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Dollar extends losses against euro after U.S. consumer price data

U.S. dollar notes are seen in this picture illustration
U.S. dollar notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration

March 12, 2019

By Kate Duguid

NEW YORK (Reuters) – The dollar pared gains again the Japanese yen and extended losses against the euro after U.S. consumer prices showed that inflation remains low despite a tight labor market, bolstering the Federal Reserve’s case for keeping interest rates on hold.

The Consumer Price Index rose for the first time in four months in February, but the pace of the increase was modest, resulting in the smallest annual gain in nearly 2-1/2 years. The dollar index, which measures the greenback against a basket of six rivals, fell, and was last down 0.17 percent on the day to 97.054.

The euro was 0.27 percent stronger against the dollar, last priced at $1.1275. Against the Japanese yen, which like the dollar acts as a safe-haven investment in times of economic and political volatility, the dollar was 0.05 percent stronger at 111.13 yen, paring earlier gains. As the greenback rises in value, the number of yen required to buy one dollar increases.

The Fed has cited a lack of inflationary pressure as one of the reasons it has felt comfortable pausing its interest-rate hiking cycle. The central bank uses the core personal consumption expenditures (CPE) price index to track inflation against its 2 percent target. CPI nevertheless offers insight into the state of U.S. inflation.

The Labor Department said on Tuesday its Consumer Price Index increased 0.2 percent, lifted by gains in the costs of food, gasoline and rents. The CPI had been unchanged for three straight months. Excluding the volatile food and energy components, the CPI edged up 0.1 percent, the smallest increase since August 2018.

In the 12 months through February, the core CPI rose 2.1 percent. The core CPI had increased by 2.2 percent for three consecutive months on an annual basis. Economists polled by Reuters had forecast the CPI and the core CPI edging up 0.2 percent in February.

Slowing domestic and global growth are keeping inflation in check even as a tight labor market is driving up wages. Annual wage growth jumped 3.4 percent in February, the biggest increase since April 2009, from 3.1 percent in January.

(Reporting by Kate Duguid and Gertrude Chavez; Editing by Susan Thomas)

Source: OANN

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Beverley Owen, the Original Marilyn Munster, Dead at 81

Actress Beverley Owen, most well known for her role as the original Marilyn Munster in the 1960s CBS comedy "The Munsters," has died at the age of 81, Fox News reports.

"Beautiful Beverly [sic] Owen has left us," her former co-star, Butch Patrick, posted on Facebook. "What a sweet soul. I had the biggest crush on her. RIP Bev and thanks for your 13 memorable Marilyn Munster episodes."


Owen's daughter told TMZ she died from ovarian cancer Feb. 21, at her home in Vermont, surrounded by friends and family. Owen starred in the first season of "The Munsters," a sitcom about a family of monsters, but left after 13 episodes when she married producer and director Jon Stone, who worked on "Sesame Street" and created several of its most famous characters.

Owen made her television debut on "As the World Turns" in 1956, and appeared in "Wagon Train," "The Doctors," and "Another World" before "The Munsters" began.

Source: NewsMax America

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Sidney Powell: Russia Collusion Was Made Up

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Former assistant federal prosecutor Sidney Powell told Full Measure News host Sharyl Atkinson told the Russian Collusion narrative is a hoax.

“The entire Russia collusion narrative was made up,” Powell said. “The FBI and the intelligence community and the Department of Justice began an investigation against four American citizens simply because they worked for the opposition political candidate, that being Donald Trump.”

WATCH:


  					

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‘Pennies before a steamroller’: Nigerian vote delay a reminder of investment risk

FILE PHOTO: A man sits next to a campaign poster of Atiku Abubakar, leader of the People's Democratic Party (PDP), after the postponement of the presidential election in Kano
FILE PHOTO: A man sits next to a campaign poster of Atiku Abubakar, leader of the People's Democratic Party (PDP), after the postponement of the presidential election in Kano, Nigeria February 17, 2019. REUTERS/Luc Gnago/File Photo

February 20, 2019

By Karin Strohecker

LONDON (Reuters) – A surprise delay in Nigeria’s presidential ballot has served foreign asset managers another reminder of political risk and volatile investment returns in Africa’s biggest economy – just days after piling into assets in a bet on a smooth election run.

The electoral commission announced a week’s delay to voting in the early hours of Saturday, citing logistical problems, even as some of Nigeria’s 84 million registered voters were already making their way to polling stations.

The vote pitches President Muhammadu Buhari against former vice president Atiku Abubakar, in what is seen as a tight race.

The delay adds to uncertainty for investors, who have endured a wild ride in the West African country: The 2014 oil price crash, and election in 2015 followed by currency controls and dollar shortages that tipped the oil-exporting economy into recession in the same year, its first in more than two decades. Its bonds got ejected from key indexes.

A new exchange rate mechanism launched in 2017 drew back some investors but concern has built around the election that has proved hard to call, threatens to spark violence and promises little material change.

“The likelihood of violence is now higher than before,” said Thierry Larose at Vontobel Asset Management. “And we have seen some effect on markets.”

Below are four charts that show foreign investor exposure and positioning in Nigeria.

FLOWS COMING BACK

Lured by a rekindled appetite for emerging markets and an upbeat oil price outlook, foreign investors have recently raised exposure to Nigeria, according to flow tracker EPFR https://tmsnrt.rs/2BGB0Yo.

Nigeria’s debt in particular has seen a sharper acceleration of inflows since the start of the year than emerging market debt more widely.

