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White House says Trump spoke to Libyan commander Haftar on Monday

FILE PHOTO: Khalifa Haftar, the military commander who dominates eastern Libya, arrives to attend an international conference on Libya at the Elysee Palace in Paris
FILE PHOTO: Khalifa Haftar, the military commander who dominates eastern Libya, arrives to attend an international conference on Libya at the Elysee Palace in Paris, France, May 29, 2018. REUTERS/Philippe Wojazer/File Photo

April 19, 2019

WEST PALM BEACH, Fla. (Reuters) – The White House said on Friday that President Donald Trump spoke by phone on Monday to Libyan military commander Khalifa Haftar and discussed “ongoing counterterrorism efforts and the need to achieve peace and stability in Libya.”

The statement said Trump “recognized Field Marshal Haftar’s significant role in fighting terrorism and securing Libya’s oil resources, and the two discussed a shared vision for Libya’s transition to a stable, democratic political system.”

On Thursday, mortar bombs crashed down on a suburb of Tripoli, almost hitting a clinic, after two weeks of an offensive by Haftar’s eastern troops on the Libyan capital, which is held by an internationally recognized government.

(Reporting By Steve Holland; Editing by David Gregorio)

Source: OANN

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ECB leaning toward rewarding banks who lend, skeptical on tiered rate: sources

FILE PHOTO: Reflection of the sign of the European central Bank (ECB) is seen ahead of the news conference on the outcome of the Governing Council meeting, at the ECB headquarters in Frankfurt
FILE PHOTO: Reflection of the sign of the European central Bank (ECB) is seen ahead of the news conference on the outcome of the Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, March 7, 2019. REUTERS/Kai Pfaffenbach/File Photo

April 11, 2019

By Balazs Koranyi, Francesco Canepa and Frank Siebelt

WASHINGTON/FRANKFURT (Reuters) – European Central Bank policymakers are increasingly leaning toward rewarding banks for lending to households and businesses but are mostly skeptical about giving lenders a reprieve from a charge on their idle cash, four sources told Reuters.

The sources said rate-setters, who met in Frankfurt on Wednesday, were now open to offering a zero or even negative interest rate to banks that pass through into the economy the cash they borrow under the ECB’s third Targeted Long-Term Refinancing Operation (TLTRO III), due to start in September.

ECB President Mario Draghi said on Wednesday that policymakers did not discuss the terms of the upcoming TLTRO at their meeting and would decide on the matter when they have more information about the state of the economy and bank lending, flagging the bank’s June gathering as a possible date.

With the growth outlook fading faster than feared, even hawkish policymakers have given up pricing the loans at the private market rate. Some are even discussing offering the TLTROs at minus 0.4 percent, which is currently the ECB’s deposit rate, the sources said.

Draghi also said policymakers were considering the need to mitigate the impact of the ECB’s negative deposit rate on lenders’ profits, a coded reference to a tiered system where some excess reserves are exempted from that charge.

But this option, which is being studied by the ECB’s staff and has already been adopted by countries such as Japan and Switzerland, met with widespread scepticism on the Governing Council, the sources said.

Many rate setters felt that the relief for banks, which are currently paying a 0.4 percent annualized rate of interest on some 1.9 trillion euro ($2.14 trillion) worth of idle cash, would be modest and outweighed by the risks.

Some fear that investors might interpret the move as a stealth rate hike, which would be particularly felt in countries in the euro zone’s south where cash is still scarce.

Others flagged the risk that tiered rates could be used for an arbitrage in combination with the new TLTROs if banks could access ECB funding at a lower rate than they get on some of their reserves.

Some analysts said a tiered rate would make room for the ECB to cut its deposit rate farther — a prospect that one source said was nowhere near being discussed.

Even policymakers who were open to the idea of tiering acknowledged it was a hard sell and would further complicate the ECB’s policy framework, the sources said.

An ECB spokesman declined to comment.

(Editing by Catherine Evans)

Source: OANN

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Asian business sentiment lingers near three-year low as trade war drags: Thomson Reuters/INSEAD

Office workers walk to the train station during evening rush hour in the financial district of Singapore
Office workers walk to the train station during evening rush hour in the financial district of Singapore March 9, 2015. REUTERS/Edgar Su/File Photo

March 20, 2019

By Choonsik Yoo

SEOUL (Reuters) – Confidence among Asian companies held near three-year lows in the first quarter as a U.S.-China trade dispute dragged on, pulling down a global economy that is already on a downward path, a Thomson Reuters/INSEAD survey found.

