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Options-based funds offer succor to investors wary of volatility

FILE PHOTO: The Federal Reserve Board building on Constitution Avenue is pictured in Washington
FILE PHOTO: The Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 27, 2019. REUTERS/Brendan McDermid

April 3, 2019

By Saqib Iqbal Ahmed

NEW YORK (Reuters) – The Federal Reserve’s pivot on tightening U.S. monetary policy this year and a change in a bond market gauge that is often viewed as a harbinger of a recession pose a dilemma for investors: how to stay in stocks without running the risk of losing one’s shirt when risk assets stumble.

Alternative mutual funds that use options to maintain exposure to stocks even as they tamp down volatility could provide the buffer between mild gains and massive losses.

“We definitely think now is a good time to be looking at strategies that can both participate in market advances and reliably deliver protection,” said David Jilek, chief investment strategist at Gateway Investment Advisers in Boston.

The $8.27 billion Gateway Fund – the oldest and largest fund in Morningstar’s options-based category – has a three-decade history of running low-volatility equity index options strategies.

The fund, which marries stock ownership with index call and put options hedges, aims to capture a portion of equity market returns but with less volatility.

In the fourth quarter when the S&P 500 Total Return index tanked 13.52%, the fund’s Y class shares fell only 7.47%. On the flip side, when stocks rebounded 13.65% in the first quarter, the fund’s shares only gained 5.01%.

Like any investment, gaining protection from volatility carries risk. Over the longterm, investors may miss out on big gains by opting for nearterm protection from huge losses.

For instance, an investment of $10,000 in the Gateway fund 10 years ago would now be worth about $17,500, according to Thomson Reuters data. By comparison, the same amount invested in the S&P 500 S&P 500 Index’s tracking fund, the SPDR S&P 500 ETF Trust, would have returned more than $44,000, albeit with a higher degree of volatility.

“Investors would be better off just putting their money in passive funds,” said Mark Hebner, president of Irvine, California-based independent financial adviser Index Funds Advisors.

Equity markets have enjoyed a period of very low volatility and strong returns over the last decade, but that may be set to change.

Stocks tumbled hard late last year, as investors fretted over mounting concerns about global growth, waning corporate profits, U.S.-China trade tensions and the Fed’s path on rate hikes.

Even though most of those losses have been recouped, jitters remain, with some worrying that the Fed’s dovish tilt is an implicit confirmation of the markets’ anxiety about growth.

The recent inversion of the yield curve — the yield on the 10-year U.S. Treasury bond slipped below 3-month T-bill rates for the first time in more than a decade – is considered a classic signal that a recession may follow in the next one to two years.

“I think there are a lot of advisers who are looking for that downside protection, but they don’t want to bet against the market and they don’t want to be overallocated to bonds. Our strategy fits that need pretty well,” Jilek said.

GRAPHIC: Gateway fund performance, click https://tmsnrt.rs/2VcjmDs

ROCKY PATH AHEAD

Notwithstanding worries about an approaching recession, quitting stocks altogether may prove expensive.

“Historically, equity markets tended to produce some of the strongest returns in the months and quarters following an inversion,” J.P. Morgan strategist Marko Kolanovic said in a recent note.

But it might not be all smooth sailing.

“The last three years of the ’90s bull market were very profitable but very volatile,” said Eli Pars, co-chief investment officer at fund manager Calamos Investments in Chicago. “We may be looking at a period like that again.”

Pars leads strategy for the Calamos Hedged Equity Income Fund, which uses a covered call strategy – selling call options against a portfolio of equities – while using puts to limit downside.

“It’s geared toward investors that may be a little less comfortable – either because where we are in the cycle or just in general – with full-on exposure to the equity market,” Pars said.

For 2018 fourth quarter, the fund fell 6.32%, compared with a drop of 13.52% for the S&P 500 Total Return index, according to Morningstar data. In the 2019 first quarter, the fund’s shares gained 6.38%, compared with a 13.65% gain for stocks.

The fund, a relatively new spinoff from the $6 billion Calamos Market Neutral Income Fund, has gone from managing $10 million to $160 million over the last 18 months, Pars said.

(Reporting by Saqib Iqbal Ahmed; editing by Jennifer Ablan and Leslie Adler)

Source: OANN

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UK Prime Minister Theresa May opens door to ‘short, limited’ Brexit delay

British Prime Minister Theresa May on Tuesday opened the door to a “short, limited” delay in Britain’s departure from the European Union -- a move greeted warily by pro-Brexit members of her Conservative Party.

