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Inquiry into Lloyds’ handling of HBOS fraud slips to 2020: source

FILE PHOTO: People walk past a branch of Lloyds Bank on Oxford Street in London
FILE PHOTO: People walk past a branch of Lloyds Bank on Oxford Street in London, Britain July 28, 2016. REUTERS/Peter Nicholls/File Photo/File Photo

March 14, 2019

By Lawrence White and Iain Withers

LONDON (Reuters) – A long-awaited probe into what Lloyds Banking Group executives knew about one of Britain’s worst ever banking frauds is now not likely to be completed until next year, a source with knowledge of the review said.

The investigation by retired high court judge Linda Dobbs was launched in 2017 to assess whether Lloyds properly investigated and reported the fraud at HBOS, which it bought in January 2009.

A spokeswoman for Lloyds did not immediately provide comment.

The bank has previously said it is determined to get to the bottom of what went on, and that the Dobbs review, for which it is paying, will be a thorough investigation.

HBOS was once Britain’s biggest mortgage lender, and was rescued in a state-engineered takeover by Lloyds, which has apologized to victims of the fraud and set up a 100 million pounds ($133 million) compensation scheme.

A team of more than 30 lawyers is sifting hundreds of thousands of Lloyds documents, the source said, as well as interviewing victims of the fraud for which six people were jailed for a combined 47 years in 2017.

The inquiry will begin interviewing Lloyds executives from the Autumn, the source said, starting with more junior bankers and likely to include Chief Executive Antonio Horta-Osorio.

The work involves sifting through the documents to build a picture of what Lloyds’ senior executives knew about the fraud, what they did about it and when.

Lloyds has said that while it was aware of misconduct, it could not have known about the criminal nature of the fraud until the trial in 2017.

Britain’s influential cross-party Treasury Committee of lawmakers in June 2018 wrote to Dobbs asking when the review would be complete, and Dobbs said at that time it would slip into the second half of 2019, confirming a Reuters story from May that year.

Lloyds in November 2018 settled with an ex-employee who accused her former bosses of concealing the fraud. The bank apologized to Sally Masterton, a former senior risk officer at Lloyds, and said that it had agreed to pay her financial compensation.

Masterton alleged HBOS executives knew of the fraud years before the Lloyds takeover and failed to properly disclose it.

The fraud, which took place in the early 2000s, saw the conspirators use their positions to enrich themselves at the expense of struggling business clients, some of which succumbed to insolvency and were stripped of their assets after being advised to borrow unsustainable amounts.

(Reporting By Lawrence White and Iain Withers; Editing by Alexandra Hudson and Elaine Hardcastle)

Source: OANN

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NBA roundup: Clippers’ Williams makes history off bench

NBA: Charlotte Hornets at Houston Rockets
Mar 11, 2019; Houston, TX, USA; Houston Rockets center Clint Capela (15) attempts to shoot the ball over Charlotte Hornets center Willy Hernangomez (41) during the first quarter at Toyota Center. Mandatory Credit: Troy Taormina-USA TODAY Sports

March 12, 2019

Lou Williams scored 34 points to become the most prolific bench scorer in NBA history as the Los Angeles Clippers blew out the visiting Boston Celtics 140-115 on Monday.

Danilo Gallinari scored 13 of his 25 points in the opening quarter, and Montrezl Harrell added 20 points as the Clippers won their fifth consecutive game and improved to 9-3 since their roster was restructured at the trade deadline.

Williams, who leads the NBA in points off the bench this season, passed Dell Curry as the highest scoring player off the bench of all time and now has 11,154 as a reserve in his career. Curry had 11,148 points as a reserve. It was Williams’ eighth game of the season with at least 30 points, all since Dec. 28.

Terry Rozier scored 26 points for the Celtics, who saw their three-game winning streak end. Boston went 3-1 on a four-game road trip, all against California teams. Jaylen Brown scored 22 points, and Kyrie Irving added 18 and 11 assists for the Celtics.

Rockets 118, Hornets 106

Clint Capela dominated the paint as Houston stretched its winning streak to nine games with a victory over visiting Charlotte.

Capela paired 19 points on 8-of-12 shooting with 15 rebounds and controlled the interior as the Rockets produced a 55-39 rebounding advantage. James Harden led the Rockets with 28 points and 10 assists. Eric Gordon chipped in 22 points, and Chris Paul contributed 10 points and 10 rebounds.