The Thomson Reuters/INSEAD Asian Business Sentiment Index tracking firms’ six-month outlook was flat in the March quarter from the previous quarter’s 63, compared with a near three-year low of 58 set in the September quarter.

A reading above 50 means optimistic respondents outnumbered pessimists, but the latest index still marks one of the five worst since the world started its recovery from the 2008-2009 global financial crisis.

“Things have not gotten worse but a lot of uncertainty is putting companies in wait-and-see mode,” Antonio Fatas, a Singapore-based economics professor at global business school INSEAD, said of U.S.-China talks on trade relations.

“In one week, it looks like they are promising and the week after it looks like they are going nowhere, and so there’s a lot of wait-and-see attitude,” he added, saying the uncertainty is forcing companies to put off investment decisions.

A global trade war was cited as the chief business risk by respondents for the third quarter in a row, though by a smaller margin. Higher interest rates emerged as the second-biggest risk, outpacing a slowing Chinese economy.

A total of 100 companies from a range of sectors responded to the survey, conducted from March 1-15 in 11 Asia-Pacific countries where 45 percent of the world’s population live and 32 percent of global gross domestic product is generated.

RECESSION UNLIKELY, POLITICS A RISK

The United States and China have put on hold a planned escalation of their trade war pending negotiations, but the much-awaited conclusion of the latest round of talks has also been delayed even though remarks from the two sides have been optimistic.

Global agencies including the International Monetary Fund (IMF) and the Organization for Economic Co-operation and Development (OECD) have said failure to resolve trade tension could further slow a downward-trending global economy.

Regional powerhouses China, Japan and South Korea all saw exports fall last month, with China and South Korea suffering their worst annual declines in overseas sales in around three years.

The index staying above the neutral point of 50 suggests companies in Asia are not expecting an imminent global recession, but languishing near multi-year lows indicates companies are exerting caution.

“We don’t see a global hard landing as a likely scenario when we look at economic factors such as inflation and credit conditions,” said Young Sun Kwon, economist at Nomura in Hong Kong. “But there are big uncertainties in politics.”

Lessons from the 2008-2009 global financial meltdown have forced countries to strengthen economic defenses, but factors such as Britain’s planned exit from the European Union and the U.S. Federal Reserve’s uncertain path are posing threats.

With less than two weeks before the March 29 divorce date, British Prime Minister Theresa May’s government is still struggling to push a departure deal with the EU through the British parliament.

In the United States, the Fed has declared a pause in its tightening campaign, but economists foresee at least one more increase later this year despite increasing signs of slowdown in major economies.

Respondents to the survey included Canon Inc, Suzuki Motor Corp, Thai Beverage PCL, Metropolitan Bank and Trust Co and Delta Electronics Thailand PCL.

Note: Companies surveyed can change from quarter to quarter.

(GRAPHIC: Business sentiment index – https://tmsnrt.rs/2Cnw6je)

(GRAPHIC: Biggest perceived risks – https://tmsnrt.rs/2OcedbY)

(PDF of survey: https://tmsnrt.rs/2UJ70Cs)

(Reporting by Choonsik Yoo; Additional reporting by Orathai Sriring in BANGKOK; Editing by Christopher Cushing)

Source: OANN

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The Latest: Neighbors rarely saw kids in Arizona abuse case

The Latest on an Arizona woman arrested on allegations of abusing adopted children (all times local):

2:15 p.m.

A neighbor of an Arizona woman accused of abusing her seven adopted children says the kids appeared unhappy one of the few times she saw them.

Sarisa Fragua, who lives two doors down from the Maricopa home of 48-year-old Machelle Hobson, said Wednesday that she rarely saw the woman or the children.

But last summer, Fragua says one of the woman's adult sons was filming a video with the children on a pathway behind her backyard.

According to Fragua, the children seemed withdrawn anytime they weren't being filmed. She thought it was odd but never saw anything that seemed abusive.

Authorities say Hobson used pepper spray to discipline the children and locked them inside a closet for days.

The children appear in a popular series of videos on the YouTube channel.

___

1:20 p.m.

The Arizona Department of Child Safety says it removed the children from the home of a woman with a popular YouTube channel who was arrested on suspicion of abusing her seven adopted kids.

The state agency said it took the children from 48-year-old Machelle Hobson's home Thursday, one day before her arrest. It cited confidentiality laws in declining to answer questions about Hobson, including whether it had prior contacts with her or prior complaints.