Britain is scheduled to leave the bloc on March 29, but after Parliament overwhelmingly rejected the draft withdrawal agreement that she hashed out with E.U. leaders, the country is set to leave without an agreement.

BREXIT MUST NOT BE FRUSTRATED, UK'S MAY VOWS, AS CABINET MEMBERS WARNS AGAINST 'DISASTROUS' NO DEAL

Members of May’s government, along with pro-E.U. members and business groups, have warned that a “no deal Brexit” could have catastrophic consequences and lead to food and medicine shortages and blocked ports. Pro-Brexit MPs have downplayed those concerns, saying that Britain would merely revert to World Trade Organization trading terms.

On Tuesday, May told the House of Commons that there will be a new “meaningful vote” on her deal on March 12. Should that fail, as expected, there would be a vote a day later on a “no-deal Brexit.” May said that, if that fails also, the government would put forward a motion “on whether Parliament wants to seek a short limited extension to Article 50” -- referring to the trigger mechanism by which Britain would leave the E.U.

“Let me be clear, I do not want to see Article 50 extended,” she said, after clarifying that the delay would be no later than the end of June. “Our absolute focus should be on working to get a deal and leaving on 29 March.”

The move is unlikely to please May who has staked her premiership on delivering Brexit, and has already faced significant pressure from her own party to step down over her handling of the Brexit negotiations. British newspapers reported this week that May faced a number of cabinet resignations if she had not given MPs a vote to delay Brexit. She still ruled out revoking Article 50 altogether.

“An extension cannot take no deal off the table," she told Parliament. "The only way to do that is to revoke Article 50, which I shall not do, or agree a deal.”

She added: "Ultimately the choices we face would remain unchanged – leave with a deal, leave with no deal, or have no Brexit."

Pro-Remain forces, who have been increasing calls for a second Brexit referendum, accused May of simply delaying the inevitable and said that Britain will face the same dilemma in the summer as it does now.

“She seems to be giving us a date for a new cliff edge,” Tory MP Ken Clarke, a staunch Europhile, said in the Commons. “Isn’t the danger we continue the same pantomime performance through the next three months?”

Labour Party leader Jeremy Corbyn scorched May over what he called her "cynical tactics" of delay, and said it risked the loss of jobs and investment in Britain as uncertainty continues.

"The responsibility for this lies exclusively with the Prime Minister and her government's shambolic handling of Brexit," he said.

ANTI-BREXIT MPS BREAK AWAY FROM BOTH MAIN PARTIES, FORM PRO-EU INDEPENDENT GROUP

Eurosceptics were similarly disgruntled, with former MP Mark Reckless tweeting simply: “Betrayal.”

Conservative Jacob Rees Mogg, head of the pro-Brexit European Research Group, said that May’s move only moved back the cliff edge and “it doesn’t offer parliament very much.”

He also raised the fear among Brexiteers that the calls for delay have been part of a push to ultimately scupper Brexit.

“If it’s being delayed, which is my suspicion, as a plot to stop Brexit altogether then i think that would be the most grievous error politicians could commit,” Rees-Mogg told Sky News. “It would be overthrowing a referendum result, two general elections -- one to call for the referendum and one to endorse the referendum -- and would undermine our democracy.”

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Pressure on May to call for a referendum re-do is likely only to increase over the Spring. On Monday, the Labour Party called for a second referendum, having previously promised to honor the 2016 referendum result in its 2017 election manifesto.

Last week, a group of pro-Remain Labour and Conservative MPs splintered off from their parties to form The Independent Group -- a cross-party bloc of centrist MPs. Those MPs have also called for Britons to be sent back to the polls to reconsider their votes.

Source: Fox News World

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Trump Bashes Mexico on Immigration

President Donald Trump threatened to close the southern border and said Mexico “is doing nothing” to curb the flow of illegal immigrants.

Trump’s comments came in a Thursday tweet.

The president wrote: “Mexico is doing NOTHING to help stop the flow of illegal immigrants to our Country. They are all talk and no action. Likewise, Honduras, Guatemala and El Salvador have taken our money for years, and do Nothing. The Dems don’t care, such BAD laws. May close the Southern Border!”

