Kim

Page: 10

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.
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

X

Story Stream

recent articles

Bill Priestap, left, with Michael Horowitz, DoJ inspector general.

By Eric Felten, RealClearInvestigations
April 12, 2019

Attorney General William Barr shocked official Washington Wednesday by saying what previously couldn’t be said: That the counterintelligence investigation into the Trump campaign in 2016 involved “spying.”

The recent release of transcripts of testimony by key players in the Trump-Russia probe suggests that the spying, which Barr vowed to investigate, is not the only significant possible violation of investigative rules and ethics committed by agents, lawyers, managers, and officials at the FBI and the Department of Justice.  

A catalogue of those abuses can be found in testimony Edward William Priestap provided to Congress in a closed-door interview last summer. From the end of 2015 to the end of 2018 Bill Priestap was assistant director of the FBI’s Counterintelligence Division, which meant he oversaw the FBI’s global counterintelligence efforts.

In that role, he managed both of the bureau’s most politically sensitive investigations: the inquiry into Hillary Clinton’s handling of classified information and the probe into whether Donald Trump or his campaign conspired with Russia to steal the 2016 presidential election. His testimony provides rare insight into the attitudes and thoughts of officials who launched the Russia probe and the probe of Special Counsel Robert Mueller, the release of whose final report is imminent.

More important, his testimony contains extensive indications of wrongdoing, including that the FBI and DoJ targeted Trump and did so with information it made no effort to verify. It paints a portrait of the Obama-era bureau as one that was unconcerned with political interference in investigations and was willing to enlist the help of close foreign allies to bring down its target. And, perhaps presaging a defense to Barr’s claim that American officials had spied on the Trump campaign, it showcases the euphemisms that can be used to disguise “spying.”

Filling In the Blanks

Priestap’s testimony took place on June 5, 2018, in Room 2226 of the Rayburn House Office Building. The questioning, by congressmen and House committee staff, focused on whether the FBI had applied the same rigor to the Clinton investigation that it had to the Trump probe.

The transcript the public can read today contains not only those questions and Priestap’s responses, but also the tell-tale redactions of anxious bureaucrats. One thing that is very clear is that the Sharpie brigades at the Federal Bureau of Investigation and Department of Justice really, really didn’t want anyone to know where Bill Priestap was a week into May 2016.

Rep. Jim Jordan: Where in the world was Bill Priestap?

AP Photo/J. Scott Applewhite

Not long into the questioning that Tuesday morning last summer, Rep. Jim Jordan (R-Ohio) asked, “Do you ever travel oversees?”

“Yes,” said Priestap.

 “How often?”

 “As little as possible.”

The seeming comedy routine notwithstanding, Jordan later asked how many times in his 2½ years running the counter-intelligence shop Priestap had traveled abroad.

 “I want to say three times,” he said.

 “And can you tell me where you went?” Jordan asked.

“The ones I’m remembering are the [REDACTED].”

Jordan drilled in: “All three times to [REDACTED]?

Priestap said the trips he remembered “off the top of my head were all [REDACTED].”

Jordan asked whether Priestap remembered when he went to this place. Priestap said “No.”

Jordan was back at it in later rounds of questioning, asking whether Priestap had traveled to a given location at a given time in 2016. Over and again, censors from the FBI and DoJ have redacted the location and the time.

What could this exotic destination be?  How is the timing of Priestap’s trip there a matter of national security? What secrets were the redactors trying to protect?

Peter Strzok: “Bill” was in London. 

AP Photo/Evan Vucci

It turns out the Sharpie people weren’t nearly as thorough as they presumably thought. Newly released transcripts of congressional testimony from FBI agent Peter Strzok and lawyer Lisa Page – the paramours who worked on both the Clinton and Trump investigations – provide one answer.  It’s right there on the page detailing text messages between the two on May 4, 2016. At around 9:31 that Wednesday evening, Strzok writes to say he is worried about getting a memo into shape that is expected that night or the next morning. He feels pressured even though “I don’t know that Bill will read it before he gets back from London next week.” Go to a text from the next Monday morning, May 9, and Strzok is wondering who will be receiving the daily report on the Clinton investigation, what “with Bill out.”

So there we have it. Bill Priestap was in London on or around May 9. Which strongly suggests that all three of the international trips taken by him during his tenure as FBI counterintelligence chief were to London.

Still, there is a reason the censors had out their Sharpies. It has to do with another question Jordan asked Priestap: “Okay. So what were you doing in [REDACTED] in the [REDACTED] of 2016?”