Hobson's last name was initially listed in court records as Hackney, but the Pinal County Attorney's Office says it has since been corrected.

Hobson's channel has millions of views. She also has related Instagram and Facebook accounts.

A police report released Wednesday says the children say they were disciplined with pepper spray or locked in a closet without food or water if they did not perform in the videos as directed.

It's not known if Hobson has an attorney.

___

This story corrects arrested woman's last name to Hobson.

___

11:25 a.m.

A YouTube channel of an Arizona woman arrested on suspicion of abusing her seven adopted children shows them in simple skits about a kid stealing cookies or a little boy with super powers.

The channel that authorities say 48-year-old Machelle Hobson runs has millions of views. She also has related Instagram and Facebook accounts.

A police report released Wednesday says the children say they were disciplined with pepper spray or locked in a closet without food or water if they did not perform in the videos as directed.

Two adult sons of Hobson were arrested on allegations of failing to report child abuse.

Hobson and the two grown sons remained in jail on Wednesday. It was unknown if any of the three have attorneys.

___

9:20 a.m.

Arizona authorities say two adult sons of a woman arrested on allegations of using pepper spray to discipline her seven younger adopted children are being held on suspicion of failing to report abuse of a minor.

A police statement released Wednesday says Logan and Ryan Hackney were booked into jail.

Authorities said their mother Machelle Hobson disciplined the adopted children by locking them in a closet for days without food, water or bathroom access. The kids were featured on her popular YouTube channel.

A police report says officers arriving at the house in the small city of Maricopa south of Phoenix found six of the children appeared malnourished and underweight.

It was not immediately clear if the 48-year-old mother or her two grown sons had an attorney.

___

8 a.m.

Arizona authorities say a woman has been arrested on allegations of using pepper spray to discipline her seven adopted children and locking them for days inside a closet.

A police report says Machelle Hobson's adopted children had no food, water or access to a bathroom for days while inside the closet at her home in the small city of Maricopa south of Phoenix.

The report says that officers who went to the house last week reported that six of the children appeared malnourished and underweight.

Hobson was being held at the Pinal County Jail on suspicion of two counts of molestation of a child, seven counts of child abuse and five counts of unlawful imprisonment and child neglect.

It was unclear Tuesday whether 48-year-old Hobson had a lawyer.

Source: Fox News National

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Bernie Sanders, angry at potshots, slams left-wing group

There were three big-time events over the weekend.

Tiger Woods pulled off the most remarkable comeback in any sport with his Masters win. (And Donald Trump called it, said he'd win majors after they played together in February, you've gotta give him that.)

Pete Buttigieg delivered an announcement speech (soon after the 18th hole) that drew Tiger levels of praise, as the media lovefest with the South Bend mayor continues unabated. (Beto who?)

And Bernie Sanders picked a fight with a liberal website, making sure it was leaked to The New York Times.

It's long past time to take Bernie seriously. "Bernie Sanders is the Democratic Front-Runner," says the Atlantic.

"Stop Thinking of Bernie Sanders As a Gadfly. He's the Front-Runner," cautions the L.A. Times.

He's raised the most money ($18 million), he's drawing big crowds, and in a new Emerson poll, he edges out the undeclared Joe Biden, 29 to 25 percent.

Sanders even forced himself to talk to reporters for the first time in two months on the trail.

So why on earth is he starting an intra-party battle with a scathing letter to the Center for American Progress?

In the letter, Sanders wrote: "This counterproductive negative campaigning needs to stop. The Democratic primary must be a campaign of ideas, not of bad-faith smears. Please help play a constructive role in the effort to defeat Donald Trump."

The backstory: The Center for American Progress is a Hillary-centric think tank, founded by John Podesta 16 years ago and funded in part by George Soros. It remains filled with Democratic establishment figures.

Sanders undoubtedly got screwed by the DNC and the party apparatus in 2016, when the playing field, including a meager number of debates, was tilted to favor Hillary Clinton. So he's understandably sensitive on the subject.

But Bernie's beef is with ThinkProgress, a liberal website that is affiliated with CAP but which both groups say is editorially independent.

What really burned Bernie was a posting that began: "It's all very off-brand and embarrassing, but Sen. Bernie Sanders is a millionaire. Turns out railing against 'millionaires and billionaires' can be quite the lucrative enterprise."

Now I happen to think this is utter BS. The Vermont senator achieved millionaire status in part by writing a book that became a best-seller. Absolutely nothing wrong with that. And Sanders made that point forcefully last night at a Fox News town hall with Bret Baier and Martha MacCallum.

