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Colombia: 1,000 Venezuelan forces crossed border since Feb.

Colombian authorities say about 1,000 members of the Venezuelan security forces have fled to Colombia since last month, giving up weapons and uniforms as they abandon the government of Venezuelan President Nicolas Maduro.

Colombia's foreign ministry on Monday released the updated number of Venezuelan police and military personnel who crossed the border, many around the time of a Feb. 23 attempt by opposition leader Juan Guaido to deliver U.S.-provided humanitarian aid to Venezuela. The attempt failed because Venezuelan forces blocked trucks trying to cross from Colombia into Venezuela.

Despite the desertions, Maduro has retained the support of Venezuela's key military leaders, who are considered pivotal in determining the outcome of the country's power struggle. Guaido says Maduro is an illegitimate leader, while Maduro says the U.S. is plotting a coup.

Source: Fox News World

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Timeline of R. Kelly's life and career

R&B singer R. Kelly has been charged with aggravated sexual abuse involving multiple victims dating back to 1998, marking the latest charges against a man trailed for decades by lurid rumors. A timeline of his life and career:

— Jan. 8, 1967: Robert Sylvester Kelly is born in Chicago to Joann Kelly, a school teacher. R. Kelly is third of four children and lives with his family in Chicago's housing projects. Little is known about his father.

— 1975: At age 8, Kelly begins singing in church. Around the same time, his mother teaches him how Stevie Wonder sings by putting a nickel on the record player needle to slow down the revolutions. "So the runs could go really slow and then you learn them," Kelly told ABC News in 2004.

— 1979: At age 12, Kelly said, he "experienced a lot of things at a very young age that I don't know if I was supposed to," including witnessing older youth rape one of his girlfriends.

— 1983: At age 16, his mother moves the family from the projects and enrolls her son at the prestigious Kenwood Academy, a Chicago public school. Kelly meets his mentor, Lena McLin, who chairs Kenwood's music faculty. "She was my second mother. She made me feel I could do anything," Kelly told People in 1994.

— 1984: At age 17, his music teacher places him in a local talent show to perform a version of "Ribbon in the Sky," a Stevie Wonder song. "That night it was like Spider-Man being bit. I discovered the power you get from being onstage," he told Newsweek in 1995. In the years that follow, he performs in Chicago's subway stations full time with his Casio keyboard, often pretending he's blind to avoid arrest.

— 1990: R. Kelly's R&B group MGM wins the $100,000 grand prize on the syndicated television talent show, "Big Break," hosted by Natalie Cole. Because of money disagreements, that was the last time the group performed. Music executive Wayne Williams of Jive Records discovers Kelly singing at a barbecue that summer.

— January 1992: R. Kelly & Public Announcement debut "Born Into The '90s." Released a year later, the album goes platinum.

— Fall 1992: R. Kelly tours on a 10-week nationwide run that includes billings with En Vogue, CC Penniston and High Five.

— November 1993: His album "12 Play" is released and eventually sells more than 5 million copies. Hit singles include "Sex Me" and "Bump N' Grind," which becomes the longest-running No. 1 R&B song in more than 30 years.

— Aug. 31, 1994: At age 27, R. Kelly marries 15-year-old R&B singer Aaliyah D. Haughton. The couple weds in a secret ceremony arranged by Kelly at a hotel in Chicago. The marriage is annulled months later because of Aaliyah's age.

— September 1994: Aaliyah's debut album, "Age Ain't Nothing But A Number," which Kelly produces, is certified platinum. (Aaliyah died in a plane crash seven years later, at age 22.)

— September 1995: Produces Michael Jackson's hit single "You Are Not Alone." Kelly also produces songs for Whitney Houston, Quincy Jones, Toni Braxton, and Janet Jackson.

— November 1996: R. Kelly releases his third album, "R. Kelly." A month later, he incorporates Rockland Records, where he can groom new artists, and his song "I Believe I Can Fly," from the "Space Jam" soundtrack, peaks at No. 2 on the Billboard pop chart. The same year, he marries 22-year-old Andrea Lee, a dancer from his touring troupe. The couple goes on to have three children: Joanne, Jaya and Robert Jr.