Hornets star Kemba Walker finished with a game-high 40 points on 14-of-20 shooting. He shot a combined 11 of 11 in the second and third periods, pouring in 31 points during that stretch.

Thunder 98, Jazz 89

Dennis Schroder scored 24 points, and Russell Westbrook had 23 points and 11 rebounds as Oklahoma City beat Utah in Salt Lake City.

The win was just the third in nine games for the Thunder, who beat the Jazz for the fourth time this season to sweep the season series. Paul George struggled offensively yet again for Oklahoma City, though he finished with 14 points and 11 rebounds.

Utah, which got a game-high 25 points from Donovan Mitchell, lost for the third time in the past four games.

Cavaliers 126, Raptors 101

Collin Sexton scored 28 points as Cleveland cruised past visiting Toronto.

Kevin Love, with 16 points and 18 rebounds, recorded his ninth double-double in 14 games for the Cavaliers this season. Love also was a force on the defensive end, drawing four offensive fouls. Cleveland’s Cedi Osman added 19 points.

Kawhi Leonard led the Raptors with 25 points and nine rebounds. Toronto’s Serge Ibaka and Cleveland’s Marquese Chriss were ejected following a fight near the end of the third quarter.

Nets 103, Pistons 75

Spencer Dinwiddie scored 19 points as Brooklyn seized control late in the first half and claimed a lopsided win over Detroit in New York.

In the final game before a season-long seven-game road trip that starts Wednesday in Oklahoma City, the Nets won their fourth straight. Allen Crabbe added 14 points for Brooklyn.

Andre Drummond collected 13 points and 20 rebounds for Detroit, which had its five-game winning streak stopped. Blake Griffin finished with 10 points on 1-of-10 shooting.

Wizards 121, Kings 115

Bradley Beal scored 27 points, Bobby Portis added 17 points and 13 rebounds, and Washington defeated visiting Sacramento.

Jabari Parker scored 18 points and Tomas Satoransky had 17 as the Wizards started a crucial five-game homestand by ending a two-game losing skid. Beal added nine rebounds, nine assists and four steals.

De’Aaron Fox led seven Kings in double figures with 23 points. Nemanja Bjelica had 15 points and 12 rebounds for Sacramento.

–Field Level Media

Source: OANN

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Confederate statues still warehoused years after coming down

Nearly two years since three Confederate statues were taken down in New Orleans, officials are still trying to decide what to do with them.

The statues of Confederate President Jefferson Davis and generals Robert E. Lee and P.G.T. Beauregard remain in a city warehouse where they were stored after their removal in the spring of 2017.

The monuments, like others to the Confederacy nationwide, have been criticized as symbols of white supremacy and slavery. But those who wanted the monuments to remain standing called them a significant part of history.

Louisiana Lt. Gov. Billy Nungesser said he's hopeful the city will transfer the statues for placement in a state park, but New Orleans Mayor LaToya Cantrell's office said no agreement has been reached. Nungesser's office runs the state Department of Culture, Recreation and Tourism.

NOLA.com/The Times-Picayune quoted Nungesser in a report Wednesday as saying he thinks a park or historic site could receive the statues and offer sufficient context to satisfy even those who had sought their removal.

He discussed the statues Sunday during a speech to the R.E. Lee Monumental Association in New Orleans.

In a subsequent interview, Nungesser said he wanted to organize a group of experts to find a proper site. He also offered to move the monuments at no cost and said Cantrell seemed open as well, and that she told him she doesn't want them on display in the city.

In a statement, Cantrell spokesman Beau Tidwell said the mayor hasn't made a deal with Nungesser but "remains open to a range of options" and plans to continue discussions with him.

The lieutenant governor said he's sensitive to concerns over the statues. Although he hadn't considered if white supremacist groups could be attracted to a state park displaying the monuments, he said officials are very careful about what events are allowed.

"You have one side they want them to go back up. On the other side, they want to throw them in the river," Nungesser said. "I think we need to come somewhere in the middle."

___

Information from: The Times-Picayune, http://www.nola.com

Source: Fox News National

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Brexit and trade to haunt Europe’s investment banks in nightmare quarter

FILE PHOTO: The Canary Wharf financial district is seen at dusk in London
FILE PHOTO: The Canary Wharf financial district is seen at dusk in London, Britain, March 26, 2019. Picture taken March 26, 2019. REUTERS/Marika Kochiashvili/File Photo

March 28, 2019

By Lawrence White

LONDON (Reuters) – Europe’s beleaguered investment banks are preparing to report one of their toughest first quarters as qualms over Brexit and global trade tensions dampened investors trading appetite.

