14 km (9 miles) from the mine shaft.

Police are now searching for the six-year-old daughter of the first victim found, a Romanian mother who disappeared with her eight-year-old child in 2016, and a woman from the Phillipines who vanished in Dec. 2017.

The suspect has not been publicly named, in line with Cypriot legal practice.

A public vigil for the missing was planned later on Friday.

(Reporting By Michele Kambas; Editing by Gareth Jones)

Source: OANN

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An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard
FILE PHOTO: An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard, Britain December 3, 2018. REUTERS/Simon Dawson

April 26, 2019

LONDON, April 26 – British factories stockpiled raw materials and goods ahead of Brexit at the fastest pace since records began in the 1950s, and they were increasingly downbeat about their prospects, a survey showed on Friday.

The Confederation of British Industry’s (CBI) quarterly survey of the manufacturing industry showed expectations for export orders in the next three months fell to their lowest level since mid-2009, when Britain was reeling from the global financial crisis.

The record pace of stockpiling recorded by the CBI was mirrored by the closely-watched IHS Markit/CIPS purchasing managers’ index published earlier this month.

(Reporting by Andy Bruce, editing by David Milliken)

Source: OANN

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Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing
Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing, China April 26, 2019. REUTERS/Florence Lo

April 26, 2019

KUALA LUMPUR (Reuters) – Fewer than half of Malaysians approve of Prime Minister Mahathir Mohamad, an opinion poll showed on Friday, as concerns over rising costs and racial matters plague his administration nearly a year after taking office.

The survey, conducted in March by independent pollster Merdeka Center, showed that only 46 percent of voters surveyed were satisfied with Mahathir, a sharp drop from the 71 percent approval rating he received in August 2018.

Mahathir’s Pakatan Harapan coalition won a stunning election victory in May 2018, ending the previous government’s more than 60-year rule.

But his administration has since been criticized for failing to deliver on promised reforms and protecting the rights of majority ethnic Malay Muslims.

Of 1,204 survey respondents, 46 percent felt that the “country was headed in the wrong direction”, up from 24 percent in August 2018, the Merdeka Center said in a statement. Just 39 percent said they approved of the ruling government.

High living costs remained the top most concern among Malaysians, with just 40 percent satisfied with the government’s management of the economy, the survey showed.

It also showed mixed responses to Pakatan Harapan’s proposed reforms.

Some 69 percent opposed plans to abolish the death penalty, while respondents were sharply divided over proposals to lower the minimum voting age to 18, or to implement a sugar tax.

“In our opinion, the results appear to indicate a public that favors the status quo, and thus requires a robust and coordinated advocacy efforts in order to garner their acceptance of new measures,” Merdeka Center said.

The survey also found 23 percent of Malaysians were concerned over ethnic and religious matters.

Some groups representing Malays have expressed fear that affirmative-action policies favoring them in business, education and housing could be taken away and criticized the appointments of non-Muslims to key government posts.

Last November, the government reversed its pledge to ratify a UN convention against racial discrimination, after a backlash from Malay groups.

Earlier this month, Pakatan Harapan suffered its third successive loss in local elections since taking power, which has been seen as a further sign of waning public support.

Despite the decline, most Malaysians – 67 percent – agreed that Mahathir’s government should be given more time to fulfill its election promises, Merdeka Center said.

This included a majority of Malay voters who were largely more critical of the new administration, it added.

(Reporting by Rozanna Latiff; Editing by Nick Macfie)

Source: OANN

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The German share price index DAX graph at the stock exchange in Frankfurt
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 25, 2019. REUTERS/Staff

April 26, 2019

By Medha Singh and Agamoni Ghosh

(Reuters) – European shares slipped on Friday after losses in heavyweight banks and Glencore outweighed gains in healthcare and auto stocks, while investors remained on the sidelines ahead of U.S. economic data for the first quarter.

The pan-European STOXX 600 index was down 0.1 percent by 0935 GMT, eyeing a modest loss at the end of a holiday-shortened week. Banks-heavy Italian and Spanish indices were laggards.

The banking index fell for a fourth day, at the end of a heavy earnings week for lenders.

Britain’s Royal Bank of Scotland tumbled after posting lower first quarter profit, hurt by intensifying competition and Brexit uncertainty, while its investment bank also registered poor returns.

Weakness in investment banking also dented Deutsche Bank’s quarterly trading revenue and sent its shares lower a day after the German bank abandoned merger talks with smaller rival Commerzbank.

“The current interest rate environment makes it challenging for banks to make proper earnings because of their intermediary function,” said Teeuwe Mevissen, senior market economist eurozone, at Rabobank.

Since the start of April, all country indexes were on pace to rise between 1.8 percent and 3.4 percent, their fourth month of gains, while Germany was strongly outperforming with 6 percent growth.

“For now the current sentiment is very cautious as markets wait for the first estimates of the U.S. GDP growth which could see a surprise,” Mevissen said.

U.S. economic data for the first-quarter is due at 1230 GMT. Growth worries outside the United States resurfaced this week after South Korea’s economy unexpectedly contracted at the start of the year and weak German business sentiment data for April also disappointed.

Among the biggest drags on the benchmark index in Europe were the basic resources sector and the oil and gas sector, weighed down by Britain’s Glencore and France’s Total, respectively.

Glencore dropped after reports that U.S authorities were investigating whether the company and its subsidiaries violated certain provisions of the commodity exchange act.

Energy major Total said its net profit for the first three months of the year fell compared with a year ago due to volatile oil prices and debt costs.

Chip stocks in the region including Siltronic, Ams and STMicroelectronics lost more than 1 percent after Intel Corp reduced its full-year revenue forecast, adding to concerns that an industry-wide slowdown could persist until the end of 2019.

Meanwhile, healthcare, which is also seen as a defensive sector, was a bright spot. It was helped by French drugmaker Sanofi after it returned to growth with higher profits and revenues for the first-quarter.

Luxembourg-based satellite operator SES led media stocks higher after it maintained its full-year outlook on the back of the company’s Networks division.

Automakers in the region rose 0.4 percent, led by Valeo’s 6 percent jump as the French parts maker said its performance would improve in the second half of the year.

Continental AG advanced after it backed its outlook for the year despite reporting a fall in first-quarter earnings.

Renault rose more than 3 percent as it clung to full-year targets and pursues merger talks with its Japanese partner Nissan.

(Reporting by Medha Singh and Agamoni Ghosh in Bengaluru; Editing by Gareth Jones and Elaine Hardcastle)

Source: OANN

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