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FILE PHOTO:Brooks Koepka of the U.S. hits off the 4th tee during first round play of the 2019 Masters golf tournament at Augusta National Golf Club in Augusta, Georgia, U.S., April 11, 2019. REUTERS/Brian Snyder
April 12, 2019
By Steve Keating
AUGUSTA, Ga. (Reuters) – Steady rain provided a boost for the big-hitters, including Brooks Koepka who shared the overnight lead with Bryson DeChambeau, as the second round of the Masters got underway on Friday.
Soft conditions at Augusta National benefited the boomers in Thursday’s opening round as Koepka, winner of three of the last six majors he has contested, world number two Dustin Johnson and Spaniard John Rahm all muscled their way onto the leaderboard.
Rain and thunderstorms are forecast to continue throughout the day and into weekend, threatening possible delays at the year’s first major.
After returning opening rounds of six-under 66, Koepka and DeChambeau start the day one clear of three-times Masters champion Phil Mickelson, who showed experience still counts at Augusta National as the 48-year-old turned back the clock with an opening round 67.
Tiger Woods, chasing a first major since 2008, will go out at 1:49 pm ET (1749 GMT) in the company of China’s Li Haotong and Rahm. He will be looking for another solid round after an opening two-under.
Rory McIlroy, out at 2:00 pm ET will once again be in the spotlight on a gloomy day, with the Northern Irishman needing to improve on his one-over 73 if he hopes to finally complete his career grand slam by winning a Green Jacket.
Americans Patton Kizzire and Michael Kim and Scotland’s Sandy Lyle led the morning wave off as the bigger names warmed up on the practice range.
DeChambeau, in a group that includes Johnson and Australian Jason Day, will set off at 10:42 am followed by a threesome that includes Mickelson and British world number one Justin Rose who has work to do if he wants to make the cut after a disappointing three-over 75.
Koepka is out right after at 11:04 am.
(Editing by Pritha Sarkar)
Source: OANN

FILE PHOTO: Steel pipes to be exported are seen at a port in Lianyungang, Jiangsu province, China May 31, 2018. China Daily via REUTERS/File Photo
April 12, 2019
BEIJING (Reuters) – China’s exports rebounded in March but imports shrank for a fourth straight month and at a sharper pace, painting a mixed picture of the economy as trade talks with the United States reach their endgame.
Investors are hoping for more signs of economic recovery in China to temper worries about slowing global growth, after the IMF this week downgraded its 2019 world outlook for the third time.
But veteran China watchers had said export gains may be due more to seasonal factors than any sudden turnaround in lackluster global demand, as shipments were expected to jump after long holidays in February.
March exports rose 14.2 percent from a year earlier, customs data showed on Friday, the strongest growth in five months. Economists polled by Reuters had expected a 7.3 percent gain after February’s 20.8 percent plunge.
But China’s imports fell more than expected, suggesting its domestic demand remains weak. Imports fell 7.6 percent from a year earlier, worse than analysts’ forecasts for a 1.3 percent fall and widening from February’s 5.2 percent drop.
That left the country with a trade surplus of $32.64 billion for the month, according to Reuters calculations based on the official data, much larger than forecasts of $7.05 billion.
In the first quarter, exports rose 1.4 percent from a year earlier, while imports fell 4.8 percent.
A customs spokesman said he expects mild growth in both exports and imports in the current quarter.
TENTATIVE SIGNS
China factory surveys for March had provided some glimmers of hope that demand was improving at home and abroad, suggesting government stimulus measures may be starting to take hold.
While export orders remained sluggish, there were signs that a long spell of contraction was easing even as trade talks with the United States appeared to be making progress.
Washington and Beijing have largely agreed on a mechanism to police any trade agreement they reach, including establishing new “enforcement offices,” U.S. Treasury Secretary Steven Mnuchin said on Wednesday.
However, a top White House official said on Monday the U.S. side is “not satisfied yet” about all the issues standing in the way of a deal to end the U.S.-China trade war.
President Donald Trump said last week that an agreement could be reached in about four weeks.
But economists warn that even if a deal is reached, and both sides rescind tit-for-tat tariffs, Chinese exporters will still have to contend with weakening demand globally.
The International Monetary Fund trimmed its 2019 global growth forecast this week to 3.3 percent, while slightly boosting its forecast for China to 6.3 percent, in part because the Sino-U.S. trade war did not escalate as much as expected.