— Feb. 18, 1997: Tiffany Hawkins files a complaint against Kelly alleging intentional sexual battery and sexual harassment while she was a minor, according to court records.

— January 1998: Hawkins' lawsuit is reportedly settled for $250,000, shortly after she gave a seven-hour deposition.

— February 1998: Kelly wins three Grammys for "I Believe I Can Fly," including best R&B song and best male R&B performance.

— November 1998: His album "R." hits stores. It has since sold 6 million copies.

— November 2000: His album "TP-2.com" debuts at No. 1 on the Billboard album chart.

— August 2001: Tracy Sampson files a lawsuit against Kelly, alleging their sex was illegal under Illinois law because he was in "a position of authority" over her. The case is reportedly settled out of court in the spring of 2002, for an undisclosed amount.

— Feb. 8, 2002: The Chicago Sun-Times reports that it received a 26-minute, 39-second videotape allegedly showing Kelly having sex with a minor. The paper reports Chicago police began investigating allegations about Kelly and the same girl three years earlier. At the time, the girl and her parents deny she was having sex with Kelly.

The same day the news breaks, Kelly performs at the opening ceremonies for the Winter Olympics in Salt Lake City.

— June 5, 2002: Kelly is indicted in Chicago on 21 counts of child pornography, stemming from the sex tape. He pleads not guilty and is released on $750,000 bail.

— January 2003: Kelly is arrested at a Miami Dade hotel in Florida on additional child pornography charges after investigators said they found photos of him having sex with a girl. Kelly is released from jail on $12,000 bond. Charges are later dropped after judge rules police didn't have a warrant to search Kelly's house.

— Feb. 18, 2003: Kelly's album "Chocolate Factory" is released, selling 538,000 copies in its first week.

— February 2004: In Chicago, Cook County prosecutors drop seven of the 21 child pornography charges against Kelly.

— November 2004: Kelly files a $90 million lawsuit against Jay-Z and a promoter, claiming breach of contract and sabotage. Jay-Z kicked Kelly off their 40 city tour, citing Kelly's "unpredictable behavior."

— July 2005: Kelly's seventh solo album, "TP.3 Reloaded," hits No. 1 spot on the Billboard chart.

— September 2005: Andrea Kelly asked for an order of protection from her husband, accusing the singer of hitting her when she said she wanted a divorce. The couple reconciles. She says later they live in different homes.

— February 2006: R. Kelly's brother, Carey Kelly, says his brother offered him $50,000 and a record deal to say he was the person on the sex video.

— May 29, 2007: Kelly releases his album "Double Up," which peaks at No. 1 on the Billboard albums chart.

— August 2007: In Chicago, Judge Vincent Gaughan rules that jurors and the public will see the sex tape in open court, rejecting arguments from defense lawyers and prosecutors that it shouldn't be shown.

— September 2007: Following a five year delay, the trial is scheduled to start — but Gaughan postpones it until 2008. He doesn't explain why.

— Dec. 21, 2007: Gaughan decides not to revoke Kelly's bond after threatening to do so when the singer failed to show up at a hearing a few days earlier. Kelly was in the middle of a 45-city tour and said his bus had been held up by police for speeding in Utah.

— May 9, 2008: Kelly's child pornography trial finally begins.

— June 13, 2008: Kelly acquitted on all counts after less than a full day of deliberations.

— Jan 8, 2009: Kelly and his former wife, Andrea, confirm had divorced after 11 years of marriage.

— July 12, 2011: Crain's Chicago Business reported that a $2.9 million foreclosure was filed by JPMorgan Chase bank against Kelly's suburban Chicago mansion. A spokesman claims the singer was not having financial trouble.

— March 21, 2012: Kelly announced he was reviving his cult classic video series, "Trapped in the Closet." The project began as five videos for his dramatic cliffhanger songs in 2007, and eventually grew to several dozen musical chapters dealing with a web of sexual deceit. Kelly teamed with IFC to premiere the old and new series, and performed the rap opera at event such as a sing-along at Bonnaroo. There was talk of a Broadway show.