European banks could see stock trading income down 15 to 20 percent and bond trading revenues down around 20 percent from the same period a year ago, research firm Coalition predicts.

Declining expectations for European Central Bank rate hikes, slowing economic growth and concerns about Brexit have left European investment bank trading floors struggling for business.

“It’s one of the weaker quarters we’ve ever seen in terms of client flows,” Amrit Shahani, Coalition research director, said.

This follows a rough fourth quarter, in which Europe’s top banks all saw stock trading plunge, while U.S. rivals gained.

Brexit and the global economy have also hit fees from advising companies on mergers and acquisitions.

“First quarter activity levels across the market have definitely been subdued, there’s a focus on the top quartile of companies with strong earnings growth and those that are not going to suffer too much from whatever Brexit outcome we get,” Jonathan Arrowsmith, head of advisory at Investec, said.

UBS Chief Executive Sergio Ermotti said last week that investment banking conditions were among the toughest in years in a foretaste of what is likely to be a bleak earnings season for most European investment banks.

Credit Suisse is first up among major players to report on April 24, with Barclays the next day.

The British bank flashed a warning sign to the market on Wednesday, ousting its investment banking head as chief executive Jes Staley took more direct control.

Germany’s embattled Deutsche Bank follows on April 26, UBS will announce the details of its tough quarter on April 30, and then France’s BNP Paribas and Societe Generale report on May 2 and 3 respectively.

Graphic: Investment banks hit by Q4 market rout – https://tmsnrt.rs/2TVGoOq

TRANSATLANTIC GULF

Europe’s top trading houses are already losing ground to U.S. rivals as a result of a tougher regulatory environment and their lack of scale in the relatively strong U.S. stock markets.

Wall Street’s dominance over struggling European banks last year reached record levels with U.S. investment banks claiming 62 percent of revenues among the world’s top 12.

European lenders have attempted to cope by a constant cost-cutting and strategic tinkering, but some think more radical decisions need to be taken.

Barclays is under attack from an activist investor who wants it to slash its trading business, echoing calls in 2016 by UBS investor Knight Vinke to split the Swiss bank’s profitable wealth management business from its investment bank.

“It’s way too easy to blame the markets for the underperformance of European banks,” Kerim Derhalli, a former senior trader at Deutsche Bank and founder of investing App Investr, said.

“The U.S. banks took their pain 10 years ago and recapitalized and rebuilt their businesses much quicker, the Europeans have been putting off their problems and they’re going to need to fundamentally rethink how to use technology to change the model,” he said.

(Reporting by Lawrence White; Editing by Alexander Smith)

Source: OANN

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Trump calls Russia probe 'an illegal takedown that failed' after Mueller report summary released

President Trump told reporters Sunday that the release of a summary of Special Counsel Robert Mueller's Russia probe findings represented a "complete and total exoneration," calling it "an illegal takedown that failed."

This is a developing story; please check back for updates.

Source: Fox News Politics

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What to know about Bernie Sanders’ Fox News town hall

Bernie Sanders is getting ready to make his pitch for president in front of a large audience at Fox News' town hall next week.

Fox News' Bret Baier, of "Special Report," and Martha MacCallum, of "The Story," will co-anchor the hour-long event. It will be the Vermont senator's first appearance on Fox News Channel since he agreed to be a guest on Baier's show in December 2018. He also participated in Fox News Channel's Democratic town hall back in 2016 alongside his then-competitor Hillary Clinton.

5 THINGS TO KNOW ABOUT BERNIE SANDERS

Sanders, who raised $18 million in the first six weeks of his campaign, is considered a front-runner among a crowded field of 2020 presidential hopefuls. Before the self-proclaimed Democratic socialist takes the stage next week, here's a look at everything you need to know.

When and where is the Fox News town hall?

The Sanders town hall will take place on Monday, April 15 from 6:30 p.m. to 7:30 p.m. ET in Bethlehem, Pennsylvania.

How can I watch it?

You can watch the town hall on the Fox New Channel. The event will also be available via live stream — just log into your TV provider to watch the event in real-time on foxnews.com or the Fox News app.

"The Story with Martha Maccallum" will air on Fox News immediately following the event at 7:30 p.m. ET.

What will Sanders focus on during the town hall?

The 77-year-old — the longest-serving Independent member of Congress ever — is expected to focus on the economy and his plans for U.S. job growth.