Chinese exporters will also likely have to scramble to win back lost market share.
The trade dispute has prompted some U.S. firms to shift purchases of tariff-targeted products like furniture and refrigerators to countries such as Vietnam, South Korea, Taiwan and Mexico, according to a report by S&P Global Market Intelligence’s trade data firm Panjiva.
SHRINKING IMPORTS
On imports, analysts said companies may not be restocking their inventories as much as usual due to concerns over the longer-term economic outlook.
Slackening demand has sent corporate profits into a tailspin, which could curb the fresh investment that Beijing is counting on to fuel an economic revival.
Policymakers have acknowledged the economy is under pressure as multi-year debt and pollution crackdown have deterred investment, while the U.S.-China trade war is hurting China’s exporters and their domestic supply chains.
In response, Beijing has announced more spending on roads, railways and ports, along with trillions of yuan of tax cuts to ease pressure on corporate balance sheets and avert a sharper economic slowdown.
Investors are closely watching to see how long it will take those support measures to take hold. But analysts believe China will still need to loosen policy further in coming months to ensure a sustained economic turnaround.
China’s economic growth is expected to cool to around 6.3 percent in the first quarter of the year and may not bottom out until later in the year, according to a Reuters poll. The economy grew 6.6 percent last year, a 28-year low.
(Reporting by Kevin Yao; Writing by Lusha Zhang and Yawen Chen; Editing by Kim Coghill)
Source: OANN

A woman selects vegetables at a supermarket in Beijing, China, April 11, 2019. REUTERS/Jason Lee
April 12, 2019
By Lusha Zhang and Kevin Yao
BEIJING (Reuters) – China’s economic growth is expected to slow to a near 30-year low of 6.2 percent this year, a Reuters poll showed on Friday, as sluggish demand at home and abroad weigh on activity despite a flurry of policy support measures.
The median forecast was slightly lower than the 6.3 percent economists had predicted in the last poll in January.
While the world’s second-largest economy has shown some signs of steadying recently, analysts caution it is too early to tell if the newfound momentum can be sustained.
Policy stimulus thus far has also been more restrained by Chinese standards than in past downturns, which could mean a more gradual recovery.
Most of the 88 institutions covered in the survey do not expect growth to bottom out until later in the year as looser monetary condition and fiscal stimulus take time to percolate through the economy and revive domestic demand.
“We expect the economy will slow further in second quarter as exports likely remain under pressure as global demand deteriorates and the property market stays in a downward cycle, while stubbornly weak consumption for durable goods caps demand,” said Ting Lu, chief China economist at Nomura.
The full-year forecast of 6.2 percent would still fall within the government’s target of 6.0-6.5 percent, but it would mark the weakest pace of growth China has seen in 29 years, and spell a further deceleration from 6.6 percent in 2018 and 6.8 percent in 2017.
Growth next year will likely cool further to 6.0 percent, the poll showed.
Multi-year regulatory campaigns to curb debt risks and pollution have deterred fresh investment, while a year-long trade war with the United States has hurt China’s exporters.
First-quarter growth was seen cooling to 6.3 percent from a year earlier, the same as in the previous poll, from 6.4 percent in the fourth-quarter of 2018, the weakest pace since the global financial crisis.
China will post its first-quarter gross domestic product (GDP) and March activity data on April 17.
SUPPORT MEASURES
Beijing has stepped up fiscal stimulus this year, announcing more spending on roads, railways and ports, along with trillions of yuan of tax cuts to ease pressure on corporate balance sheets.
It has also pressed banks to keep lending to struggling smaller, private companies, and on more affordable terms, even though they are considered higher credit risks than state-backed firms.
Investors are hoping for more signs of economic recovery in China to cushion worries about slowing global growth, after the IMF this week downgraded its 2019 world outlook for the third time citing U.S.-China trade tensions.
Optimism has increased that Washington could reach a deal with Beijing soon. The two sides have largely agreed on a mechanism to police any trade agreement they reach, including establishing new “enforcement offices,” U.S. Treasury Secretary Steven Mnuchin said on Wednesday.
President Donald Trump said last week that a deal could be ready around the end of April.
But economists warn that even if a trade deal is reached, and tit-for-tat tariffs are removed, Chinese exporters will still have to contend with weakening demand globally.