— Sept. 4, 2012: After successful romantic albums "Write Me Back" and 2010's "Love Letter," Kelly vowed not to abandon the explicit music that helped make him famous. "Make no mistake about it, R. Kelly is not going anywhere. It's just that R. Kelly has such a unique talent, and I've been blessed to be able to do all type of genres of music ... I'm exploring my gift right now," Kelly told The Associated Press.

— June 15, 2012: The Chicago Sun-Times reports Kelly owes the IRS more than $4.8 million in back taxes.

— June 27, 2012: Kelly publishes his autobiography, "Soulacoaster: The Diary of Me," focusing on his creative and family life rather than his legal troubles.

— Sept. 29, 2012: Kelly was nominated for two Soul Train Awards, making him the most nominated act ever at the awards show.

— March 18, 2013: Kelly's custom-built mansion, once valued at more than $5 million, sells for $950,000 in a foreclosure auction.

— July 17, 2017: Buzzfeed reports on parents' claims that Kelly brainwashed their daughters and was keeping them in an abusive "cult." One woman says she was with Kelly willingly. Following the BuzzFeed report, activists launched the #MuteRKelly movement, calling for boycotts of his music.

— Feb. 13, 2018: Kelly evicted from two Atlanta-area homes over more than $31,000 owed in unpaid back rent.

— April 30, 2018: The Time's Up campaign, devoted to helping women in the aftermath of sexual abuse, joined the #MuteRKelly social media campaign and issued a statement urging further investigation into Kelly's behavior, which had come under closer scrutiny over the last year as women came forward to accuse him of everything from sexual coercion to physical abuse. An appearance at a concert in his native Chicago was canceled after protests. Kelly's camp responded: "We will vigorously resist this attempted public lynching of a black man who has made extraordinary contributions to our culture."

— May 11, 2018: Spotify cuts R. Kelly's music from its playlists, citing its new policy on hate content and hateful conduct. Kelly's team says he has only promoted love in his music and that Spotify is acting on "false and unproven allegations." They note other artists on the service have been accused or convicted of crimes.

— May 21, 2018: News outlets report that Apple and Pandora are also not promoting Kelly's music, though both companies haven't officially made announcements.

— May 21, 2018: Faith Rodgers, 20, accuses R. Kelly of sexual battery, mental and verbal abuse, and knowingly inflicting her with herpes during a yearlong relationship, according to a lawsuit filed in New York.

— Aug. 15, 2018: An Atlanta-area property company sued Kelly for $203,400 over "extensive damage" to two homes he rented. An associate of Kelly's was previously accused of robbing the same homes in 2017. Kelly and the company settled for $170,000, but lawsuit says Kelly has only paid $20,000.

— Jan. 3, 2019: Lifetime airs the documentary "Surviving R. Kelly," which revisited old allegations against him and brought new ones into the spotlight. The series follows the BBC's "R Kelly: Sex, Girls & Videotapes," released the previous year, that alleged the singer was holding women against their will and running a "sex cult."

— Jan. 8, 2019: Cook County State's Attorney Kim Foxx holds press conference after her office is inundated with calls about the allegations in the documentary, some tied to Kelly's Chicago-area home. Foxx says there's no active investigation of Kelly and that launching one would require victims and witnesses.

— Jan. 9, 2019: Lady Gaga apologizes for her 2013 duet with R. Kelly in the wake of the sexual misconduct allegations against him, saying she intended to remove the song, "Do What U Want (With My Body)," from streaming services. The collaboration had been intensely criticized when it was released, in part because of the allegations against him and because of the sexually charged performances they did on "Saturday Night Live" and the American Music Awards in 2013.

— Jan. 10, 2019: Nielsen Music says streaming numbers for R. Kelly nearly doubled after the Lifetime documentary. Kelly averaged more than 955,600 streams in the last week of 2018. He averaged more than 1.5 million streams from Jan. 3-6.