"It’s time for an economy that works for all of us, not just the rich," Sanders has repeatedly said in the past.

HOW DID BERNIE SANDERS MAKE HIS MONEY? A LOOK AT HIS WEALTH AND ASSETS

In December 2018, Sanders outlined four ways to "revitalize" the U.S. economy: increasing the minimum wage to $15 by 2024, universal health care, tuition-free colleges and the creation of "millions of jobs" in sustainable energy.

"Our campaign is about creating a government and economy that work for the many, not just the few," tweeted Sanders in February. "We should not have grotesque levels of wealth inequality in which three billionaires own more wealth than the bottom half of the country."

Source: Fox News Politics

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Trump says DOJ, FBI to review ‘outrageous’ decision to drop charges in Jussie Smollett case

President Trump announced Thursday that the FBI and Justice Department will review the “outrageous” decision to drop charges in the Jussie Smollett case.

The president weighed in as controversy mounted in Chicago and across the country over the abrupt dismissal of the charges that the "Empire" actor faked a hate crime, amid widespread speculation over what happened behind the scenes that led to the deal with Cook County prosecutors.

"FBI & DOJ to review the outrageous Jussie Smollett case in Chicago. It is an embarrassment to our Nation!" Trump tweeted.

Source: Fox News Politics

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FILE PHOTO: Customers shop in a Sainsbury's store in Redhill
FILE PHOTO: Customers shop in a Sainsbury’s store in Redhill, Britain, March 27, 2018. REUTERS/Peter Nicholls/File Photo

April 26, 2019

By James Davey

LONDON (Reuters) – With Sainsbury’s dream of creating Britain’s biggest supermarket group in tatters, its chastened CEO Mike Coupe needs to reassure investors he has the plan to arrest a sales decline when he presents annual results next week.

Britain’s competition regulator blocked Sainsbury’s 7.3 billion pound ($9.4 billion) takeover of Walmart’s Asda on Thursday, saying the deal would increase prices. Sainsbury’s shares fell 5 percent and are down 22 percent over the last three months.

For Sainsbury’s fourth quarter to March 9 analysts are on average forecasting a 1.6 percent fall in like-for-like sales, which would follow 1.1 percent decline over the Christmas period.

Monthly industry data from researcher Kantar has also shown Sainsbury’s as the weakest performer of the big four grocers this year and this month it lost its status as Britain’s No. 2 supermarket group by market share to Asda.

While Sainsbury’s has struggled, market leader Tesco has gained momentum, this month reporting a 34 percent jump in full year profit.

Prohibition of the deal was a major blow to Coupe, its architect and Sainsbury’s boss since 2014.

Martin Scicluna became Sainsbury’s chairman last month and when bedded-in may decide that if the group needs a major shake-up it is best carried out by a new leader.

Much will depend on the attitude of 22 percent shareholder the Qatar Investment Authority, which has so far declined to comment, as well as Coupe’s own appetite to continue after 15 years at the group.

THE RIGHT STRATEGY?

Coupe said on Thursday he was confident Sainsbury’s was pursuing the right strategy.

That was a clear indication that Wednesday’s results statement will not include radical changes to the group’s plans, such as a big margin reset — sacrificing profit to drive sales.

However, sources connected to Sainsbury’s said Coupe would likely acknowledge that more needs to be done on prices, so the supermarket business can better compete with its big four rivals – Tesco, Asda and No. 4 Morrisons – as well as German-owned discounters Aldi and Lidl.

Coupe’s strategy is based on differentiating Sainsbury’s food offer, growing its general merchandise, clothing business and bank, while investing in convenience and online channels.

Some analysts believe major change is needed.

HSBC analyst David McCarthy reckons Sainsbury’s needs a margin reset, should allocate more space for core lines and needs to drive better store standards. He said Sainsbury’s might consider closing down space in some of its larger stores and reducing its non-food offer.

For the full 2018-19 year analysts are on average forecasting a pretax profit of 626 million pounds, up from 589 million pounds in 2017-18 – a second straight year of profit growth. A full year dividend of 10.5 pence per share is forecast versus 10.2 pence last time.

Bank and lawyer fees related to the proposed combination with Asda were 17 million pounds in the first half and have reportedly jumped to around 50 million pounds.