TAKING STOCK

Nigeria’s debt may have got kicked out of key indexes, but its stocks escaped a similar fate. They comprised a chunky 6.4 percent in 2017 in MSCI’s frontier market index of smaller and often riskier stocks.

Year-to-date, MSCI’s Nigeria index has risen just over 2 percent, with an 8 percent jump in February making up for losses earlier in the year. Broader frontier and emerging equities have performed better, however.

Moreover, trading volumes have decreased steadily overall, and the percentage of foreigners trading has also shrunk to 48 percent from a peak of 65 percent in September 2017, according to stock exchange data.

Interactive – https://tmsnrt.rs/2GOrplz

“This is a deeply unloved market whether measured by overall market volumes, foreign participation, valuation relative to history, or performance versus frontier or oil-exporter peers,” said Hasnain Malik at Exotix Capital. “That level of despair usually means opportunity.”

EXTERNAL OUTPERFORMER

With the International Monetary Fund estimating Nigeria’s debt-to-GDP ratio at just under 27 percent in its 2018 outlook, the country compares favorably to the Sub-Saharan average of 50 percent.

Nigeria’s dollar-denominated debt has long been a favorite off-benchmark play. The issues have outperformed https://tmsnrt.rs/2TVAyMP both wider emerging market sovereign debt and African peers, returning some 10 percent year-to-date.

“Eurobond valuations still look attractive as yields are likely to remain anchored regardless of outcome and the election means we are unlikely to get issuance until 3Q,” said Diana Amoa, emerging market debt portfolio manager at JPMorgan Asset Management.

Nigeria Eurobonds Outperform – https://tmsnrt.rs/2TVAyMP

LOCAL LURES

Investors are split on local debt markets. On T-bill markets, the arbitrage between high yields and stable hedging costs through currency forwards delivers solid returns for anything up to a year. The picture is less clear further out.

“We continue to like the t-bill trade as it’s an attractive carry play on oil,” said Kevin Daly, investment director at Aberdeen Standard Investments in London.

Others say the trade has become too crowded. And plans by presidential contender Abubakar to possibly float the naira currency makes it a risky play.

“It is like picking up pennies in front of a steam roller -you pick up a lot of pennies, but the losses are huge if the steamroller gets you,” said Lutz Roehmeyer at Capitulum Asset Management.

Local government 10-year benchmark yields – https://tmsnrt.rs/2V86fCH

(Reporting by Karin Strohecker in London; Additional reporting by Tom Arnold in London; Editing by Frances Kerry)

Source: OANN

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Statue of Liberty climber gets probation, community service

A woman who climbed the base of the Statue of Liberty last July 4 to protest the separation of families at the Mexican border has been sentenced to five years' probation and 200 hours of community service.

Therese Okoumou entered the Manhattan federal courthouse on Tuesday with clear tape all over her face and a headband across her forehead scrawled with the phrase "I care!"

Therese Okoumou poses for pictures and rallies with supporters before her sentencing in New York on Tuesday.

Therese Okoumou poses for pictures and rallies with supporters before her sentencing in New York on Tuesday. (AP)

She removed the tape at the judge's insistence before her sentencing on charges of trespassing, interference with an agency's function and disorderly conduct.

The nearly four-hour demonstration forced an evacuation of 4,330 people from the statue grounds on one of its busiest days of the year.

Source: Fox News National

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Man pleads not guilty to kidnapping woman outside nightclub

A Rhode Island man charged with kidnapping a Boston woman from her birthday celebration whose body was later found in the trunk of his car has pleaded not guilty.

Louis Coleman III appeared Tuesday in U.S. District Court to face a charge of kidnapping resulting in death, which carries a possible death sentence if he is convicted. He continues to be held without bail.

Authorities say the 32-year-old Coleman kidnapped Jassy Correia on Feb. 24 from outside a Boston nightclub where she had been celebrating her 23rd birthday. Police say he was later captured on surveillance video carrying her body into his Providence apartment.

Coleman was stopped in Delaware four days later with Correia's body in the trunk.

His attorney, David Hoose, said outside court he'd "rather not comment."

Source: Fox News National

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Maryland school finds evidence faculty abused students

A private boarding school in Maryland says it has found evidence that five former faculty members sexually assaulted more than 20 students over several decades.

The Baltimore Sun reports the McDonogh School in Owings Mills sent families a letter about the findings Tuesday. The letter says the allegations don't involve current faculty or students. It says an investigation was launched in 2016 when a former student from the 1980s told officials he had been sexually assaulted by Alvin J. Levy and Robert E. Creed.

Levy was indicted on a sexual abuse charge by a school graduate in 1992 but died before his scheduled court date. Creed pleaded guilty in 1985 to sexual offense and abuse of a minor and has since died.

The school notified police and hired a firm to conduct an external investigation, which found Levy and Creed may have assaulted 19 male students over four decades. It also found that three other former faculty members may have assaulted five female students during the 1970s and 80s. The letter did not identify those faculty members, but did say police have been notified.

County State's Attorney Scott Shellenberger says the victims have been contacted. He says one of the former female students was willing to testify in court. However, Shellenberger said he did not have the evidence required to build a case because the incident occurred in the 1980s, when state law required the encounter to be forced or for the victim to be younger than she was.

The investigation also found that some of the allegations were previously reported to school officials who failed to take appropriate action. Head of School David Farace apologized in the letter.

The Sun reported that the investigation by New York-based T&M Protection Resources comes after county police confirmed in 2018 an investigation into a separate incident of alleged sexual assault between students in the boys' dormitory.

The newspaper says county police and the school didn't immediately respond to requests for comment.

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Information from: The Baltimore Sun, http://www.baltimoresun.com

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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