The Washington Post noted Trump’s remarks came a day after Kevin McAleenan, commissioner of Customs and Border Protection, said U.S. immigration enforcement along the border with Mexico is at “the breaking point.”

Source: NewsMax Politics

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Florida man was high on adult-themed nitrous oxide during deadly crash, prosecutors say

A Florida man charged with DUI manslaughter in the July 2018 death of a real estate attorney was allegedly high on nitrous oxide when he hit the man with his vehicle, prosecutors said Wednesday.

Joseph Franco, 27, had initially been charged with tampering after the fatal crash, but the new, more serious charge was added after further investigation, the Miami Herald reported.

FLORIDA MAN ACCUSED OF KILLING TWO, EATING MAN’S FACE, BELIEVED HE WAS ‘HALF-DOG, HALF-MAN,’ DOCTOR SAYS

Franco inhaled the nitrous oxide before fatally hitting Amir Pelleg and injuring his wife and two daughters, investigators said. Police discovered a dozen used canisters labeled XXX Platinum Triple Refined Cream Chargers inside a bag Franco was reportedly seen dumping after the accident. The cream chargers, also known as "whippets," were an adult-themed item intended to be used to make whipped cream.

Franco received the additional charge after a forensic lab determined the canisters contained an illegal amount of nitrous oxide, according to the Miami Herald. Officials said an investigation into the car’s black box determined that Franco did not brake or swerve before the crash.

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Franco was reportedly on house arrest awaiting a trial on the tampering charge when the new charge was handed down. He was booked into jail Wednesday.

Source: Fox News National

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Key developments from Thailand's post-coup election

A military-backed party appears to have won the most votes in Thailand's first election since a 2014 coup after tilting the electoral system in its favor. If the preliminary results hold, it will likely add to nearly two decades of political instability in Thailand. Some key developments from the election.

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MILITARY RULES

Coup leader and prime minister Prayuth Chan-ocha took full advantage of five years of junta rule to change the constitution and election laws to stack the electoral odds against anti-junta parties.

But the military-backed Palang Pracharat party's strong showing in the popular vote also suggests some Thais were happy with the certainty provided by Prayuth's strongarm rule and deeply opposed to the alternative — a government allied with exiled former Prime Minister Thaksin Shinawatra.

A lot of people who supported Prayuth did so because they believed "if you want to get away from Thaksin, that was your only hope," said Pavida Pananond, an associate professor at Bangkok's Thammasat Business School.

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STILL UNSTABLE

Thailand's has endured nearly two decades of political strife as conservative forces including the military tried to reverse the populist political revolution led by Thaksin, who swept to power in 2001 and was ousted by a military coup after several years. That instability looks set to continue even after Sunday's election.

The political system designed by the junta is inherently unstable. A 250-member junta-appointed Senate and a 500-member elected parliament will decide the next prime minister. That could result in Prayuth as prime minister but trying to govern without a majority in parliament. Supporters of the Thaksin-allied Pheu Thai party may also view the election results as illegitimate.

"It is highly likely that political tensions in parliament will boil over into very public debate and parliamentary dysfunction," said Jacob Ricks, a political scientist at Singapore Management University. "If a parliamentary majority is in the opposition, we might even see Prayuth use a heavier hand in coercing compliance."

And in Thailand, which has seen 12 coups since 1932, instability increases the odds of another military takeover.

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NOT EVERY VOTE COUNTS?

Palang Pracharat's lead in the vote tallies and the Election Commission's delay in releasing complete results have sparked suspicion of irregularities in the counting.

Election cheating was the top trending topic on Twitter for Bangkok with hashtags such as "ECBusted," ''CheatingElection19" and "EChasNoCalculators."

The Pheu Thai party has also voiced concerns and wants to inspect disqualified ballots, which are more than a million in number.

"Even the reported numbers from the Election Commission and each media outlet are different. We have our own number too," said the party's secretary-general Phumtham Wechayachai. "It will be clearer once the official result is announced."

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THE FUTURE IS ALMOST HERE

A new political force, the Future Forward Party led by left-leaning millionaire businessman Thanathorn Juangroongruangkit, campaigned on sending the military back to the barracks. With strong support from first-time voters it became the third-ranked party by votes.

The party's is in jeopardy because it faces legal challenges from the campaign period, but its strong performance is disconcerting for the junta. Though largely youth-orientated, Thanathorn's charisma, sharp debating skills and vigorous campaigning expanded the party's appeal and flagged him as a possible future prime minister.