“So,” Priestap replied, “I went to meet with a foreign partner, foreign government partner.” In other words, almost certainly British intelligence. Not exposing our British partners has been the Justice Department’s justification for locking up secrets about the beginnings of the Trump investigation. The redactions try and fail to hide that Priestap met repeatedly with his British counterparts in 2016.

Trump campaign adviser George Papadopoulos was also in London. So was the FBI, around the same time.

AP Photo/Jacquelyn Martin, File

Students of the Russia-collusion saga will recall that some of the earliest and most significant events cited as leading to the FBI’s investigation of Team Trump took place in a certain REDACTED country during a REDACTED season in 2016. It was over breakfast on April 26 in London that the mysterious Maltese professor, Joseph Mifsud, told young Trump campaign adviser George Papadopoulos that the Russians had “dirt” on Hillary Clinton. Five days later, on May 1, Papadopoulos had drinks with Australian diplomat Alexander Downer in a London bar where he shared this piece of gossip/intel. And, of course, London is home to the author of the anti-Trump “dossier,” Christopher Steele.

According to the official story laid out in the New York Times, Australian officials did not pass on this new information for two months. And while Steele was retained by the opposition research firm Fusion GPS in the spring to dig up dirt on Trump for the Clinton campaign, the official story is that he did not start working with U.S. officials until the summer.

And so it is more than passingly curious that Priestap kept going to London when these significant events were occurring. Jordan asked Priestap about his second trip there: “What did it have to do with?”

Priestap demurred: “I’m not at liberty to discuss that today.”

After some dodging and weaving, Jordan came back to the question, but this time with an uncomfortable specificity: “Was your second trip then concerning the Trump-Russia investigation?” he asked.

“Sir, again, I’m just not at liberty to go into the purpose of my second trip.”

Priestap could have answered “no” without perjuring himself, he could have quickly put this matter to bed.  His “I’m not at liberty” answers strongly suggest that the Trump-Russia investigation was exactly what his second trip to London was about.

Spying, Redefined

Attorney General Barr’s statement that “spying did occur” on the Trump campaign makes another part of Priestap’s testimony – about why an FBI asset in London named Stefan Halper reached out to Papadopoulos and to another Trump foreign policy adviser, Carter Page — even more significant.

Stefan Halper: also in London.

Voanews.com/Wikimedia

Weeks before Priestap’s testimony was taken last summer, the efforts of Halper, an American scholar who works in Britain, had been exposed. Republicans had been spluttering with outrage that the FBI would deploy a spy against an American presidential campaign. Democrats had been countering that while the bureau used informants, only the ignorant and uninitiated would call them spies.

Democratic staff counsel Valerie Shen tried to use her questioning of Priestap to put the spying issue to bed. “Does the FBI use spies?” she asked the assistant director for counterintelligence (who would be in a position to know).

“What do you mean?” Priestap responded. “I guess, what is your definition of a spy?”

“Good question,” said Shen. “What is your definition of a spy?”

Before Priestap answered, his lawyer, Mitch Ettinger, intervened. “Just one second,” he said. Then Ettinger – who was one of President Bill Clinton’s attorneys during the Paula Jones/Monica Lewinsky scandal – conferred with his client.

Back on the record, Priestap presented what smacks of pre-approved testimony: “I’ve not heard of nor have I referred to FBI personnel or the people we engage with as – meaning who are working in assistance to us – as spies. We do evidence and intelligence collection in furtherance of our investigations.”

Shen was happy with the answer, and so she asked Priestap to confirm it: “So in your experience the FBI doesn’t use the term ‘spy’ in any of its investigative techniques?” Priestap assured her the word is never spoken by law-enforcement professionals – except, he said (wandering dangerously off-script), when referring to “foreign spies.”

“But in terms of one of its own techniques,” Shen said, determined to get Priestap back on track, “the FBI does not refer to one of its own techniques as spying?”

“That is correct, yes.”

“With that definition in mind, would the FBI internally ever describe themselves as spying on American citizens?”

“No.”

So there we have it with all the decisive logic of a Socratic dialogue: The FBI could not possibly have spied on the Trump campaign because bureau lingo includes neither the noun “spy” nor the verb “to spy.” Whatever informants may have been employed, whatever tools of surveillance may have been utilized, the FBI did not spy on the Trump campaign – didn’t spy by definition, as the bureau doesn’t use the term (except, of course, to describe the very same activities when undertaken by foreigners).