POLICY EASING SEEN ON CARDS
Analysts expect the central bank will ease policy further this year to spur lending and reduce the risk off a sharper slowdown. But they do not expect a cut in the benchmark lending rate, which would risk adding to a mountain of debt left over from past stimulus campaigns.
The People’s Bank of China has slashed bank’s reserve requirement ratio (RRR) five times over the past year and analysts forecast three more cuts of 50 basis points each in this quarter and the next two.
The finding was the same as in January.
China will step up its policy of targeted cuts to banks’ reserve ratios to encourage financing for small and medium-sized businesses that play a key role in economic growth, the cabinet said on Sunday.
The economists expect the PBOC to keep its benchmark lending rate unchanged at 4.35 percent through at least the end of 2020, the Reuters poll showed.
The central bank has been guiding money market rates lower in various ways since last year, which is reducing corporate financing costs, while banks have been lowering mortgage rates in some areas.
The poll also predicted annual consumer inflation to be more muted at 2.1 percent in 2019, cooling from the 2.3 percent estimated in the January survey.
Data this week showed China’s producer prices in March picked up for the first time in nine months while consumer inflation also quickened.
“Despite the rise in inflation, we believe it will not change the easing bias of the People’s Bank of China, as the CPI inflation comes mainly from pork prices rather than a general rise in prices,” Lu said.
(Reporting by Lusha Zhang and Kevin Yao; Polling by Khushboo Mittal in Bangalore and Jing Wang in Shanghai; Editing by Kim Coghill)
Source: OANN

FILE PHOTO: Logos of online gaming firm Nexon are seen at its main office building in Seoul December 14, 2011. REUTERS/Kim Hong-Ji
April 11, 2019
By Kane Wu and Hyunjoo Jin
HONG KONG/SEOUL (Reuters) – The sale of a controlling stake in the parent of South Korean gaming firm Nexon Co is now narrowing to a handful of serious bidders after generating fevered speculation.
A deal would rank as one of South Korea’s biggest, and, at potentially $16 billion, be the biggest ever gaming deal worldwide. Bidders, though, would have to find the funding and navigate the intricacies of Nexon’s relationship with partner Tencent Holdings as well as protectionist South Korean sentiments.
WHAT EXACTLY IS UP FOR GRABS?
Billionaire Jungju Kim is selling a 98.64 percent stake held by himself and his wife in NXC, the holding company that owns 48 percent of Nexon.
Founded in 1994, Nexon is now the biggest game developer and publisher by revenue in South Korea, the world’s second-biggest online games market.
51-year-old Kim said last year he did not plan to leave his company to his children, and earlier this year he hired investment banks Deutsche Bank and Morgan Stanley to explore a sale of his NXC stake, sources said.
WHY SUCH HYPE?
Bankers are licking their lips in anticipation of a deal because not only can they earn fees from advising potential players but also they might get to finance any transaction.
A 48 percent stake in Nexon is worth $6.7 billion, given the company’s $14 billion market capitalization. But some bidders may also explore a deal to take Nexon private, sources close to the situation have said.
Nexon, which has $4 billion in net cash, is trading at an enterprise value of 13 times its earnings before interest, tax, depreciation and amortization, according to Eikon data. That is the average multiple at which other large gaming deals were struck, according to Dealogic data.
Add a takeover premium of 15 per cent, which has more or less been the standard for other gaming deals, according to Dealogic data, and the transaction could be worth as much as $16.1 billion.
Local media named Amazon, Comcast and Electronic Arts as initial bidders, but Reuters could not verify that.
Sources close to the deal said there were only a handful of serious bidders.
Chinese gaming giant Tencent, its South Korean peer Kakao, as well as private equity firms Bain Capital, MBK Partners and KKR submitted initial bids, according to five sources.
They have began due diligence in late March, three of them added.
The sale move, however, is angering some South Koreans.
“I feel devastated,” said Wi Jong-hyun, president of Korea Academic Society of Games, an industry research group, likening the possible sale of Nexon overseas to that of national icons such as Samsung Electronics or the management firm of hit K-pop group BTS.
TENCENT’S ROLE
Tencent is seen as the key to any deal since it owns the exclusive China license for Dungeon Fighter (DNF), Nexon’s most successful game.
Neople, the Nexon unit which developed DNF, generated 1.24 trillion won ($1.1 billion) revenue from Tencent in 2018, up 17 percent year-on-year, under a publishing deal which is effective till 2025, according to Neople’s public filings.