— Jan. 14, 2019: Faith Rogers said Kelly had written a letter last October to one of her lawyers, threatening to reveal embarrassing details of her sexual history if she didn't drop her May 2018 lawsuit accusing him of sexual abuse. The Chicago Tribune publishes a story detailing court records it obtained on a July lawsuit seeking payment of $174,000 in back rent and other costs for his Chicago recording studio. A signed eviction notice was put on hold for Kelly to pay by Jan. 21.

— Jan. 21, 2019: Multiple media outlets report Kelly and his label, Sony subsidiary RCA Records, had parted ways. Lady Gaga and Celine Dion recently removed their duets with Kelly from streaming services, and French rock band Phoenix apologized for collaborating with Kelly in 2013. Kelly continues to deny all allegations of sexual misconduct.

— Feb. 1, 2019: An estimated 25.8 million people had seen all or some of the six-part documentary series that brought together dozens of people who accused Kelly of sexual misconduct, primarily contact with underage girls, since the first episode aired Jan. 3, according to the Nielsen company.

— Feb. 6, 2019: Kelly announced by tweet a new tour outside the U.S., saying he'd be going to Australia, New Zealand and Sri Lanka. The tweet was later deleted following a backlash from Twitter users who urged fans not to buy concert tickets.

— Feb. 14, 2019: Attorney Michael Avenatti said he gave Chicago prosecutors new video evidence of Kelly having sex with an underage girl, and that it is not the same evidence used in Kelly's 2008 trial, when he was acquitted on child pornography charges.

— Feb. 22, 2019: Kelly is charged with 10 counts of aggravated sexual abuse.

___

Compiled by News Researchers Jennifer Farrar and Randy Herschaft in New York.

___

See the AP's full coverage of the investigations into R. Kelly.

Source: Fox News National

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Quebec flooding blamed on spring thaw and heavy rain; thousands of homes hit

Rising rivers from the spring thaw and heavy rain has flooded about 2,500 homes in Quebec, officials are reporting.

Urgence Quebec announced the damage assessment Monday while reporting that another 1,565 homes had been cut off by floodwaters. The announcement came with more rain in the forecast this week that had officials bracing for higher water levels, affecting more homes.

People are evacuated by firefighters in a boat in Sainte-Marie, Quebec, Saturday, April 20, 2019. The Chaudiere River burst its banks after heavy rain.

People are evacuated by firefighters in a boat in Sainte-Marie, Quebec, Saturday, April 20, 2019. The Chaudiere River burst its banks after heavy rain. (Jacques Boissinot/The Canadian Press via AP)

The Chaudière River was receding after rising -- but slowly, Sainte-Marie Mayor Gaetan Vachon said, according to the CBC.

7 FIRST RESPONDERS PULLED FROM NEBRASKA'S DEADLY FLOODWATERS IN DRAMATIC HELICOPTER RESCUE: REPORTS

"It went down a foot or two, but it does not go down quickly," he said. "In the space of six hours, it may have dropped by an inch."

The flooding is being blamed for one death, a woman in her 70s in Pontiac, near Ottawa, Canada’s capital.

People paddle a canoe on the flooded streets in Sainte-Marie, Quebec, Saturday, April 20, 2019. The Chaudiere River burst its banks after heavy rain.

People paddle a canoe on the flooded streets in Sainte-Marie, Quebec, Saturday, April 20, 2019. The Chaudiere River burst its banks after heavy rain. (Jacques Boissinot/The Canadian Press via AP)

She was killed when she drove into a massive hole created after floodwaters washed out the road, CBC reported.

MIRACLE BABY GIRL IS BORN ON TOP OF A MANGO TREE DURING MOZAMBIQUE CYCLONE

Residents and soldiers filled sandbags in preparation for more flooding this week, CTV Montreal reported.

With rain forecast for Wednesday, Thursday and Friday, water levels are expected to rise and affect more homes, especially along the St. Lawrence River near Trois Riveires, the station reported.

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More than 600 soldiers were on deployment in the province to assist with rescues.

Source: Fox News World

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Czech Prez Calls Turkey a “De Facto Ally of ISIS”

The Czech president’s remarks come a few days after Turkey announced a joint operation with Iran against the Kurdistan Workers Party (PKK), which Ankara considers a terrorist organization.