Sanders accused ThinkProgress of "dishonesty" and said the site was also being unfair to fellow liberals Elizabeth Warren and Cory Booker.

ThinkProgress editor-in-chief Jodi Enda, a former CNN and Knight-Ridder reporter, responded by saying her site will not take sides in the Democratic primaries. "Political leaders should not be able to muzzle or stop coverage that they consider critical," said Enda's statement, reported by the Times.

But by yesterday CAP President Neera Tanden had backed down, saying a ThinkProgress video on Sanders “is overly harsh and does not reflect our approach to a constructive debate of the issues.”

Sanders is obviously trying to send a message. But isn't he punching down by going after an ideological website?

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In other words, if he's on track to win the Democratic presidential nomination, he should be brushing off criticism by liberal writers. The letter makes him sound hypersensitive — and the leak broadcast the dispute to many millions who would never have seen the ThinkProgress post.

Sanders is about to draw far tougher press scrutiny than he did in 2016, when the media never thought he had a shot at beating Hillary. And how he deals with that scrutiny will show people whether he has the toughness to take on Trump.

Source: Fox News Politics

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Explainer: Germany, at last, launches 5G spectrum auction

An employee of Germany's Federal Network Agency (Bundesnetzagentur) uses his mobile phone in front of a screen set up for the auction of spectrum for 5G services at the Bundesnetzagentur headquarters in Mainz
An employee of Germany's Federal Network Agency (Bundesnetzagentur) uses his mobile phone in front of a screen set up for the auction of spectrum for 5G services at the Bundesnetzagentur headquarters in Mainz, Germany, March 18, 2019. REUTERS/Kai Pfaffenbach

March 19, 2019

By Douglas Busvine

MAINZ, Germany (Reuters) – Germany begins an auction of spectrum for next-generation 5G mobile networks on Tuesday, the outcome of which will play a decisive role in determining whether Europe’s largest economy remains competitive in the digital age.

It nearly didn’t happen: a raft of lawsuits brought by network operators was thrown out by a court only last week. The buildup has also been overshadowed by U.S. pressure on its allies to bar Chinese vendors from participating in building 5G networks due to national security fears.

In the end, regulators preferred to draft tougher rules for all vendors rather than meet the U.S. demand to banish China’s Huawei Technologies, the global network market leader.

Here’s an overview of how the auction will work:

WHAT IS BEING AUCTIONED?

Germany’s Federal Network Agency (BNetzA) is auctioning off 41 blocks of spectrum in the 2 GHz and 3.6 GHz bands.

These frequencies have relatively short range and high data-carrying capacity, suiting them to use in running ‘connected’ factories – an industrial policy priority.

Urban areas should get 5G coverage early, with another application likely to be super-fast domestic wireless broadband.

WHO’S TAKING PART?

Germany’s three network operators – Deutsche Telekom, Vodafone and Telefonica Deutschland – have been admitted into the auction.

Also participating is 1&1 Drillisch, a virtual mobile operator controlled by United Internet that wants to run a fourth network.

The Big Three filed lawsuits to delay the auction, arguing that its requirement to provide high-speed coverage to 98 percent of households by 2022 was too onerous. They also criticized rules for network sharing, arguing they would make life too easy for new market entrants.

The Cologne Administrative Court threw out those lawsuits on Friday. Outstanding litigation may yet lead to the results of the auction being reviewed, although BNetzA says it is on firm legal ground.

HOW MUCH MONEY WILL THE AUCTION RAISE?

BNetzA has declined to forecast proceeds but the federal government hopes to raise several billion euros – money it will reinvest in upgrading Germany’s broadband networks.

The last auction in 2015, for 4G frequencies, raised 5.1 billion euros ($5.8 billion). Back in 2000, a 3G auction raised more than 50 billion euros – a ruinous sum that forced some players out of the market and others to merge.

HOW WILL IT WORK?

The auction is being held in old army barracks in the south-western city of Mainz. Bid teams will have to surrender their phones when they enter. They will submit offers from separate rooms via a secure network, and can only seek guidance via fax from their head offices.

All 41 blocks will be auctioned simultaneously and results will be published online https://www.bundesnetzagentur.de/DE/Sachgebiete/Telekommunikation/Unternehmen_Institutionen/Frequenzen/OeffentlicheNetze/Mobilfunknetze/mobilfunknetze-node.html after each round. Minimum bids range between 1.7 million and 5 million euros and total 104.6 million euros. The process ends when no fresh bids are entered.