As the winner of the world’s biggest gaming deal to date – paying $8.6 billion to buy Supercell in 2016 – Tencent knows how to bag deals.
But two sources close to the company say it has not yet fully recovered from China’s crackdown on new online games last year and it has also just gone through its largest-ever round of executive lay-offs.
“What does Tencent have to gain from taking over the company when it already enjoys a good partnership with it in China and contributes so much to its revenue?” said a separate source involved in the situation.
Tencent also has stakes in Nexon’s competitors, which could further complicate a deal since whoever wins NXC or Nexon entirely would have to ensure Tencent is cooperative, according to sources.
Tencent owns 11.9 percent of Kakao, and 17.7 percent of Netmarble which announced it would bid for Nexon.
The Chinese tech giant earlier this month raised $6 billion in a bond sale, with proceeds earmarked for refinancing and general corporate purposes, but is likely to be part of a consortium in a bid for Nexon.
“The key is, who is going to attract Tencent as part of their consortium,” said a third source briefed about the deal.
Tencent has so far played its cards close to its chest and did not provide any comment for the story.
WHAT IS THE MOST LIKELY OUTCOME?
No single bidder would be able to stomach such a large deal without Tencent or other financial investors, sources said.
“Netmarble and Kakao don’t have enough funding. Even if they do, the deal size is too big to be true. It is burdensome,” said Kim Min-jung, an analyst with HI Investment & Securities in Seoul.
There is no formal deadline for binding bids, one of the sources said, indicating any agreement may take time.
Nexon and NXC declined to comment. Representatives at Bain, KKR, MBK, Kakao and Netmarble declined to comment. Deutsche Bank and Morgan Stanley declined to comment.
All sources declined to be named as the information is confidential.
(Reporting by Kane Wu in Hong Kong and Hyunjoo Jin in Seoul; Additional reporting by Julie Zhu in Hong Kong and Heekyong Yang and Ju-min Park in Seoul; Editing by Jennifer Hughes and Muralikumar Anantharaman)
Source: OANN

FILE PHOTO – Choe Ryong Hae, vice-chairman of the central committee of the Workers’ Party of Korea (WPK), inspects a farm in Sariwon, North Korea, in this photo released on April 9, 2019 by North Korea’s Korean Central News Agency (KCNA). KCNA via REUTERS
April 11, 2019
SEOUL (Reuters) – North Korea named a new nominal head of state, state media said on Friday, at a session of its rubber-stamp legislature that took place on Thursday.
Choe Ryong Hae was named President of the Presidium of the Supreme People’s Assembly of North Korea, Korean Central News Agency (KCNA) said, replacing Kim Yong Nam. Kim had held the position since 1998.
North Korean leader Kim Jong Un has been elected as chairman of the State Affairs Commission, KCNA said.
North Korea also named a new Premier of its cabinet, Kim Jae Ryong, replacing Pak Pong Ju who had held his current post since 2013.
(Reporting by Joyce Lee; Editing by James Dalgleish)
Source: OANN

FILE PHOTO: U.S. President Donald Trump listens to questions as he and first lady Melania Trump meet with South Korea’s President Moon Jae-in and his wife Kim Jung-sook in the Oval Office at the White House in Washington, U.S., April 11, 2019. REUTERS/Carlos Barria
April 11, 2019
By David Shepardson
WASHINGTON (Reuters) – U.S. President Donald Trump is set to hold a White House event on Friday with the country’s top communications regulator on next-generation 5G wireless networks and efforts to boost rural broadband internet access.
A White House spokesman confirmed that Federal Communications Commission Chairman Ajit Pai and Trump would deliver remarks on 5G deployment. Pai is expected to announce additional funds to help rural areas that lack broadband get access to the high-speed service, officials briefed on the matter told Reuters.
The FCC did not immediately comment.
In August, Pai said over 700,000 rural homes and small businesses would gain first-ever high-speed internet service through the FCC’s Connect America Fund Phase II auction.
In February, Trump called on U.S. telecommunications companies to boost their work to build faster 5G wireless communications networks, saying they were lagging and at risk of being left behind other countries’ efforts.
“American companies must step up their efforts, or get left behind,” Trump wrote in a pair of tweets.
White House economic adviser Larry Kudlow reiterated last week that the administration opposed any effort to nationalize the U.S. 5G network and denied the United States was behind other nations in the 5G race.
“The private sector will figure things out far better than the government sector,” he said.