During a trip to the Karlovy Vary region on Tuesday, Czech President Milos Zeman claimed he considered Turkey a “de facto ally” of ISIS, the CTK news agency reported.

“Why [do the Turks] attack the Kurds? Because they are de facto allies of the Islamic State”, the president said, answering a question from one of the meeting’s participants. “This means that it’s Turkey – despite the fact that it is a NATO member and seeks to join the European Union, which it is unlikely to be accepted – that has served as a mediator in logistics operations for the Islamic State supplies when [this terrorist organisation] occupied a significant part of Syria and Iraq. This, for example, included oil exports [from the territory seized by terrorists] and the like.”

The Czech president has accused his Turkish counterpart Recep Tayyip Erdogan of pursuing a policy of Islamising his country.

“This is no longer the secular state of [Kemal] Ataturk, but a state that professes Islamic ideology, and as follows logically, that it [the state] stands close to the Islamic radicals”, Zeman alleged.


President Trump has announced America will be withdrawing from Syria. Owen Shroyer breaks down how the MSM pushes for more war and death even suggesting the troops ignore President Trump’s orders.

Erdogan has yet to comment on the accusations, but Ankara has repeatedly accused the West of backing the Kurdistan Workers’ Party (PKK), which Ankara views as a terrorist organization, and sponsoring ISIS.

Last month, Erdogan announced that Turkey was ready to launch an operation against the US-backed Kurdish-led People’s Protection Units (YPG) that it considers to be affiliated with the PKK, in Syria’s Manbij if the United States did not remove the militia from there.

(Photo by Pixabay)

However, after talks with US President Donald Trump, who informed the Turkish counterpart of the US troop withdrawal from Syria, Erdogan postponed his plans, saying that the offensive would be launched only after the complete pullout of US forces.
In January 2018, Turkey carried out an operation, dubbed Olive Branch, against the YPG in Syria’s Afrin following the US announcement of its decision to start training a 30,000-strong border security force on Syria’s northern borders that would include the US-backed Kurdish Syrian Democratic Forces (SDF).

At the time, Erdogan slammed US intentions, having accused Washington of building a “terrorist army” near Turkey’s borders and vowed to “strangle” it “before it is born.”

Tensions between Turkey and the Kurds took a new turn in July 2015 when a two-year ceasefire between Ankara and the PKK collapsed over a series of attacks allegedly perpetrated by the Kurdistan Workers Party.


Big Tech claims immunity from prosecution for censorship under section 230 since they are not a “publisher.” Alex reveals this is nothing more than a tactic to cover-up their dark deeds.

Source: InfoWars

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Case of 43 disappeared students gets fresh start in Mexico

The disappearance of 43 Mexican students at the hands of police in 2014 is entering a new phase with the launch of a group that will try to shed light on the still-murky case.

Monday's inauguration of the Inter-American Commission on Human Rights group comes after new President Andres Manuel Lopez Obrador's government set up a truth commission in January.

Deputy Interior Secretary Alejandro Encinas said the experts will have access "without restrictions" to information on the case.

A government investigation concluded the teachers' college students were taken by police in Iguala, handed over to drug cartel thugs and then burned at a dump.

Outside experts have cast doubt on that theory, citing irregularities, a lack of forensic evidence and possible obstructions of justice at multiple levels of government.

Source: Fox News World

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Saudi Arabia may keep May crude prices little changed

FILE PHOTO: Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia
FILE PHOTO: Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, May 21, 2018. REUTERS/Ahmed Jadallah/File Photo

April 2, 2019

By Florence Tan

SINGAPORE (Reuters) – Top oil exporter Saudi Arabia is expected to keep prices of various grades of crude it sells to Asia little changed in May from the previous month, trade sources said on Tuesday.

State-owned Saudi Aramco may cut the official selling price (OSP) for its flagship Arab Light crude by 5 cents a barrel for May, according to the median of responses of five refining sources. The sources gave a range of an increase of 5 cents to a cut of 25 cents.