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DEMOCRAT DISASTER

Thailand's oldest political party, battered for years by Thaksin's political machine, took another beating as voters in its Bangkok and southern strongholds deserted it, apparently in favor of the junta party as the more viable Thaksin alternative.

Leader and former Prime Minister Abhisit Vejjajiva resigned as election results rolled in late Sunday. The party's abysmal performance means it will likely finish in fourth or fifth place

The Democrats' failure "probably also means that the party is more likely to try to get into a coalition with Palang Pracharat," said Kevin Hewison, a professor emeritus from the University of North Carolina and veteran Thai studies scholar. "Otherwise, the party would be in opposition with Thaksin parties and I don't think that appeals to the Democrat core constituency."

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THAKSIN, DOWN BUT NOT OUT

With results yet to be finalized, the pro-Thaksin Pheu Party may yet win more seats in parliament than the junta's party. And even if not, Pheu Thai can still convincingly argue that it would have done better if the deck had not been stacked against it.

The pro-Thaksin forces had established the satellite Thai Raksa Chart Party to overcome the convoluted election rules that sought to minimize the number of seats they could win. But they overreached themselves by nominating the Thai king's sister as their candidate for prime minister, and instead of gaining some royal luster, found themselves disgraced and dissolved.

Pheu Thai supporters "are unlikely to embrace continued rule by Prayuth, but many feel as though they have no alternative beyond accepting and enduring it," said Ricks. "They are very aware of who carries the guns."

Source: Fox News World

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Indonesia central bank holds rates, eases a liquidity rule as Fed signals no hikes

FILE PHOTO: The logo of Indonesia's central bank, Bank Indonesia, is seen on a window in the bank's lobby in Jakarta
FILE PHOTO: The logo of Indonesia's central bank, Bank Indonesia, is seen on a window in the bank's lobby in Jakarta, Indonesia, September 22, 2016. REUTERS/Iqro Rinaldi

March 21, 2019

By Gayatri Suroyo and Maikel Jefriando

JAKARTA (Reuters) – Indonesia’s central bank, welcoming the Federal Reserve’s forecast of no U.S. rate hikes this year, on Thursday kept its benchmark on hold to maintain financial stability while tweaking some rules to try to encourage more lending.

Bank Indonesia (BI) held its 7-day reverse repurchase rate steady at 6.00 percent, where it has been since November, as expected by all 20 analysts in a Reuters poll.

The decision came hours after the Fed abandoned projections for any rate hikes this year, sending the rupiah up 0.4 percent on Thursday.

Governor Perry Warjiyo told reporters after the meeting that global developments, including the Fed’s latest statement, “will be more positive for capital inflows to emerging markets, including Indonesia.”

BI was one of Asia’s most aggressive central banks last year, raising the benchmark rate six times by 175 basis points to respond to the Fed’s four rate hikes and to counter outflows that kept the rupiah under pressure for most of 2018.

This year, the rupiah has been generally appreciating due to inflows to Indonesia’s equity and bond markets as major central banks around the world turned dovish.

BI still expected one more rate hike by the Fed through 2020, but sees the rupiah being stable this year, Warjiyo said.

“This is a ‘dovish hold’, said Satria Sambijantoro, an economist at Bahana Sekuritas in Jakarta. “BI signaled its readiness to support credit expansion, with tweaks on some macroprudential policy measures to support liquidity in the banking system.”

BI will raise the guidance for where it wants banks to maintain its financing-to-funding ratio to a 84-94 percent range, from 80-92 percent range, effective July 1.

Warjiyo said the measure, which allows banks to manage a slightly higher liquidity ratio without being penalized, was aimed at getting banks to lend more.

LENDING LIFT

Meanwhile, he said BI had also been adding liquidity to the financial system since December through open market operations, estimating the cash injected so far at 459 trillion rupiah ($32.51 billion).

While banks on aggregate had “more than enough” liquidity, he said smaller banks were facing difficulties to expand lending due to funding constraints.

Warjiyo said the new moves would help accelerate lending growth to the upper end of the 10-12 percent outlook in 2019, without hurting stability.

Even so, BI still sees economic growth this year remaining in a range of 5.0-5.4 percent.

The latest measures announced by BI indicated it “was in little hurry to change interest rates,” Capital Economics said, predicting no change in the benchmark rate this year.