What’s telling about this line of questioning is that it inadvertently confirms Republican suspicions — and Attorney General Barr’s assertion. If House Democrats believed there had been no spying on the Trump campaign, they could have asked Priestap whether the FBI ever spies on Americans, given the common meaning of the verb “to spy.” They could have flat-out asked whether the FBI had spied on Trump World. Instead, Democratic counsel asked whether, given the FBI’s definition of spying, the bureau would “internally ever describe themselves as spying on American citizens.” It would seem that Democrats were every bit as convinced as Republicans that the FBI spied on Trump’s people.

Interpreting ‘Political Interference’

Later in the day, Democratic lawyer Shen seemed to be engaged in more damage control when she asked Priestap whether “political interference in the Department of Justice or FBI investigation [is] ever proper?”

Surprisingly, Priestap said it was: “In my opinion, I can imagine situations where it would be proper.” He explained that the political appointees in an administration might determine “that the national security interests of the country outweigh the law enforcement/prosecutive interest of the FBI and Department of Justice.”

Shen then appeared to push him to clean up his answer, suggesting that what Priestap was describing wasn’t “a political determination” but “a policy interpretation balancing national security and law enforcement.”

“Yeah. I guess,” Priestap said. “And maybe I misunderstood your question.” Then what does he do but repeat his belief that political appointees — and “by political, I could imagine, for example, the National Security Council” — might act on the notion that national security outweighs other considerations.”

“Right. Yeah. Right,” Shen said. “Let me rephrase.” She explained she wasn’t asking about decisions political officials make, but rather, decisions officials make for political reasons. Then came the rephrased question: “Is interference in a Department of Justice or FBI investigation ever proper when motivated by purely political considerations?” [Emphasis added]

“Not in my opinion,” responded Priestap.

What Shen was laboring to establish was that the only sort of investigative behavior that could be called political interference was when someone at DoJ or FBI acted out of “purely political considerations.” That’s a standard that leaves plenty of room for politics.

Targeting Trump?

But does it leave room enough for the “dossier”? The political abuse foremost in Republican minds was, and remains, that collection of howlers and hearsay allegedly compiled by Christopher Steele, who was sold to the public as a high-minded former British spy instead of a man being paid by the Clinton campaign to dirty up Trump.  Steele’s efforts were lapped up by the FBI and DoJ even though the lawmen knew Steele was peddling political work-product — opposition research paid for by Hillary Clinton’s campaign and the Democratic National Committee.

Carter Page: Was he the real quarry, or was Donald Trump?

Willy Sanjuan/Invision/AP

In particular, Republicans have charged that Steele’s dossier was presented to the Foreign Intelligence Surveillance Court without full disclosure of its partisan origins, thus perpetrating a fraud on the FISA court. The accusation was formalized in May 2018, when Republicans demanded the appointment of a second special counsel because, they claimed, “the FBI and DOJ used politically biased, unverified sources to obtain warrants issued by the United States Foreign Intelligence Surveillance Court of Review (FISA Court) that aided in the surveillance of U.S. citizens, including Carter Page.”

Shen, the House Oversight Committee minority counsel, brushed that accusation aside with what appeared to be an unambiguous and definitive question: “Mr. Priestap,” she asked, “are you aware of any instances of the FBI and DOJ ever using politically biased, unverified sources in order to obtain a FISA warrant?”

Priestap gave the most unambiguous and definitive of answers: “No.” One might be tempted to think that was an endorsement of the dossier, a confirmation that the FISA warrant applications were largely based on information that was neither politically biased nor unverified. But that would be taking the question and the answer on face value, when something rather less straightforward was going on.

Shen followed with another broad, all-encompassing question about the propriety of the FBI and DoJ’s behavior: “Are you aware,” she asked Priestap, “of any instances where the FBI or DOJ did not present what constituted credible and sufficient evidence to justify a FISA warrant?”

Priestap’s response is a textbook case of circular logic: “If it’s not justified, the court doesn’t approve it. So, like, if we’re not meeting the standard required by the Foreign Intelligence Surveillance Court, the requests are turned down.”

“So, in other words,” said the Democratic counsel, “by definition, if you presented information and a FISA court approved it, that would constitute credible sufficient information?”

“In my opinion,” said Priestap, “yes.”

Sit back and savor that exchange for a moment. One of the most senior officials in the Federal Bureau of Investigation – an organization that regularly refers for prosecution people who don’t tell the full truth – champions this peculiar standard of credibility: If you can snooker a FISA court judge, the information used to traduce the court is rendered by definition “credible sufficient information.” What is the condition of the FBI if its leaders think whatever you can get past a judge is good enough?