The respondents also expect similar price moves for the country’s other grades Arab Extra Light, Arab Medium and Arab Heavy.

The expectations for a slight decrease follows a marginal widening of the backwardation in the price structure for benchmark Dubai prices. Backwardation is when prompt prices are higher than later dated prices and it suggests that demand for a commodity is strong.

The difference between cash Dubai’s first and third month during March widened by 2 cents, the sources said.

However, during March, the profit margin for fuel oil, known as the crack spread, collapsed from a premium of $2.25 a barrel over Dubai crude to a discount of as low as 83 cents, reducing the value of Saudi Arabia’s heavy crudes.

“The price structure hasn’t changed much and fuel oil crack has worsened a bit,” said one respondent.

“Light crude supply is still long.”

However, a second respondent said the bigger-than-expected price hikes seen in April OSPs may signal a shift in Saudi’s pricing strategy that could point to higher prices if Saudi continues on the same track in May.

Saudi Arabia, which is cutting output to reduce global inventory levels to a target in line with the five-year average of supplies, stopped giving additional light crude supplies to some Asian refiners from March.

Saudi Arabia’s larger-than expected production cuts have reduced oil supply from the Organization of the Petroleum Exporting Countries to a four-year low in March.

State oil giant Saudi Aramco typically sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.

But April prices, announced last month, exceeded market expectations.Saudi crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting more than 12 million barrels per day (bpd) of crude bound for Asia.

Saudi Aramco officials as a matter of policy do not comment on the kingdom’s monthly OSPs.

(Reporting by Florence Tan; editing by Christian Schmollinger)

Source: OANN

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Progress made on Irish border backstop but time is of the essence: UK’s May

Britain's Prime Minister Theresa May is seen outside Downing Street in London
Britain's Prime Minister Theresa May is seen outside Downing Street in London, Britain, February 20, 2019. REUTERS/Simon Dawson

February 20, 2019

LONDON (Reuters) – British Prime Minister Theresa May said on Wednesday that progress had been made in solving the impasse over the backstop arrangements for the Irish border that has hindered her Brexit deal but added that time was running out to secure changes.

May is in Brussels seeking to change the agreement she struck with the EU last year, after the deal was heavily defeated by British lawmakers.

Lawmakers in May’s Conservative party have criticized backstop arrangements to avoid a hard border in Ireland, saying that under the current deal it could lock in EU rules for Northern Ireland indefinitely.

“I’ve underlined the need for us to see legally binding changes to the backstop that ensure that it cannot be indefinite. That’s what is required,” May told international broadcasters after meeting European Commission President Jean-Claude Juncker in Brussels.

May said that negotiations with the EU would continue “at pace.”

“Time is of the essence, and it’s in both out interests that when the UK leaves the EU, that it does so in an orderly way. So we’ve made progress.”

Earlier in the day, three pro-EU lawmakers quit the Conservatives, criticizing her approach to Brexit in an illustration of the tensions in May’s party.

They believe there should be another referendum on May’s deal, while some Euroskeptic lawmakers in her party believe Britain should leave on March 29 even if it means leaving without a deal.

“The question of our membership of the European Union has been a matter of disagreement in our party for many years now and it was never going to be easy for the UK to leave the European Union after over 40 years of membership,” May said.

“But I believe that by delivering on the result of the referendum… we’re doing the right thing by the country.”

(Writing by Alistair Smout, Editing by William Maclean)

Source: OANN

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The headquarters of Wirecard AG is seen in Aschheim near Munich
FILE PHOTO: The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder

April 26, 2019

BERLIN (Reuters) – Wulf Matthias will not stand for a second term as Wirecard’s chairman in 2020, German daily Handelsblatt said on Friday, citing sources in the financial industry.

For age reasons alone this would not be an option for Matthias, aged 75, Handelsblatt added.

Matthias will keep his mandate until it ends in 2020, the paper quoted a company spokeswoman as saying.

Wirecard was not immediately available for comment when contacted by Reuters.

(Reporting by Tassilo Hummel; Editing by Thomas Seythal)

Source: OANN

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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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