In February, the annual inflation rate cooled to 2.57 percent, the slowest in nearly a decade and just above the lower end of BI’s 2.5-4.5 target range for 2019. Warjiyo said inflation will remain within target until the end of the year.

The Philippine central bank, the second Southeast Asian one holding a policy meeting right after the Fed’s, also kept its benchmark rate on hold, as expected.

(Additional reporting by Fransiska Nangoy, Nilufar Rizki and Tabita Diela; Editing by Richard Borsuk and Ed Davies)

Source: OANN

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Survey: Businesses add jobs at slowest pace in 18 months

Companies added the fewest jobs in 18 months in March, a private survey found, suggesting employers may have grown more cautious as signs of slower economic growth have emerged.

Payroll processor ADP said Wednesday that businesses added 129,000 jobs last month, down from the previous month's gain of 197,000. Still, the job gains in March are enough to lower the unemployment rate over time.

All the job gains were in service sectors, such as education and health care, which added a combined total of 56,000. Professional and business services, which include engineering, accounting, and other higher-paid work, added 41,000.

Small businesses added just 6,000 jobs, far below the hiring by large and medium-sized businesses. Smaller companies typically struggle to compete in hiring with bigger businesses when fewer workers are available.

Source: Fox News National

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A California man who allegedly fatally shot his ex-girlfriend in broad daylight last month before fleeing the country has been returned to the U.S. following his arrest in Mexico on Wednesday, authorities said.

Julio Cesar Rocha, 25, of Montlcair, is accused of shooting his 25-year-old ex-girlfriend Thalia Flores and a second unidentified male victim March 21 around 2:45 p.m. while the two were sitting in a vehicle in the parking lot of a discount store in Chino. Both communities are about 36 miles east of Los Angeles.

ARREST MADE IN DOUBLE HOMICIDE OF EX-PRO HOCKEY PLAYER, COMMUNITY ADVOCATE, POLICE SAY

Julio Cesar Rocha, 25, of Montlcair, Calif. was located in Mexico Wednesday and returned to California where he faces murder and attempted murder charges related to the death of his ex-girlfriend, Thalia Flores.

Julio Cesar Rocha, 25, of Montlcair, Calif. was located in Mexico Wednesday and returned to California where he faces murder and attempted murder charges related to the death of his ex-girlfriend, Thalia Flores. (City of Chino Police Department)

Flores died at the scene. The man, whose name was not released, walked to a nearby hospital where he’s recovering from his gunshot wounds.

Rocha allegedly fled the scene and remained at large for more than a month, the Daily Bulletin reported. He was formally arrested at 4:30 p.m. after arriving at Los Angeles International Airport from Mexico, KTLA-TV reported.

The suspect was booked at the West Valley Detention Center in Rancho Cucamonga on murder and attempted murder charges, the City of Chino Police Department said on Facebook.

Flores ended her seven-year relationship with Rocha just two months before her death and still lived in fear of him until that point, a sister of the victim, Bernice Flores, told the Daily Bulletin.

“He said himself so many times to other people, ‘If I can’t have her, no one will.’ ” Flores said, adding that her sister stayed in the relationship longer that she would have liked in fear that Rocha would hurt her or her family if they broke up.

Rocha was convicted on misdemeanor battery in 2016 and sentenced to 60 days in prison. He was originally charged with misdemeanor assault with a deadly weapon, but the charges were lowered in a plea deal, the Daily Bulletin reported.

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Rocha was convicted of misdemeanor resisting or obstructing a peace officer in 2014. A second charge of misdemeanor battery was dropped in a plea deal, and Rocha was ordered to complete a 26-week anger management course, according to San Bernardino County Superior Court records. Rocha was later arrested and sentenced to 10 days behind bars for failing to complete the course.

Source: Fox News National

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Multiple people died Thursday when a semitrailer plowed into stationary traffic that resulted in explosions and flames on a Colorado freeway, authorities said.

The incident occurred just before 5 p.m. in the Denver suburb of Lakewood when a truck driver lost control while traveling east on Interstate 70, according to a preliminary investigation. The collision started a chain reaction and a diesel fuel spill, Lakewood police spokesman Ty Countryman told the Denver Post.

“This is looking to be one of the worst accidents we’ve had here in Lakewood,” he said.

The driver of the runaway truck survived. At least one truck was carrying lumber, another was hauling gravel and the third may have been carrying mattresses, KDVR-TV reported.