This strange concept of legal alchemy aside, the question remains whether the dossier was used merely as a vehicle to get information on Carter Page, or whether the real quarry was Donald Trump himself. As before, Shen was unintentionally helpful at winkling inadvertent truths out of her cooperative witness. It started with the softest of softballs: “Are you aware of any FBI investigations motivated by political bias?”

“I am not.”

“Are you aware of any Justice Department investigations motivated by political bias?”

“No.”

“Are you aware of any actions ever taken to damage the Trump campaign at the highest levels of the Department of Justice or the FBI?”

“No.”

And there Shen might have left it, having elicited basic denials that the FBI and Justice had abused their power. But then she pushed her luck, asking a question that wasn’t worded quite carefully enough: “Are you aware of any actions ever taken to personally target Donald Trump at the highest levels of the Department of Justice or the FBI?”

Priestap must have pulled quite the face because Shen immediately declared, “I’ll rephrase.” Here’s how she tried it the second time: “Are you aware of any actions ever taken against Donald Trump at the highest levels of the Department of Justice or the FBI?”

Before Priestap can answer, his lawyer, Mitch Ettinger, interjected: “I think you need to rephrase your question.”

At which point Shen’s Democratic colleague Janet Kim jumped in to help: “Are you aware of any actions ever taken against Donald Trump at the highest levels of the Department of Justice or the FBI for the purpose of politically undercutting him?”

At last, Priestap was able to say, “No.”

That long road to “no” strong suggests that the highest levels of Justice and the FBI personally targeted Trump and took action against him. The only caveat is that Priestap believes none of that targeted action was done to undercut Trump politically. That may be so (however much the savvy observer may think otherwise). But it doesn’t blunt the main takeaway — that the bureau and DoJ targeted Trump.

In Summary…

So what did we learn from Bill Priestap’s compendious and revealing testimony?

  • We learned that the FBI and Justice targeted and took action against Trump.
  • We learned that the FBI, according to Priestap, is incapable of securing a FISA warrant with information that isn’t credible, although the judge’s approval of the warrant means by definition that the information is credible.
  • We learned that the FBI believes political interference in an investigation can be proper as long as the bureau isn’t acting purely politically.
  • We learned that the FBI did send at least one asset to do to the Trump campaign an activity that even the bureau would call “spying” — if it were done by foreign operatives.
  • We learned that the origins of the Trump-Russia tale will never be fully understood until the part played by British intelligence is made clear.

That’s an awful lot to take away from one largely neglected transcript. But it suggests just how much remains unknown about the Trump-Russia investigation while providing a glimpse at the people that want to keep it that way.

Related Articles

FILE PHOTO: Steel pipes to be exported are seen at a port in Lianyungang
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
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 Nexon are seen at its main office building in Seoul
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 - KCNA picture of Choe Ryong Hae, vice-chairman of the central committee of the Workers' Party of Korea (WPK), inspecting a farm in Sariwon
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 Trump welcomes South Korea’s President Moon to the White House in Washington
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 Trump welcomes South Korea’s President Moon to the White House in Washington
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

WASHINGTON (Reuters) – U.S. President Donald Trump said on Thursday he did not have an opinion about the arrest of WikiLeaks founder Julian Assange, who faces the prospect of extradition to the United States over the publishing of secret official information.

British police arrested Assange on Thursday after Ecuador withdrew its asylum that had allowed him to take refuge in the country’s embassy in London for seven years.

“I know nothing about WikiLeaks. It’s not my thing. … I don’t really have any opinion,” Trump said to reporters before a meeting with South Korean leader Moon Jae-in.

On the campaign trail during the 2016 presidential election, Trump repeatedly praised WikiLeaks. Shortly before the election, Trump said, “I love WikiLeaks,” after it released a cache of hacked Democratic Party emails that harmed the candidacy of his opponent, Hillary Clinton.

U.S. prosecutors have charged Assange with conspiring with former Army intelligence analyst Chelsea Manning to access a government computer.

Manning was convicted by court-martial in 2013 of espionage and other crimes for providing more than 700,000 documents, videos, diplomatic cables and battlefield accounts to Wikileaks, though the final 28 years of her sentence were later commuted by President Barack Obama.

(Reporting by Roberta Rampton; Writing by Makini Brice; Editing by Chizu Nomiyama and Jonathan Oatis)

Source: OANN

U.S. President Trump welcomes South Korea’s President Moon to the White House in Washington
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

NHL: Stanley Cup Playoffs-Columbus Blue Jackets at Tampa Bay Lightning
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

Source: OANN


Current track

Title

Artist