(Reporting by James Davey; Editing by Keith Weir)

Source: OANN

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FILE PHOTO: FILE PHOTO: A Canadian dollar coin commonly known as the
FILE PHOTO: A Canadian dollar coin, commonly known as the “Loonie”, is pictured in this illustration picture taken in Toronto, Ontario, Canada, January 23, 2015. REUTERS/Mark Blinch/File Photo/File Photo

April 26, 2019

OTTAWA (Reuters) – Canada posted a budget surplus in the first 11 months of the 2018/19 fiscal year compared to a deficit the year earlier as revenues increased mostly on higher tax incomes, the finance department said on Friday.

The surplus for April-February was C$3.1 billion, compared to a deficit of C$6 billion in the same 2017/18 period. Revenues climbed by 8.5 percent, mainly due to higher tax receipts, while program expenses rose by 4.8 percent.

The surplus for February was C$4.3 billion compared with C$2.8 billion in February 2018. Revenues jumped by 12.2 percent while program expenses posted a more modest 6.9 percent gain.

Last month, the Liberals unveiled their new budget, projecting a C$14.9 billion deficit in 2018/19, with the deficit rising to C$19.8 billion in fiscal 2019/20.

(Reporting by Julie Gordon in Ottawa; Editing by Chizu Nomiyama)

Source: OANN

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President Trump said Friday he would beat Joe Biden “easily” in the 2020 presidential election, suggesting the former vice president could not have enough “energy” to hold the post—taking an apparent swipe at his age.

The president, departing the White House, was asked about Biden’s entrance into the Democratic primary field. Biden announced his presidential bid early Thursday morning, marking his third attempt at the White House.

JOE BIDEN OFFICIALLY LAUNCHES 2020 PRESIDENTIAL BID

“I think we’d beat him easily,” Trump told reporters Friday.

Trump, 72, said he feels “young” and is ready for 2020, and another term for his administration.

“I feel like a young man. I am a young, vibrant man,” Trump said. “I look at Joe, I don’t know about him.”

The president’s comments seemingly were a shot at the age of Biden, who is 76.

BIDEN ENTERS WHITE HOUSE RACE WITHOUT OBAMA’S ENDORSEMENT

“I would never say anyone’s too old,” Trump said. “I know they’re all making me look very young both in terms of age and in terms of energy.”

Biden became the 20th candidate to join the crowded Democratic primary field Thursday. But Biden is not the oldest in the pack. Sen. Bernie Sanders, I-Vt., is 77 and Sen. Elizabeth Warren, D-Mass., is 69.

Should Trump be re-elected, he would be 74 on Jan. 20, 2021—Inauguration Day. Should the presidency go to one of the elder Democrats in the field—Biden would be 78; Sanders would be 79; and Warren would be 71.

Meanwhile, in a wide-ranging interview on “Hannity” Thursday night, Trump dismissed Biden’s candidacy, nicknaming him “Sleepy Joe,” and saying he’s “not the brightest bulb.” Trump also said that while the former vice president has name recognition, he won’t “be able to do the job.”

Source: Fox News Politics

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Venezuela's Foreign Affairs Minister Jorge Arreaza talks to the media during a news conference in Caracas
Venezuela’s Foreign Affairs Minister Jorge Arreaza talks to the media during a news conference in Caracas, Venezuela April 8, 2019. REUTERS/Manaure Quintero

April 26, 2019

WASHINGTON (Reuters) – The U.S. Treasury Department on Friday imposed sanctions on Venezuela’s foreign minister and a Venezuelan judge, according to a statement on the department’s website.

Foreign Minister Jorge Arreaza and a judge, Carol Padilla, were targeted over the ongoing crisis in Venezuela, the Treasury Department said, the latest in a list of officials blacklisted by U.S. authorities for their role in President Nicolas Maduro’s government.

(Reporting by Susan Heavey, Makini Brice and Lesley Wroughton; Editing by Chizu Nomiyama)

Source: OANN

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Avengers fans gather at the TCL Chinese Theatre in Hollywood to attend the opening screening of
Avengers fans gather at the TCL Chinese Theatre in Hollywood to attend the opening screening of “Avengers: Endgame” in Los Angeles, California, U.S., April 25, 2019. REUTERS/Mike Blake

April 26, 2019

LOS ANGELES (Reuters) – Marvel Studios superhero spectacle “Avengers: Endgame” hauled in a record $60 million at U.S. and Canadian box offices during its Thursday night debut, distributor Walt Disney Co said.

Global ticket sales for the film about Iron Man, Hulk and other popular characters reached $305 million for the first two days, Disney said.

(Reporting by Lisa Richwine; Editing by Chizu Nomiyama)

Source: OANN

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