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Lakewood police tweeted there were multiple fatalities but did not give a specific number. Six people were taken to a hospital. Their conditions were not released, according to the paper.

Lanes in both directions were closed and expected to remain so into Friday morning.

Source: Fox News National

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President Trump will address members and leaders of the National Rifle Association on Friday at the group’s annual convention in Indiana.

Around 80,000 gun enthusiasts and more than 800 exhibitors are expected to pack the Indiana Convention Center in Indianapolis for the three-day event, the Indianapolis Star reported. It will mark the third straight year that Trump will deliver the keynote address, where he is expected to champion the rights of gun owners.

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes,” Chris Cox, executive director of the NRA’s Institute for Legislative Action (ILA), said in a statement. “President Trump’s Supreme Court appointments ensure that the Second Amendment will be respected for generations to come. Our members are excited to hear him speak and thank him for his support for our Right to Keep and Bear Arms.”

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes.”

— Chris Cox, executive director, NRA’s Institute for Legislative Action

COLORADO ENACTS ‘RED FLAG’ LAW TO SEIZE GUNS FROM THOSE DEEMED DANGEROUS, PROMPTING BACKLASH

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

Trump and Vice President Mike Pence spoke at last year’s convention in Dallas. During his speech, Trump assured gun owners that he would protect their Second Amendment rights, according to the paper.

“Your Second Amendment rights are under siege,” Trump told the cheering audience in Dallas. “But they will never, ever be under siege as long as I am your president.”

Trump has supported some gun control measures in the past. Last year, his administration imposed a ban on bump stocks, attachments that enable semiautomatic rifles to fire in rapid bursts. Although, he most recently threatened to veto two Democratic gun control bills.

This year’s convention comes as the NRA faces outside pressure and internal problems. The group has seen its legislative agenda stall amid a series of mass shootings — including a massacre at a Parkland, Fla., high school in February 2018 that left 17 dead and launched a youth movement against gun violence.

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It’s also grappling with infighting in its ranks, money problems and investigations into whether Russian agents courted officials and funneled money through the group.

“I’ve never seen the NRA this vulnerable,” said John Feinblatt, president of Everytown for Gun Safety, a nonprofit that advocates for gun control measure.

The convention will run through the weekend and conclude Sunday.

The Associated Press contributed to this report.

Source: Fox News Politics

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FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London
FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London, Britain December 15, 2018. REUTERS/Simon Dawson

April 26, 2019

(Reuters) – Ailing British retailer Debenhams said two proposed company voluntary arrangements (CVA) could see all its stores remaining open during 2019, with 22 closures planned for next year, putting about 1,200 jobs at risk.

Debenhams’ lenders took control of the retailer earlier this month in a process designed to keep its shops open at the expense of shareholders.

(Reporting by Noor Zainab Hussain in Bengaluru; editing by Gopakumar Warrier)

Source: OANN

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FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London
FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London, Britain, November 8, 2018. REUTERS/Toby Melville

April 26, 2019

BENGALURU (Reuters) – Chinese brands controlled a record 66 percent of Indian smartphone market in the first quarter, led by Xiaomi Corp, a report showed, with volumes rising 20 percent on the back of popularity for brands like Vivo, RealMe and Oppo.

Xiaomi’s India shipments fell by 2 percent over last year, but the Beijing-based company was still the biggest smartphone brand in the country, followed by Samsung Electronics Co Ltd, according to Hong-Kong based Counterpoint Research.

Shipment volumes for Vivo jumped 119 percent, while those of Oppo rose 28 percent.

“Vivo’s expanding portfolio in the mid-tier range ($100 to $180) drove its growth along with aggressive Indian Premier League cricket campaign,” Counterpoint analysts said.

India is the world’s fastest growing market for smartphones, where affordable pricing coupled with features like “selfie” cameras and big screens have popularized Chinese brands.

Video streaming services like Netflix Inc and Hotstar, as well as heavy usage of messaging apps like Facebook Inc’s WhatsApp have further spurred demand.

“Data consumption is on the rise and users are upgrading their phones faster as compared to other regions,” Counterpoint’s Tarun Pathak said.

“As a result of this, the premium specs are now diffusing faster into the mid-tier price brands. We estimate this trend to continue leading to a competitive mid-tier segment in coming quarters.”

(Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu)

Source: OANN

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