Based on past experience, the auction could run for weeks – a previous one in 2010 lasted six weeks.

WHAT ABOUT U.S. CALLS TO SHUT OUT CHINESE VENDORS?

Germany resisted calls from the United States to shut Chinese network vendors out of its 5G buildout due to national security concerns.

Instead of banning Huawei outright, regulators have tightened rules on all network vendors. These won’t bid in the auction but will be key partners in upgrading network infrastructure.

WHAT ABOUT OTHER EUROPEAN AUCTIONS?

Several countries – among them Ireland, Finland, Italy, Switzerland and Austria – have already auctioned 5G spectrum. Most have been low-key affairs, with only modest sums raised because the sales were designed to leave operators with money left over to invest in network upgrades.

The exception was Italy, where frenzied bidding last year raised 6.5 billion euros for the cash-strapped government but left operators financially stretched.

Countries like France have yet to hold 5G auctions, leaving Europe as a whole lagging early adopters like the United States, Japan and Korea.

($1 = 0.8818 euros)

(Reporting by Douglas Busvine; Editing by Kirsten Donovan)

Source: OANN

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The Myth of Kinder, Gentler Socialism

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Venezuela is a socialist country. Venezuela is also a dictatorship. Currently, Venezuela has fallen into open violence and complete chaos, with the strongman Nicolas Maduro ordering troops to open fire on those attempting to bring humanitarian aid into the country.

Yet, strangely, Maduro still has his defenders. Sen. Bernie Sanders, I-Vt., the leading declared Democratic 2020 presidential candidate and avowed socialist, refuses to label Maduro a "dictator." Sen. Chris Murphy, D-Conn., said in full 9/11 truther mode, "Democrats need to be careful about a potential trap being set by Trump et al in Venezuela. Cheering humanitarian convoys sounds like the right thing to do, but what if it's not about the aid?" Fresh Face of the Democratic Party Rep. Alexandria Ocasio-Cortez, D-N.Y., has remained shockingly silent about Venezuela, except to tell The Daily Caller News Foundation, "I think that, you know, the humanitarian crisis is extremely concerning but, you know, when we use non-Democratic means to determine leadership, that's also concerning, as well." Rep. Ilhan Omar, D-Minn., another Fresh Face of the Democratic Party, grilled U.S. envoy to Venezuela Elliott Abrams in an obvious attempt to stall on behalf of a gentler approach to Maduro.

Why the shocking unwillingness by the socialist hard-liners in the Democratic Party to condemn Maduro and join the rest of the world in calling for his ouster? After all, we've been assured by Sanders, AOC, Omar and others that true socialism isn't at stake in Venezuela -- true socialism can be found in nations like Sweden, Norway and Denmark. Yet even so, these socialist Democrats can't find it in their hearts to cut ties with Venezuela.

How strange.

Perhaps it's because Sanders and his crowd understand full well that Venezuela is an excellent case study in socialism -- nationalization of major industries by a centralized government, abolition of the profit motive and redistribution of resources via tyranny. After all, it wasn't that long ago that Sanders was praising the Soviet Union (he said it had "a whole variety of programs for young people and cultural programs which go far beyond what we do in this country"), Nicaraguan Sandanista Daniel Ortega and Cuba's Fidel Castro ("... he educated their kids, gave their kids health care, totally transformed the society.").

And then there's the inconvenient fact that the countries that Sanders himself calls socialist totally reject the label. Former Swedish Prime Minister Carl Bildt launched into Sanders this week, stating, "Bernie Sanders was lucky to be able to get to the Soviet Union in 1988 and praise all its stunning socialist achievements before the entire system and empire collapsed under the weight of its own spectacular failures." In 2015, Danish Prime Minister Lars Rasmussen scoffed at Sanders' dreams of a socialist utopia, noting, "The Nordic model is an expanded welfare state which provides a high level of security to its citizens, but it is also a successful market economy with much freedom to pursue your dreams and life your life as you wish."

Here is the sad truth about socialism: Socialism drives economies into the ground in exact proportion to its prominence in the economy. Capitalism creates prosperity. It's convenient for Sanders and company to point to the Nordic countries as models of socialism when they are obviously founded on free markets, with socialistic redistribution schemes stacked atop that free market foundation. But deep down, Sanders knows that the truer reflection of socialism lies in Venezuela, Cuba and the Soviet Union. And that's why Sanders simply can't bring himself to disown Venezuelan socialism, even to prop up the lie that socialism wasn't truly tried in Venezuela.

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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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