Verizon Communications Inc, AT&T Corp, Sprint Corp and T Mobile US Inc are beginning to deploy 5G service in U.S. cities and are working to extend their networks as 5G-compatible phones slowly become available.
The Trump administration has been seeking ways to speed the deployment of faster wireless communications systems that could help a number of industries. Last year, the FCC moved to eliminate regulatory barriers to 5G deployment by capping local fees and requiring faster application reviews.
The Republican president’s administration has also been warning other countries against adopting 5G systems from Chinese telecommunications company Huawei Technologies Co Ltd, citing security concerns.
For more than a year, the White House has been mulling an executive order that would direct the Commerce Department to block U.S. companies from buying equipment from foreign telecommunications makers that pose significant national security risks, Reuters reported in December.
The FCC since March 2018 has also been considering rules to bar the use of funds from a government program to purchase equipment or services from companies that pose a security threat to U.S. communications networks.
No action on either one of the proposals is expected on Friday.
(Reporting by David Shepardson; Editing by Peter Cooney)
Source: OANN

U.S. President Donald Trump waits between two U.S. Marines at the South Portico of the White House to welcome South Korea’s President Moon Jae-in in Washington, U.S., April 11, 2019. REUTERS/Carlos Barria
April 11, 2019
WASHINGTON (Reuters) – U.S. President Donald Trump said he and South Korean President Moon Jae-in will discuss North Korea during their White House meeting on Thursday, including potential additional summits with the North’s leader, Kim Jong Un.
Trump said good things have come out of negotiations with North Korea even though Washington did not get what it wanted from the meetings with Kim. He said great progress was made and that he got to know and respect the North Korean leader.
(Reporting by Roberta Rampton; Writing by Doina Chiacu; Editing by Susan Heavey)
Source: OANN

Apr 10, 2019; Tampa, FL, USA; Columbus Blue Jackets defenseman Seth Jones (3) celebrates with teammates after scoring the game winning goal against the Tampa Bay Lightning during the third period of game one of the first round of the 2019 Stanley Cup Playoffs at Amalie Arena. Mandatory Credit: Kim Klement-USA TODAY Sports
April 11, 2019
Seth Jones’ power-play goal late in the third period capped a thrilling rally as the Columbus Blue Jackets erased a three-goal deficit and stunned the host Tampa Bay Lightning 4-3 on Wednesday in the opening round of the Stanley Cup playoffs.
Jones scored his second career playoff goal with 5:55 to play. He took a slick pass from Artemi Panarin and roofed the power-play goal to complete a spree of four unanswered goals, three of which came in the third period.
Josh Anderson had a goal and an assist, and Nick Foligno and David Savard also tallied for the Blue Jackets, who lost all three regular-season meetings with the Lightning by a combined score of 17-3.
The Lightning, who won the Presidents’ Trophy and tied an NHL single-season record with 62 wins, led 3-0 after one period on goals by Alex Killorn, Anthony Cirelli and Yanni Gourde.
Blues 2, Jets 1
Tyler Bozak scored the game winner with overtime looming as St. Louis rode a third-period comeback to a stunning win at Winnipeg in the opener of a first-round Western Conference playoff series.
With his team controlling play for much of the third period, St. Louis’ Patrick Maroon created a turnover with his effective forecheck and sent the puck to the slot for Bozak. Bozak snapped a quick shot that found the mark for the game winner with 2:05 remaining in regulation.
The Jets pushed hard for the equalizer, but couldn’t solve St. Louis goalie Jordan Binnington, who made 24 saves. With 12.4 seconds remaining, Binnington got across his net in time to deny Mark Scheifele’s one-timer. Winnipeg’s Patrik Laine opened the scoring in the first period, and St. Louis’ David Perron responded early in the third.
Islanders 4, Penguins 3 (OT)
Josh Bailey scored 4:39 into overtime as New York edged Pittsburgh in Game 1 of an Eastern Conference quarterfinal series in Uniondale, N.Y.
Bailey put back the rebound of a shot by Mathew Barzal for the Islanders. Jordan Eberle and Brock Nelson scored in the first period for the Islanders, and Nick Leddy scored in the third. Robin Lehner recorded 41 saves.
Phil Kessel scored in the first period for the Penguins and Evgeni Malkin scored in the second before Justin Schultz forced overtime by scoring with 1:29 remaining in regulation. Matt Murray made 29 saves.
–Field Level Media
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